Wells Fargo review: beware home modification scam!! 25

Wells Fargo. As soon as I am able to get out of my loan with Wells Fargo the better I will be. They contacted me and my husband to help us. We got up and drove for an hour because that was the closest branch. When we got their the Account Executive asked us why we where there. We told him Wells Fargo contacted us to help us refinance our loans and had set up an appointment with him. He then proceeded to tell us because they were rentals we needed anti-up another 30K a piece on each house. They were not that much underwater. I then asked if I was supposed to ### out the money since I had lost my job. He just stared at me. He then said that we could do our home equity loan as a fixed rate. We said that sounded good. He waid we would have to pay the whole amount back. I said we didn't barrow the whole amount. He said well that is how it is done these days. With all the complaints that Wells Fargo and Bank of America are getting, I hope they both end up going under and if I could I would do a run on these banks. They are making money and own the appraisers, which they are telling them to mark it LOW! What a bunch of crap!

HELP! I did modification with WF and they put my on trial mod turned my $890 payment t0 $625, I paid this ON TIME for 8months, the whole while I stayed in contact with them and was assured everything was fine, this part seemed strange AT least twice A DAY durring the mod I would receive phone calls from WF, I was being autodialed and when I answered the phone a WF rep would pickup and they would say "hey we ummmmm dunno why we were calling you every thing looks fine this is just happening because your in modification" and I asked them on MANY ocassions "why if every thing is ok are yall calling 2-3times a day...ARE YOU SURE everything is ok" ... and another thing, I'd fill out these hardship and proof of income forms and fax them in AND EVERY TIME they would tell me "SORRY SIR WE'VE never received the fax...please resend them, I must have faxed them the papers like 8-10 times... soooooo 8months in to my modification I receive a forclosure notice, I call WF and speak with a rep he then tells me "sir the reason your in forclosure is becuase your making a payment about every month and a half" I then tell him im in modification and this cant be right, after clicking on his keyboard for a few mins he says "OHHHHH i see what happened! you were never approved for your mod, no one from WF contacted you to inform you?" I told him HELL NO no one contacted me . he says "well you were sending in $625 a months so we put it in an account and every time there was enough to make a $890 payment we would make it for you" the whole while I was getting further and further behind... I WAS MISLEAD 100% I cannot understand why they are doing this, THIS IS A HORRIBLE I've did to do my part and make my payments as I was instructed and WELLSFARO is taking my home, I live in Gwinnette County Georgia and there are empty homes everywhere seems like theyd want to keep taking my payments and keep me in my home, I heard the reason this takes place is because WF dosent take a hit, they get paid as soon as i forclose from the government! IS THIS TRUE? IS THIS POSSIBLE? why would the government allow this? I thought the whole idea of the stimulous was to help keep us in our homes! my house is due for sale NEXT WEEK ...PLEASE someone point me in the right direction, maybe there an lawfirm here in Atlanta/Gwinnette area that speacializes in this type on thing, if ANYONE has some insight please help

DATEJUSTMIKE@GMAIL.COM

Im in dire straights ...same crap as most the posts Ive read on here, they put me on trail modification, made my $890 payment in to $625 THEN call me 8months later and tell me my house is in forclosure for not making full payments, I told the rep "Im in modification YOU GUYS told me to pay $625 each month" he says to me "ohhhhh i see what happened you were never approved and we just put your $625 in an account and every time there was enough to make a $890 payment we made it for you" sooooo in the course of 8months with their gorrilla math I owe $12000 dollars and NOW my house is going to be forclosed in 8-10days... AND mind you I spoke with wells fargo AT LEAST once a week and they told me every time "yes everything looks fine just contuinue to pay the $625" AND they asked for these 3 forms that i filled out and faxed in like 8 times and they say they never seen it... i dont know if this is true but I was told that the REAL reason they do this missguided missleading crap is because they WANT to forclose and the government pays wellsfargo for my house! if this is true WHY WOULD THE GOVERNMENT take part in this?its seems counterproductive, I'm lost here! I thought the whole stimulus thing was TO HELP us, , , , , I mean really! how can they do this and get away with it? THEY LIED TO ME to take my house, there are many homes in my neighborhood EMPTY! shouldnt the government/banks want us in our homes paying money to stay in them. I SWEAR if I knew this was comming I would have eaten ramen noodles and beany weanys and scrounged up every dime i had to keep making that $890 payment every month
IF ANYONE CAN HELP ME please by all means point me in the right direction! if it matter my home is in Lawrenceville Georgia, Gwinnette County, maybe there alocal law firm around the Atlanta area that can help me SAVE MY HOME
Datejustmike@gmail.com

I agree that Wells Fargo has a scam going. We jumped through thier hoops for 6 months and did all that was asked of us only to be turned down because our "gross" income is too high. Something I do not believe and that they could have told us in the beginning before they "pre-qualified" us. This whole process is just a scam for banks to take advantage of people already having trouble. Don't trust of believe them, they are not our friends!

The local Wells Fargo Mortgage Loan representative Scott K. promised I would save money by combining my 1st and 2nd mortgages together. Little did I know (until I received my first payment notice) that he had attached FHA loan insurance at my cost of $140 a month to my new mortgage. In hindsight I now realize it was so Wells Fargo would not have to negotiate with me to modify the loan when I went in default because of being over extended on the mortgage payments. They can sell my home in a foreclosure sale (which they are currently arranging) and submit any loss to the Feds for payment through the FHA insurance. LEAVING THEM NO REASON TO MODIFY OR NEGOTIATE A REDUCTION IN MY MORTGAGE AMOUNT OR PAYMENTS. LOST MY HOME AFTER 25 YEARS OF INTEREST PAYMENTS TO THE MONEY GRUBBING THUGS.

Wow! My home is in foreclosure as a result of the modification program. But Incan give you additional info. The first three months of modification is pre qualifying you for the government plan. Once you are not approved, Wells Fargo rolls you into their own internal programs. What they did was raise the minimum income amout to qualify, incentivized it for their employees so that everyone and their brother would apply, then they took out a hedge insurance policy that pays them for every customer who defaults as a result of modification. I was billed for the difference in the mortgage payment times 6 months, was told thatbifnincouldnt paynit thaty house would go into foreclosure if iI didn't pay it and here I am. Inhad a little bit of debt which has now quickly accumulated as well due to the negative rating that Wells Fargo has reported to the credit bureaus. I had no idea that others stories would mirror mine. Unfortunatly, they covered their [censor] and there is nothing that can be done.

I have read what everyone has said and I am not surprised at all to see all of this as I work privately with investors who have very large sums of money held in the Private Wealth Division of Wells Fargo and here's something to read and think about that happens with all banks and I mean all banks! If you are not in the private financial industry this may not make any senses to you but stop and think about this because the US authorities is now cracking down on everyone who has found ways to make millions of dollars the legal way and the government is pissed about it and calling everyone fraudulant.

Read carefully below:

Investors who have hundreds of millions of dollar at any major bank such as Wells Fargo have found a better way for those large investors to make a higher return on their money then what a bank will offer them, they simply rent/lease their funds/money to a company or person who needs to show large funds on their company ledger in order for them to do commodity/commercial deals worldwide, this is called a lease proof of funds (POF) and the investor will lease/rent their funds to the company/person for a period of 60 days at a time and charge anywhere from 2% up to 10% of the amount that the company/person is needing to show on their ledger. And what makes this safe to the investor is that the investor would allow a sub-account or non-depleating account to be opened under the investors main account, also called their master account and this keeps the investors money in their total control but now allows the company/person who leased/rented the money from the investor to now have an account with their name on it with let's say $100 Million Dollars in it. And now this will allow the company/person to show that they have the credibility now to support whatever transaction/deal that they are trying to close or get into to.

Let me show you an example of what I mean. Let's say an oil company has a buyer that has come to buy a large amount of oil from them but they do not have that oil in their own port/holdings the selling company would need to go to a large refinery and order the oil that the buyer has asked for but the seller must show that they have enough money to support their order. Now, the buyer is paying the seller more so this means, the buyer is buying at retail and the seller would get the wholesale price and flip the sale directly to the buyer thus making the profit but if the seller doesn't have enough funds in their account to show that they can afford the order then they would not be able to make the transaction happen at all and thus losing a large profit. Now the buyer has already showed and proved to the seller that they have all the funds to buy the oil so in order for the selling oil company to make a profit they will do what is called a flip sale and now is when they look to lease/rent money from a large investor because they can lease/rent the funds that they need to show the refinery that they can support their order. The refinery normally allows 7 days once the oil has been order to be transported to the final place and also payment. Thus making money now for the investor, the seller and the refinery and now transaction has been completed and money is now made and companies stay in business longer.

Now it's get's better, the government is telling the world that all leased/rented funds also known as proof of funds (POF) are all scams and fraudulant but as you can see above it is a way for the wealthy people to make fast and higher return on their money that is sitting at a bank and they make alot more in those 60 days then any bank would offer them and this allowed a smaller company to start growing but the government doesn't like the fact that all investors normally has a third party also known as an intermediary to do the transaction for them because no large investor has the time nor wants to deal direct with the general public. The intermediary get's paid a commission for these deals and now the government is taking all these intermediaries down and calling them all fraudulant and scammers because they have found a way to work for themselves with large private investors. The government agencies do not like people who are smarter then them or who makes more then them and until the world understands that these are everyday people who are working to make a paycheck, the world will only see everything as a scam instead of seeing the facts with reasons behind the transactions. After all you can do research and see that many attorney's now have given up their practice and have become an intermediary to these type of transactions/deals.

Now what makes this bad with banks is that if someone becomes under an SEC, SS, or FBI investigation, all the banks play stupid and run for the hills and tell the government agencies that these type of accounts (leased/rented accounts) are not real but they are done everyday in the Private Wealth Department of all banks! So, my advise to people who only listen to the news is to do some serious due diligence on when you see that while you sleep that the United States, Government Agencies and Banks are making hundreds of millions of dollars on your money that is sitting in your account as well as they make money by trading your social security number on the international market thus helping to create more bank notes for them to sell to the international world and that my friends is how we got into this mess. The governments love when babies are born as this now gives a new social security number to have a bank note created for and on.

My fellow American's please start looking at what goes on behind the banking world because until you understand how money is really made you will see nothing but what reporters report and that is everything and everyone including all investments in the world must be a scam to all American's because we can now be fooled very easy as our ears and eyes have been trained to only believe what is reported and that is what we have all done. If you would research the international trading market, the stock exchange and the private wealth world on how money is really created, you will soon see that thousands of people have been charged with guilt by a jury of it's peers only because they have been programed to believe that everything is fake!

I was laid off in August of 2008. At that time I had about 160, 000 in the bank in retirement funds. In 11/2008, after seeing the problems in the job market, I began the process of loan modification to get me through until I could locate employment. I was receiving unemployment and tried for the next 6 months to acquire employment. I was 58 and had narcolepsy, and it became increasingly impossible to find work. I was putting my mortgage payments on my credit cards, and with interest rates increasing, was suddenly paying unbelievable interest rates on my mortgage. During this time, I continued to contact Wells Fargo Mortgage. I would get a different agent each time, and it was always the same. They assured me my modification was only 6 to 8 weeks away.

By this time, the requests for the same exact information were astonishing. I faxed out bank statements from the exact months at least 12 times. I was told my file was closed because I forgot to fax one page of information another time and had to restart the whole process. By now I missed one credit card payment and suddenly I was looking at 16 to 29% credit rates on cards. I then began pulling money out of my retirement account, paying all the penalties and taxes. My unemployment ran out and since my credit score was now shot, I attempted to open up my own business. It proved to be unsuccessful, so I came up with another plan, and opened an online store. The concept caught on and I was seeing a light at the end of the tunnel.

All this time I was calling and faxing the bank. All my payments were on ime. I was then told by one agent, that if I were a payment or two behind, the bank would add the payments to the principle of the loan. I began with renewed vigor to pressure the bank into a modification plan. In May, I tried to pay the bank $8, 000, but they would not accept it. When I called the bank they advised me I needed a full payment (I later found out I didn't) and was told it would look better on my application if I paid off my student loan. I did. After 43 + Faxes, I was told the paperwork was in its final stages and any past due and late payments would be added to my loan balance. On July 9th, 2010 I received a foreclosure notice. On July 11th, I received a letter stating help was denied because I was already in foreclosure. I cashed in my remaining savings and took 17, 000 to the bank and demanded to make a partial payment, they took it.

I then received threatening letters from attorneys demanding an additional $1, 951.24, or they would not stop the foreclosure. This was for attorney fees accrued by them for their client Wells Fargo. On August 7th, 2010, I finally contacted the Attorney Generals Office and explained my predicament. Not only did the Wells Fargo have all my money, my credit report was ruined, making it impossible for me to find an IT job with any major company, and I was under notice of a sheriff's sale.

After confirming the bank had more than enough funds to pay off my late balance, which I may add took over two months, and paying the additional $1, 951.24 to the Attorneys, I finally received a letter from an Executive Mortgage Specialist advising they would help me with my loan. I tried to reach this person on two occasions and never received a call back. I also received a letter from the Housing Education Program who advised me they could work directly with Freddie Mac. They were HUD approved and worked with Wells Fargo. After two months, 46 pages of Faxes, I was told I qualified and could have my payments reduced by about $500.00 dollars. What a relief!I was now renting out two rooms and could afford the mortgage, insurance and utilities.

While this was going on, I received notification that i had over $2, 700.00 overage balance in my escrow account! It took some doing, but I was finally able to put this money on to my mortgage balance.

In December, I could not make my mortgage payment. I planned to sell more of assets after the New Year . Also, my business was slow in December. On January 16, 2011, again a foreclosure notice. On January 22, a call from Wells Fargo. "We would like to assist you in keeping your home. Please call Customer Service!"

It's starting all over again.

I have the same story. Wells Fargo acts like the Mofia. I'll enjoy sticking them with my house and filing bankruptcy. Something they could have avoided.

We too have been SCAMED by WELLS FARGO HOME MORGAGE... as well as everyone else we too fell on hard financial times, we were told by wells fargo in order to apply for a mod. that it looks better and they only help the people that are 2 months behind in their morgage... so we fell for that lie and they put us on a temp. monthly payment plan for i believe 6 months? and after it was over we applied for our first mod, they sent us a joke of a mod back none of the payments we had been sending applied to it and the payment were maybe 20 less a month to start another 30 year loan over. we had lived in our home 7 years at the time. we didnt send it back because wells fargo said if we didnt agree dont send it back apply again and it will be a better deal... LIARS that next weekend we went to visit family and when we came back in town, there was a note on our door from the sheriffs office, they were delivering forclosure papers. when we called wells fargo to ask what the heck was going on they said we will not work with you that was your only chance and you did not send the mod papers back, after we told the lady we were told we would get a better deal, she said we dont do that you either sign the mod or nothing.. so after that we 2 months later tried to work out a deal they said you can re-apply for a mod. we did never heard back, then got a letter letting us know of when the auction date was... so then they said we could do a re-payment plan i said no to high, some joke of a deal. then last fri. out of the blue they send us a new mod! wow we were in shock we were less than a month away from the sale date and it was a good deal, so we signed it along with the check that they ask us to include so i call today to check and make sure they got our paper work and they said there was a mix up and they wernt supposed to send a mod to us! i have never herd of anything like that before but dont put anything past WELLS FARGO... what kind of IDIOTS are they do they know what that did to us, but they dont care. they are liars .you never get a hold of the same person when you call everyone tells you a different story and this has been a NIGHTMARE FOR OUR FAMILY...WELLS FARGO IS A SCAM DO NO NOT DO A MOD WITH THEM...

The White HOuse is behind it ALL! It's "Obama's" plan! All the HUD Counselors are hired by the government! IT's a conspiracy! Now why...WHY is the government trying to take everyone's homes out from under them?

Attn: All Homeowners who have been wronged by WF!
Now is your chance to join in a class action filed against Wells Fargo on November 23, 2010 by the Law Offices of Harwood Feffer LLP for CA residents. The lawsuit alleges WF mislead many homeowners by telling them they had to be in default to qualify for a loan modification and then turn around and foreclose or short sale their homes! For more information please go to www.whesp.com and click on the America's Servicing Company & Wells Fargo tab and it will tell you how to join in on this class action! Let’s bring these jerks down!

I have had major problems also with the loan modifaction. WHAT A NIGHTMARE!

gp63@windstream.net

I have been dealing with the same issues since January 2009-when I called WF right after I lost my job. I got a new job, sent in all the requested paperwork over and over again. Called many times, got different answers and incorrect info each time. I was told I'd be approved, then all of a sudden I didn't make enough and my expenses were too high! So I finally lost hope, got the letter stating my Sheriff's sale would be Aug 31st. I called yesterday since I've heard nothing about the sale-come to find out it didn't happen and there was actually no record of a past sale or a future sale! So now I will be applying for the modification again! This is just such a headache-I have no idea if I should be looking for a place to live and packing my stuff or what! Then again, my credit is shot so I may not be able to rent. Oh, another thing-I called up once and they randomly stated ''I see you requested to have a short sale''. I NEVER told any 'customer service rep' that I was interested in that! What a great big joke! I would definitely be interested in a class action. As if the financial troubles aren't stressful enough, could they make this time any tougher for us?

urbanaj@comcast.net

I have had same problems with Wells Fargo Home Mortgage. I have tried to modify my loan
and several times have tried to talk to a loan officer in person to disscuss this and was told we
have no one that talks to people in person everything has to be done over the phone. I went
to paperless transactions over the internet and they closed access to my account and have
not mailed me a statement in months even though I have requested them several times. I think they want us to fail.

100's? more like millions of stories like this and congress is not doing anything about it

I know you're telling the truth. This banks sucks. I have recently gone through the same insane process. I was initially told that I was accepted for a reduction in rate and term ...credit was good and I would drop from 5.75 % to 3.75 %. All is good right...not so fast. After jumping through hoops for them for 2 1/2 months they decided they need an home apprasial. Well of course, they send their own appraiser out to appraise the the property. A week later they decide that I am underwater (owe more for than the property than its worth). I have put good equity in this property in the 8 years I have had it. I suspect the appraiser went around a found the lowest sold properties he could find, rather than ones that were truly comparable, as to help WF's story. Now I am not getting the loan. You tell me if the appraisal was the key to approving the loan, why wasn't it done in the beginning... BEFORE YOU TELL A CONSUMER THAT THEIR LOAN IS APPROVED. I am devastated by their haphazard way of doing business. I believe they intend for us "underwater property owners" to stay in these homes forever so they can continue to make money off of us, especially those of us that are current in our payments. So why advertise that it's time to refinance while the rates are "historicalyl low".

I understand that the Government is working on legislation to assist the "underwater homeowners." I'd like to see how WF interpret those rules. They are out to make money, and they don't care who they trample to do so.

ME TOO! Been locked up with them since the program was announced last March. Today I finally gave up. I'm paying the past due amount but not any "charges". I've never worked with such an incompetitant outfit. No wonder they needed Federal money to screw us! Nobody ever gives you the s ame answer. I even had a local Wells Fargo rep sit in on two calls. Both contriducted the other. Contacted my Congressional Rep but they can't do anything. Surely theres got to be someone in charge of this on the Federal level. OOPS! What am I saying!

I have entered the Home Loan Modification Program and have yet to get past paperwork. I send them paperwork, they call 4 weeks later to tell me they never got it. I have faxed it to them directly from a Wachovia branch and they call 3 weeks later to tell me if I don't send the paperwork requested, I will be thrown from the program. From the sounds of these complaints, I may want to be.

I also agree with harrassing phone calls. They called me 30 times a week to tell me to keep my house payments current while going through this process, yet they don't call to tell me whether they get my paperwork or not. I was so mad at them today when I found that they didn't get the paperwork that I actually cussed the man out. He said they get thousands of faxes a day and they didn't have time to call everyone. Well they have time to call me 8-10 times a day to tell me to keep making my housepayment...

I tried to research what the law says about this program and what the stipulations are with it, but to no avail. Can someone tell me what the government guidlines are for time frames and the lenders responsibility toward the borrowers are?

Wells Fargo sucks and always had. I wish I could find a lender that didn't sell their loans. ...

We have been approved for the Home Modification Loan and what I have learned to my horror was that during the time
of making our payments during our trial period that not one was applied to our mortgage payment. Wells Fargo kept these payments in a holding account as they reported monthly to our credit bureau our delinquency. This was the help we received during our hardship? They have destroyed our credit and the bottom line is that our only thing not covered during this
trial period was our escrow account. Our final outcome is that after sending in 3 personal financial updates, letters of hardships, following their instructions that our credit history shows 120 days late and more. The kicker to this whole nightmare is
our new payment is 40.00 higher than our original, credit destroyed, and no obligation to the damage caused in the name of Help. More smoking mirrors to appease the government. Although the government allows these practices I will be reporting this to all agencies and will print this page to include with my letters to Credit Bureaus. All this with a Home Modification Loan APPROVAL. I will be the first to sign up for a class action law suit as I have been duped. This again is another way how
the banks and mortgage companies thumb their noses up. Oh my interest was lowered 1 percent. DO NOT PARTICIPATE IN
IN ANY HOME MOD LOANS. They will destroy your credit and you will do better without their help. P.S. I bet they couldn't even "Show you the Note" in any foreclosureprocedings because they loose your paperwork.

I have been through 3 different loan modifications trying to get a lower monthly payment. Each time our loan is modified, our payments go up another one hundred dollars. (The customer account reps always assure us that the loan mod will in fact lower our payment.) I never get the same person twice and get conflicting stories from everyone i talk to. We have sent in financial info several times and each time the information is interpreted differently with each rep i speak with. One rep told me we were in a deficit of over two hundred dollars a month, the next rep told me we were in excess of six hundred a month. What gives? I tell them we cant afford the payment and they tell me to write a hardship letter explaining why, and send it back with the loan modification. At that point, they will re-evaluate our case. Mind you, this takes another thirty to forty five days. Mean while, we are banking up fees of every kind. We have had our loan for four years and our loan amount has gone from $127, 000 to $160, 000. We have lost all equity in our home and now owe more than what its worth. We did not borrow anymore money on our home, but yet, we owe almost thirty thousand more than what we started with. Could someone please explain this to me. I assure you no one at Wells Fargo can.

I agree totaly with everything stated above about the Wells Fargo scam, but how do you fight back? How do you start a class action lawsuit? When do we start? ghostrider2104@yahoo.com

A class action Lawsuit is the only solution for wells fargo leeaches. I have been hitting my head against the wall for last one and half years. I have heard every reason from them for denial. Often contradictory reasons. This bank is totally ridiculous and practicing economic slavery of common Americans. Cant believe they are allowed to do this in 21st century.

I have had the same exact experience and despite entering the program completely current on my mortgage have now been informed (9 months into the program with all payments made on time and all paperwork sent in as agreed) that I am now in default and could lose my home!

I am contacting my State Senator tomorrow, retaining an attorney and am considering a class action lawsuit to fight these kind of practices.

Anyone interested in joining the suit should reply

I have the same story - 18 months gone by and now ruined credit due to the "Trial Payment Program." Our credit is shot. Now if we do have to go ahead and walk away, how are we going to be able to rent a house for my family with bad credit? This seems to be a systematic plan to destroy people financially. What is going on? Is this legal and being allowed by our government? We have consulted HUD associated agencies by my Congressperson, Susan Davis, and these agencies don't respond, have lost our files and all our information. The people working for these agencies seem to be confused and scrambling around trying to look like they are doing something but I have never heard of anyone getting a modification.