Screwed Over By Wells Fargo And Want To Do Something About It! Too Late?
(Rochester, MN USA)
It would take me forever to share my Wells Fargo story so here is the short version:
Applied for modification in March 09. After making all trial payments, I received a different agreement than I had already signed. The terms were not beneficial to me so I denied it. That was in Oct. 09.
After hours, dozens of phone calls, and sending at least 7 faxes with information that they "never received", I finally got in contact with the Office of the President of Wells Fargo in May 2010.
I was reassured that everything would be taken care of. Then, I get a call from loss mitigation in June notifying me that I needed to pay $6000 in back payments and interest and I told her about the modification and she tells me that the modification was denied. We had made 13 trial payments at this point. She said we had to start the process over.
I get my new agreement (this would be the 4th) and they lowered my interest rate to 4.25% (they can go as low as 2%) and extended my loan to 40 years!! I tried to argue it but I was told by two different women at the Office of the President that they "had to" extend the loan.
On the Freddie Mac website, it states that the loan should be extended if lowering the interest rate to 2% did not make the payment affordable. I was told that Wells Fargo could only lower it by 3%.
I was told I had to sign the agreement or my modification would be denied. Because of the modification, I had accrued over $5000 in interest and escrow shortage because they kept screwing up, delaying the modification. I made 11 trial payments I believe under my normal payment so of course I have to pay that back.
That was finalized as of Sept. 1 2010. I am wondering if it is too late to go back at Wells Fargo and complain about the shady practices they are involved with. I was screwed over by Wells Fargo and I want to do something about it!
Wells Fargo Mortgage Loan Modification Answer:
by Wells Fargo Mortgage Loan Modification Expert - Dan North
First start filing complaints on your bank/servicer:
Escalate the Case to Senior Management at Wells Fargo Then Directly to Freddie Mac
Since you went to the Presidents Office your case was already escalated to senior management.
So now it is time to go to Freddie Mac who is actually the enforcement arm for the HAMP program. Here is their Phone: 1-800-FREDDIE (for more information go to Case Escalation for counselors
Extending the loan before lowering the interest rate to 2% is a violation of guidelines. I checked the new guidelines, effective on 10/01/11, and the sequence of modification will not changed.
Here is the on-line Freddie Mac Single-Family Seller/Servicer Guide
drill down through Servicing Nonperforming Mortgages for the guidelines on HAMP (see also Workout Options).
Here are the Freddie Mac training materials on Loss Mitigation
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