My Wells Fargo Horror Story

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My Wells Fargo Horror Story

by John
(New Jersey, USA)

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My Wells Fargo Horror Story

Here is my Wells Fargo Mortgage horror story:

I live in an area of NJ which was hit by the perfect storm. The local Army Fort closed and the job market crashed. My home lost $120k value in two years.

I needed to move out of the area for work. I tried to continue to pay the mortgage. I lost two weeks of work during the move. One because of snow, the other due to a hospitalization.

I told the Wells Fargo I needed to make a partial payment because of the circumstances. They would not accept a partial payment, would not work with me to get caught up and hit me with late fees.

Now I cannot rent the home for anywhere near the mortgage value, and the bank will not reduce payments.

So much for the American dream. I will never work two or three jobs to save for a down payment again.

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FIRST-TIME HOME BUYER--FIRST-TIME VICTIM NEW
by: Anonymous

I was so excited to purchase my first home in 2009 and be able to take advantage of the First-time home buyer credit (the one I don't have to payback). I threw all of my boxes away and have vowed never to move again (my life has been one big mg van). My employer took my standing OT away and now I'm unable to make my monthly mortgage payments. I decided to go into the Loan Mod program with Wells Fargo in Sept 2011. It is now April 2012 and I'm still in it. My rep has changed areas and I'm with a new rep who hasn't returned any of my phone calls. My previous rep knew of my frustration and fear of losing my house and she said she was doing all she could---meantime, requesting the same paperwork again to be faxed (30+ pages---all signed and dated with loan#) and telling me my case will be reviewed and we should hear something next week. "NEXT WEEK" HAS COME AND GONE FOR 7 MOS NOW. WHAT CALENDAR ARE THEY WORKING OFF OF? After looking at all the stories, it appears that I may be in the same boat as everyone else and who may receive the same outcome. I've asked how long it takes and I was always getting the standard answer "Every case is different. I cannot tell you a time-frame." The paperwork I sent has been the same since this started with the exception of the COL we get every year. There is no way to increase my pay at my employer -all they do is just raise our wage by 1-2% each year. I REFUSE TO LOSE THE ONLY HOME I WAS ABLE TO GET ALL BY MYSELF--OBAMA OR NOT, I WILL NOT MOVE!!!! I'm still waiting for some response from my new rep. As my account falls further behind, the only option I have is to take a loan against my 401-K plan ($9k to bring account current---then wait another 2 yrs for the loan to be paid off and take another one to pay the past-due--vicious cycle I DO NOT want to start). HELP!!!!!!

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Wells Fargo Horror Stories
by: Anonymous

My husband and I are self employed. Small family business. In November of 2008, I called Wells Fargo to see if we could get some help through the winter. They said once we fell behind 3 months then they could offer us a loan mod.

Well very long story short, it has now been 3 years, they will not help us, and our home goes up for sheriffs sale Nov 2.

My son said he would buy it, but no, that's against the law.

How can your mortgage co. tell you to fall behind, then you do, and they won't help.

Thank God we were smart, and pocketed the money.

We will be moving to a new state that is much cheaper than where we are now.

So Wells Fargo, enjoy our little house with a broken in ground pool, broken heater and only 2 bedrooms.

As I sit and think, you did us a favor.

Thanks for not caring about your customers of 21 years. Because it will only better us!

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My Experience with Wells Fargo loan mod program
by: Anonymous

Dear Friends, as most of you know we have been working on a home loan modify. This is what was offered after 2 years and a file 5 inches thick!

Wells Fargo Loan Modification Program:

After participating in the Wells Fargo loan modification program for 2 years. Wells Fargo has offered to re-instate/modify our current loan. The following is a break down of our current loan and the new modified loan no...w being offered to us by Wells Fargo.

Original Loan Terms:

1)Total principle amount of loan $398,000.00 (current home value approx. $275,000)

2)Interest Rate 6.375%

3)Term 30 years fixed first 10 years interest only. Payoff year 2036

4)Payment including Tax & Insurance = $2484.00

New Wells Fargo Modified loan terms:

1)Total Principle amount including unpaid interest and penalties

$ 435,768.00 (current home value approx. $275,000)

2)Interest Rate 6.375%

3)New Terms 40 years fixed starting 7-1-11 new payoff year 2051 adds 15 years to original loan

4)New Modified Payment including tax & Insurance $2911.00

5) have to agree to pay for unspecified legal, penalties and other unspecified fee?s (approx. $22,000) separate from our new mortgage payment.

They offered to modify the loan by adding 15 years to the loan and adding on the unpaid interest charged during the temp modification term. So now we owe $435,768.00 instead of $398,000.00 (Home Value= $275,000) and our loan went from a 30 ......year to a 40 year and is starting all over, never mind the $156,000 in interest we have already paid in the last 6 years. They refused to lower the interest rate from the current 6.375%, so our payment went from $2467.00 to $2911.00, and we are starting all over.

WOW, what a great deal Wells Fargo is doing for us.

It does not look like Wells Fargo wants us to keep our home.

I should never have participated in this messed up program. We would be much better off if we would have just sold or let them foreclose 2 years ago rather then trying to keep our house.

Now we have to start all over in a worse place then we would have been 2 years ago

Wells Fargo Mortgage Loan Modification Answer:

by Wells Fargo Mortgage Modification Expert - Dan North+

Give it a shot at the executive level.

Use return envelope provided, send offered mod back with letter, ask it be escalated to review at executive level for correction of calculation and terms offered. Copies to CEO and Directors of Legal and Public Relations Departments, cc's on all letters that copies sent to CEO and Directors. (Call for fax/address for copies to named executives.)

Ask for late charges, penalties, extra interest, legal fees, any charges/fees be waived, only add delinquent amounts to back end of loan with modified payments made to date credited as full payments (only unpaid principal balance and missed payments be re-amortized, exclude all extra charges).

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