Wells Fargo Home Modification A Complete Nightmare!
Wow, I stopped by to see how many others have had bad experiences with Wells Fargo and wasn't surprised. I've spoken recently to some friends who had done business with Wells Fargo in the past and they confirmed exactly as I thought -- Wells Fargo is either an unscrupulous company who is out to get government bail out money by the number of people they sign up for Mortgage Modification loans OR they are just completely incompetent! I think it is probably both and that they should be investigated!
Here is my story....
I called Wells Fargo who has my mortgage already to see if I would qualify for a loan modification. Now mind you - and this is very important, I had not been delinquent whatsoever on my account but was trying to head-off problems in the coming winter months when my husbands business would be slow, and since I had been laid off.
When I spoke to an initial representative it was going to be a "breeze" of a process and that I would end up, if approved with a lower interest rate over the course of the next few years, thereby saving myself possibly a few hundred dollars a month.
I started the process over 14 months ago and did everything that they required of me. Mind you I never did fall behind on my mortgage because I was able to get (thanks to them) "a predetermination modification" payment approval for 3 months, which would save me $150. a month. I make mention of the time frame of 14 months because I was supposed to be completed with the entire process in 3 months at the most!
Well, not wanting to complain since I was getting "assistance" I told them that I understood that they must have been busy with requests for these modifications and plodded along with providing them with the required documents -- EVERY month! Keep in mind that my husband is self-employed which meant that I needed to have an accountant provide a profit & loss statement each and every month to declare his income -- at a hit of $95.00 each time. When I approached this fact with them (kind of negates the need for assistance doesn't it) they stated that I just had to provide spreadsheets with his expenses and income indicated. So I did just that. I told the Reps numerous times that I would have to mail this information to them since it would never fax over in such small print and would need a few days to get it together -- mind you several times I stated this to which they said they'd note the system that the docs were coming.
I can't tell you how many times (maybe 5) I received letters from Wells Fargo stating that I was being dropped from the program because I did not provide the information in their needed 10 day time-frame. I'd call them up and they would "poo-poo" it and say that they'd "reinstate" my application when they received the info in the mail.
I received constant electronic recorded voice messages from some chick named "Jessica" stating that I needed to call them regarding my mortgage. Upon calling them, the Reps would only tell me that they needed my updated docs. To which I would say "they are in the mail". I would go through this process for over a year when I finally asked when this would be finalized and that I was getting a bit sick and tired of updating my file and calling, basically to what was amounting to a part-time job for me. I was told that "You are in the home stretch" and that they received my updated docs and were "waiting for my application to be assigned" which would take 5-7 business days and that I could check the status on-line.
So now I wait 10 business days and call back to get status since their site status would not allow me access, and they tell me that they need my documentation AGAIN since another month had passed in that 10 days! When I told them that the last Rep told me that it was going to be assigned and that I was in the "home stretch" of this long, drawn out process, I was told that they didn't know why she told me that and that they would need the info yet again. When I really pushed at this time and requested to speak to a supervisor (the representative on the phone was unclear and uneasy in his responses to me -- even calling me "sir" when I am most certainly a woman!) she stated that since I had been dropped from the program a few months back that I owed Wells Fargo the difference between what my mortgage payment should be and the reduced trial period amount - $150.00. I stated at this time that I should not have been dropped from the program and asked why I had been dropped from the program. She did not have an answer, but stated that the notes in their system looked as though I had requested to be dropped! WHY ON EARTH WOULD I HAVE DONE THAT? WOULDN'T THAT REQUEST HAVE TO BE IN WRITING FROM ME? No answer, but "well ma'am you'd think". I pointed out that since this was obviously a screwup on their part that I shouldn't have to be liable for that amount now. Still I sent the $150.00 rather than argue this point.
Let's keep in mind that now in the mean-time I had called a few months prior to see what would happen with my 3 month reduced trial payment now that I was most certainly passed the 3 months in this process and was told that I should continue to make the reduced payment.
Back to the conversation with the supervisor.... I prodded further and asked why it seemed that I continued to get false information from their Reps. ie. the fact that they stated that I didn't need to make a mortgage payment one month, to other things that made no sense. I reviewed my entire account with this woman and she stated that I actually owed them $1,400. and that I missed making a payment one month. Let me tell you I was now livid, feeling like my attempt to keep myself from getting screwed up/behind on my mortgage has now ROYALLY SCREWED ME! So I calmly proceeded to go over every payment from my check book with the dates that they were cleared at the bank. Oh, was the reaction when the Supervisor realized that it looked like I had actually made a DOUBLE payment one month that they just didn't know what to do with!!! Mind you I would not in my current financial state be able to make a double payment so we know this is once again false information --- and to boot from a Supervisor! Alas, this Supervisor assured me that she would "get to the bottom of it" and fix what only looked like a double payment.
BTW, the final answer to why I was supposedly dropped from the program was that when I last spoke to a Rep and she (in passing) asked if I would be interested in doing a short sale on my home and I declined, that that automatically dropped me from the program! But no big deal right? Just send in what the system see's as a shortage and you'll be reinstated in the modification process. Haaaa, what a joke..... Read on it gets worse!
Two days after having the above conversation with the Wells Fargo supervisor, I get a certified, return receipt letter from them stating "Intent to Foreclose"!!!! Upon reading the letter it states that I owe Wells Fargo more than $1,600. Well let's just say that I felt like vomiting and called them right away, this time asking for a supervisor -- specifically the one that I had spoken to 2 days before. BUT of course you can't do that right?!!!
So now I have this letter in hand and speak to what seems to be a knowledable supervisor and I tell him the entire nightmare that has been my experience with Wells Fargo thus far. He tells me that because I was dropped from the program that I now owed all the money back for the now 6 months I was told to keep sending in the reduced trial payment. That's now $150. X 6! So now, it is confirmed that I have been dropped from the plan (nothing in writing mind you) and I now have to come up with hundreds of dollars before the first of the month ON TOP of my regular mortgage payment or my awesome credit will be ruined if it is not already from this process!!!
So in speaking with this new supervisor I became aware of many screw-ups with my account and questioned why on earth Wells Fargo would do this to someone when I could have more easily come up with the $150. a month than more than $600. now -- on top of my $1,500. mortgage which in essence is totally screwing me. His answer was that he'd seen this process do just that many times!!!!!!
Let me tell you people, I know that this is very long-winded, but keep in mind that this is actually a shortend version of the nightmarish crap I dealt within Wells Fargo's screw-ups! Upon speaking to a family member who's husband is a mortgage broker in another state, she stated that she thought that they are probably getting more bail-out money or some kind of financial "kick" for getting people to sign up for these loan modifications. I wouldn't doubt it -- she too was screwed over for one of these loans!
If I had the time, energy, and strength I would take this to an attorney or some governing body to ensure that Wells Fargo be investigated. But after 14 months of a fight, I no longer have it in me!