I was assisting my niece, who is recently divorced, going back to school to get a teaching degree and raising two children. She was 40-50 days late with her mortgage payment on a house that I co-owned with her. She spoke with someone there and immediately sent the requested amount to get the account up to date. Unbeknown to her, the check was in the process of being held by WF for 2 and a half weeks, mailed back with a postmark of December 24th (Merry Christmas Lady!!) telling her that because the funds were not certified the house was in foreclosure. She received the letter from them after I became involved when my banker contacted me about a credit rating drop. After being notified by the back (and still not knowing that they were in the process of returning the check as it had not arrived in the mail) I promptly called Wells Fargo and was told that she was a little late and that a check was sent and everything was now fine. I requested the ability to view the account on-line, promptly went to the computer and was unable to access the account. I called WF back within 12 hours or the "everything is fine" conversation only to be told the house was in foreclosure. Over the next few days my conversations with Wells Fargo were so bizarre that I felt the need to contact an attorney.
I became diligent over the next few days to make sure that everything was happening as it should and the house is not longer in foreclosure. I have retaliated against WF by paying off my personal mortgage after their possessing it for only 3 months and therefore depriving them of interest from me. I know that others are not in a position to do this.
My concerns are that:
WF appears to want to cause foreclosure,
WF appears to be deceptive: the check sent by my niece was never sent to her bank and I have verified that she had the funds in her account. Why would a company send back a perfectly good check, (and on Christmas Eve, thus further delay my niece finding out that the check was not accepted.)and simultaneously turn someone over. Former presidents of banks have told me this sounds like a set up.
Word of advice:
1) if a Wells Fargo Rep tells you "everything will be fine" BEWARE and double check by re-calling the 1-800 number to be sure that you are being given consistent information.
2) IF they tell you to send a check, ask them what kind. They do not volunteer that information and appear to use it against you.
3) try to check what they are telling you by phone on the account on the internet.
4) If you are in a co-owner situation and speak to a rep that trashes the other owner, the information that you are being given is not necessarily true. I was told my niece had ignored multiple attempts by them to contact her when obviously she had been speaking to someone and was taking steps to correct the problem.
5) Follow up, follow up, follow up. I strongly advise against being complacent after being told to "check back in a few weeks". You will be bit in the process.
Why would a company want to foreclose? Well in this case the house was practically paid for, and, what about those extra fees? One of the WF reps even said to her "the lawyers love these foreclosures because they make so much money".
I work in an office with only 13 employees and 4 of us have had our credit damaged because of WF tactics. The others have had no dealings with WF.