Wells Fargo Home Mortgage Complaint - Loan Modification Fraud
Wells Fargo Loan Modifications are a fraud! I was a loyal on time paying customer until I got hurt on my job 2 yrs ago and I was put on sick leave. I refinance and got an adjustable rate in 2004.I called Wells Fargo because I needed to know how I could have my mortgage payments lowered after my leave ran out and I wasn't getting an income. I had my savings in which I was still making my payments until they were exhausted. Everything fell behind, bills were pouring in like water. luckly I was back to work. But, I could never catch up because my payment were still adding up. I couldn't make my regular payments and Wells Fargo called themselves putting me on a so called modification plan. My payment was lowered first from $3300 to $3100. I told them that this payment was too high for me and they lowered it after 2 months of trying to make these payments to $2800. Still too high with no income coming in. This was a disaster.
All the time while they were saying that they were giving me a modification, they were still adding the difference from my original payment. They said it would take 90 days for them to do my modification. When I called I was told that a decisions had not been made yet. This 90 days decision went on to another 90 days to another 90 days, that lasted almost 2 yrs. After about 6 to 8 months I was told that my mortgage payments were $28 thousand dollars behind and that I didn't get the loan modification. Wells Fargo told me that they could try another loan modification. I asked, "What other loan modifications were there if I didn't qualify for this loan modification". They sent me another loan modification package to fill out to sent back. I already had sent one package back which no information changed. I have to fill out another one.
I returned another modification package and they said that it would be another 90 days for the decision. I was told that my payments were going to be dropped to $1100. I thought that was great. I was so happy and started praising Wells Fargo. Little did I know that Wells Fargo was still adding the difference from my original mortgage of $3300. After the second denied modification I was told that my house would be forclosed on. I had my house build 15 yrs ago and I had done about $100 thousand dollars in renovations and additions. I was given some foreclosure information to call a foreclosure specialist in which I did. An outside agency. They sent in the package to Wells Fargo to lower my payment and Wells Fargo said no to their recommendation. They did another package to raise the mortgage payments.
A year had passed and a gentleman comes by saying that he was just doing a survey on my house. I felt something was really wrong with this picture. I called Wells Fargo and they told me that it was a normal practise when a mortgage falls behind but that I had nothing to worry about. Six months later I get a forclosure letter saying that my house was $50 thousand dollars behind and that my foreclosure sale was scheduled a week later. I almost had a nervous brake down. Where was I going to move my family in a week? I'm a single mom with a small grandson. Where was I going to get that kind of money from in such short notice? They then told me that I could do a short sale. Still, this meant I had to move out of my home that I had been in for 15 years with no where to go. Get this, they told me that they may be able to help me with a thousand dollars moving expenses. I thought, "Is this a joke"? I cried in disbelief. After I moved all of my things out of the house into storage, until I found a place, they had the nerve to call me and offer me another modification.
After almost 2 yrs of going through this agony with Wells Fargo I decided just to leave it alone because I would have given myself a hard attack worrying about this horrible situation. If I didn't have God in my life, I probable wouldn't be here today. Needless to say my dream home of 15 yrs. I was robbed out of. Oh, I forgot to mention before I moved out and before the forclosure, someone called me and said that they were representing the bank and asked if they could come and take pictures for their client a potential buyer. I really almost lost it, I had to remember though that life is short and I had to go on for my family no matter what. Lesson Learned, Wells Fargo is not a good bank to do business with. I tried to be a good customer by paying on time and look at where it got me. They cared nothing about taking my home from my family and I. Well, someday it will all come back on them.
I agree, a won class action suit may stop them from promising a modification and knowing all the time that they aren't going to give you one. Also, causing you to owe an amount that you can't afford in order to get your home payments current. God sees and knows everything! There is Justice somewhere!