America's Servicing Co. / Wells Fargo Complaint - Scumbags - Mortgage (Subsidiary of Wells Fargo)

Review by wellsfargoeffsamerica on 2009-08-21
Had a mortgage with Freemont, sold to Americas servicing company. Should have fought to have it kept with Freemont. Decided to buy a new house when my family grew, and when the interest rate adjusted and made the payment on a 900 square house over 1700/mo. Requested help and was told very specifically "we will not and can not help you until your loan is behind". I sent three payments and told them that was the last they would get from me, whether it sold or not, until they made it affordable for me to put a renter in place.

They refused to help me, and took over a year to finish court proceedings. Way to go, now you own a house for a 155k mortgage that appraised at 28,900!!!
Comments:6 Replies - Latest reply on 2009-08-24
Posted by Anonymous on 2009-08-21:
The house is only worth 28 thousand?
Posted by saj80 on 2009-08-21:
They own a house that will now sell for $125,000 less than the mortgage; guess who they will be coming after for the deficiency? You really showed them, especially now that your credit history has a foreclosure, and will probably have a bankrupcty if you can't afford the deficiency. There will also be a tax liability on any amount charged off, which will not be discharged in bankruptcy.
Posted by BokiBean on 2009-08-21:
I'm sorry. That's so sad. I hope things will turn around soon.
Posted by MSCANTBEWRONG on 2009-08-21:
why is it the banks responsibility to rent out your house...I have 2 mortgages and rented my own house to help cover the mortgage...looks like you have a big problem.
Posted by wellsfargoeffsamerica on 2009-08-24:
i never said it was their responsibility to rent out the house. then again some people only see what they want to see when they think they are better than you.. I am upset at the fact that they flatly refused to help us at all, no matter what stage of it we were in. I was so overwhelmed by it all that i gave up, sure wasn't anything else I could do about it. It wouldn't rent near enough to pay for the mortgage and my business slowed down enough i couldnt make the difference. In fact I had to close that business because of the economy. Now it seems to be "the thing to do" to help people with mortgages.

CHex, i bought it for 159, it is now worth 28k
Posted by Anonymous on 2009-08-24:
Saj's point is well taken. Not only have you destroyed your credit, but the IRS will shortly be knocking on your door looking for income taxes on $128 k. Good luck dealing with them.

The fact of the matter is that you bought a house that you could not afford, and then expected a bailout. Owning a home is not a right, and not every family needs to be or should be in a house. If your income dictates that you live in a rental, then it is what it is, you can't expect the rest of us to carry you forever.

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