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Wells Fargo Mortgage is a joke when it comes to Obama's mortgage modification program.Why doesn't our wonderful government crack down on their delay tactics.

They are playing a shell game. We get calls saying they have everything and we will be hearing something soon, then a week later we get a letter saying we are rejected because they don't have everything. I call them, they say we have been reinstated but need more info, over and over. It is like the movie Groundhog Day.

They are stalling with every transparent, flimsy excuse they can think of. You never get to speak with the same agent twice- they should have one person handling a particular persons account.

Instead you call and get Joe Blow from Iowa one call and Jane Doe from Texas the next.I am going to contact the Federal Trade Commission and my state's attorney general- I think everyone should do the same!

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Anonymous
#561260

You may not want to hear this, but your perception of what a rebsonaale rate is and what your lender thinks is a rebsonaale rate are completely different.While you are looking at your rate for your 20% loan and comparing it to your first, your lender is pricing your second mortgage to adjust for the increased risk of lending out 100% of the value of your home.

If you are looking to replace your current second mortgage, understand that there are no real deals out there for stand-alone second mortgages and there are not very many lenders (especially now) that offer stand-alones. Your best bet would be to look at a HELOC (Home Equity Line of Credit) to pay off your second mortgage which would be priced at the Prime Rate plus or minus up to one percent and would have minimal or no closing costs.

If it makes you feel better though, you are still not in a bad loan structure considering the blended rate that you currently have of 6.05% (5.25*.8 + 9.25*.2) which is not currently available for 80% financing let alone 100%.Also you should be looking at a worst case blended rate of around 6.65% based off of what I am assuming is a 6% lifetime cap on your second mortgage adjustments.

Anonymous
#550511

The President has nothing to do with a home that you inherited .Instead of being on pissed consumer you should be finding ways that you can keep the house ./ First step you need to assume the loan .

You will be responsible for being the account current .And once you assume the loan they will be able to assist you with receiving a modification , since the other party is deceased .

Anonymous
#550501

i am in california, i just inherited the house i grewup in.i cant afford it.

for the last 12 months i have been trying to contact WF. Delay tactics?...I get calls from WF and no one talks on the other side. Everyday, i get a call from WF. My atty says they are building a case, they now have phone records saying they called me daily.

They tell me to fax my 86 page trust, so they can talk to me about the mortgage. I have sent it to atleast 20 different pohone numbers. I finally bought my own fax machine. They still say they cannot talk to me.

Bankruptcy is the only answer to stop the foreclosure. OBAMA says he was going to help us. If the banks get thier money even if we don't get help, WE WON'T GET HELP. WHO HAS THE ANSWER?

I have to pay a mortgage that i can't afford, just to keep the house that was GIVEN to me. I am trying to get the UMA and HAMP, but it seems as though all the KEEPYOURHOME>COM company's have thier hand out. Does anybody have a company or entity name that actually does what the president wants them to?

PLEASE somebody HELP US KEEP OUR HOMES!!!:x :upset

Anonymous
#283802

THIS LETTER IS IN REGUARDS TO ONE OF THE LARGEST, TOP RATED, HOME MORTGAGE LENDERS,

WELLS FARGO, AND THEIR DECEITFUL, FALSE REPRESENTATION IN DEALING WITH HOME

LOAN MODIFICATIONS/ REDUCTIONS.

PRESIDENT OBAMA PUT TOGETHER A $75B MORTGAGE RELIEF PROGRAM, WHICH PROVIDES

INCENTIVES(MONEY) TO LENDERS THAT HELP QUALIFIYING HOME OWNERS

ON THE *** OF FORCLOSURE , THE GOAL WAS TO LOWER MONTHLY MORTGAGE PAYMENTS

TO SUSTANIABLE LEVELS, BUT THE OUTCOME HAS BEEN THAT QUALIFYING HOMEOWNERS HAVE

BEEN SCAMED AND THROWN INTO FORCLOSURE MORE THAN BEFORE.

THE FACT IS THAT INCOMPETANT LENDERS ARE RECEIEVEING MONEIES BEFORE THE

COMPLETION OF THIS LOAN MODICFICATION / REDUCTION PROCESS. HOMEOWNERS ARE BEING

TOLD IN GOOD FAITH "THEY QUALIFIY " AND WHILE IN THE PROCESS OF COMPLETION ,

THEY ARE FORCLOSED ON ,

I KNOW THIS FIRST HAND, I TOO WAS FORCLOSED ON WITHOUT ANY EXPLANATION.

ON 07-2010 WELLS FARGO TOLD ME , I QUALIFIED FOR A LOAN REDUCTION/MODIFICATION

BUT I NEEDED TO PAY 2300.00 FOR APPROVAL. I WIRED THEM 2300.00 THAT DAY.

08-2010 WELLS FARGO PHONED ME WITH SOME QUESTIONS , THEY TOLD ME EVERYTHING

WAS COMPLETE AND APPROVED . I TOLD THEM THAT I WOULD LIKE TO HAVE MY

MONTHLY MORTGAGE PAYMENT DEDUCTED OUT OF BANK ACCOUNT, THEY WILL MAIL ME THE

FORM.

11-2010 RECEIVED THE FORM FOR DEBITING BANK...

QUESTIONS , AND WAS TOLD MORTGAGE PAYMENT/DEBIT WOULD START 12-2010

THEN 4 MONTHS LATER( 3-24-2011 )I HAVE A NOTICE OF TRUSTEE'S SALE, POSTED ON MY DOOR

THAT MY HOME IS TO BE AUCTIONED OFF ON 4-13-2011.

WHAT HAPPENED ????????

I PHONED WELLS FARGO AND ASKED FOR SOME EXPLANATIONS, WHY DIDN'T THEY MAIL

SOMETHING?? PHONE ME?? TRY TO CONTACT ME?? THEY HAVE ALL MY CORRECT INFORMATION.

I ASKED FOR AN AMOUNT THAT WE OWE THEM NOW ? SO I COULD PAY IT. I WAS TOLD

"ITS NOT IN MY FILE?" "SO LETS GET THE PAPER WORK STARTED AGAIN" AND I COULD ASK

FOR A FORCLOSURE SUSPENSION, SO WE DID. I WAS TOLD TO CALL BACK AND CHECK

ON LOAN MODIFICATION/REDUCTION APPROVAL AND THE FORCLOSURE SUSPENSION.

I CALLED DAILY, SOMTEIMES TWICE CHECKING. NOTHING HAD BEEN POSTED.

4-06-2011 I TELEPHONED WELLS FARGO AGAIN , NOTHING WAS POSTED , I AGAIN ASKED

ABOUT A AMOUNT WE COULD PAY TO STOP THE FORCLOSURE ?? AND WAS TOLD , AGAIN,

" NOTHING HAD BEEN POSTED" I ASKED "WHATS TAKING SO LONG" I WAS TOLD

" IF I PAY THEM $3200.00 THINGS WOULD SPEED UP, GET GOING FASTER. "

I REMINDED HER THAT BACK ON 7/10 I PAID $2300,00 TO QUALIFY, AND NOW I AM IN

FORCLOSURE WITH A SALE DATE JUST A FEW DAYS AWAY . I WANT TO KNOW WHERE THAT

MONEY WENT?? AND WHAT HAPPENED?? I WAS TOLD "ITS NOT IN MY FILE"

4-12-11 I RECEIVED A PHONE CALL A DAY BEFORE MY HOUSE IS TO BE AUCTIONED, I HAD BEEN DENIED,

BUT NOW THEY HAVE AN AMOUNT I COULD PAY TO SAVE MY HOUSE , BUT NOW ITS TOO LATE

TO PAY

WHY WASN'T I TOLD an AMOUNT ? THEN I ASKED FOR SUPRVISOR AND WAS TOLD THAT,

"THEY DO THE SAME THING AS A SUPERVISOR WOULD , SO HOW CAN THEY HELP ME TODAY?"

THEY ALSO INFORMED ME THAT " WELLS FARGO ALMOST ALWAYS BUY THE HOUSES BACK ??'

I DIDN'T UNDERSTAND AT THE TIME WHAT THIS MEANT ,

I WAS TOLD " WELLS FARGO WILL GET INTOUCH WITH ME AFTER THE AUCTIONING OFF OF MY HOUSE

AND TRY TO WORK A PLAN THAT SUITS ME?

MY HOUSE WAS AUCTIONED OFF THE NEXT DAY,

2 WEEKS LATER I RECEIVE PAPERS THAT FREDDIE MAC BOUGHT IT , SO THAT WAS WHAT THEY MEANT.

I THEN PHONED A WELL FARGOS LOAN SPECIALIST LOCALLY I KNOW AND WAS TOLD "THIS IS A GAME

WELLS FARGO PLAYS , "JUST DO EVERYTHING THEY ASK AND IT SHOULD WORK OUT"

BUT WHAT HE SHOULD OF SAID WAS , "JUST DO WHAT THEY ASK AND MOVE OUT "

WE ARE HARD WORKING , TAX PAYING, LAW ABIDING, U.S. .CITIZENS AND DESEREVE BETTER,

ESPECIALLY, SINCE ITS TAX PAYING DOLLARS BEING USED !

ANY HELP OR INFO WOULD BE APPRECIATED

I CAN BE REACHED AT CACHU67@AOL.COM.

OR

laura cachu

825 saginaw

dinuba,ca 93618

559-591-8643

559-590-5828

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Anonymous
#198967

Exercise your first amendment...it is all about the numbers. The longer we are on hold the more money all these banks are making and still have our tax dollars. I am paying 7% for 15 year. The national average is 4.2. SPEAK-UP to ALL THE RIGHT PEOPLE.

*Your Attorney

*Congressperson and Senator

*President Barack Obama

The White House

1600 Pennsylvania Avenue NW

Washington, DC 20500

*Mr. Timothy Geithner, Secretary of the Treasure

Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

*Mr. John Stumpf, Chairman, President and Chief Executive Officer

Wells Fargo

420 Montgomery Street

San Francisco, CA 94104

Ms. Patricia R. Callahan, EVP Office of Transitions - Wells Fargo

Cynthia H. Milligan, Board of Director (Chair), Credit Com. Wells Fargo & Company

Mark C. Oman, SEVP, Home and Consumer Finance - Wells Fargo

Plus ABC, CBS, NBC, CNN, NEW York Times. They were all CC'ed on my letter

Stephawf
#170379

I agree 100% with everyone about this issue except for the comment about, "you shouldnt have signed a mortgage you couldn't afford"...I signed a agreement to a loan that has gone up every year for the past 11yrs.Taxes go up, mortgage payments go up.

I have since divorced and have had to take on the resposibility of a single mom. I also lost my job of 15yrs due to no fault of my own(film industry no longer useful). I got myself in a bind and was about 1 & 1/2 month behind(approximately 1,000 behind)...I received a letter from Wells Fargo Mortgage,( formerly known as Wachovia Mortgage, formely known as Southtrust Mortgage) stating that they are concerned about my finances and that they can help me with a loan modification. Finally, I thought, someone is there to help ME.

I was so so wrong. In June 2009 i began sending paperwork that was requested. It was being requested so often, that I took it upon myself to send the same material every 30 days. In November 2009, I receive a call stating that I was approved for a 3 month trial period for the modification.

I was told the interest rate reduction, how long it would be, I signed paperwork stating these reductions, under the impression that this was my new payment. So, 11/2009, 12/2009 & 1/2010 was my trial period, and I made the payments like I was told. Feb 2010, I called to make a monthly payment and was told my payment was the reduced payment, this went on until July. In July,I received a letter...

I have never been this behind until I agreed to them helping ME. I called the mortgage company to complain about how could i be so far behind when I was paying on time the required monies. I was told not to worry, that I will automatically be placed into a "IN HOUSE" modification program and to continue sending the information that is being asked for over and over again. I received a 'processor' to handle my case individually.

This processor lied and stated on my account that I never returned phone calls, that I never sent the information requested(I have phone records and fax records to prove him wrong)....and this new in house modification was cancelled due to my processors false accusations. My question is: ISNT THIS ILLEGAL somehow? How can they expect me to come up with $4000. to catch up, when they saw I needed help with the $1000, debt I started with?

I am seeing a lawyer in a week or so, to find out. I am in a bigger bind now with this mortgage than I ever have been. It seems to me that the mortgage company wants my house more than I do, even though I have lived here for the past 11yrs.

So be it...if they want it that bad, I refuse to fight with them anymore.I will see my lawyer, I do intend on paying the $4000 late, and look for another mortgage company to help me get out from under Wells Fargo for good.

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Anonymous
#156880

I have been waiting for Wells Fargo to distrubute my funds from an insurance claim.In July of 2009 our property recieved damage from a hail storm.

The property has been completely restored, but cannot get Wells Fargo to distribute the funds. Every time I speak with an employee they say we have everything we will issue a check in the next 48 hours. Then 24 hours later I recieve a call that says, "please call us." Everytime I call I am then informed that they are missing a "crucial form". After screaming at the employee and stating the form was not only received by WF, but that payment has already been issued, they state, "oh, I found the form, I will submit a request for your full payment within 48 hours".

Then the next day the same routine.Anyone else having trouble getting their money?

Anonymous
#138566

Wells Fargo is Trying to keep everyone on the Trial payment plan as long as they can so no body forecloses and they collect money at the same time!

Anonymous
#136367

Boo hoo. Why did you people take out a mortgage you couldn't afford. Blame yourself for the mess you are in.

Anonymous
to Joe #732693

Well, don't you just have all the answers?Many home owners COULD afford their homes at the time of purchase.

However, many home owners lost their jobs, or experienced reduced income because of the recession.

If you've never dealt with reduced finances, consider yourself one of the lucky few.Meanwhile,you might try a little thing called,"compassion", instead of a rush to judgement.

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