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Wells Fargo Home Mortgage Complaints & Reviews - Loan Modification BS

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Wells Fargo Home Mortgage

Posted:    Another Unhappy Customer

Loan Modification BS

Complaint Rating:  97 % with 150 votes
Contact information:
Wells Fargo Home Mortgage
United States
We have been trying since November to keep our home from being foreclosed. I have spent hours on the phone getting the runaround from employee to employee who know little or nothing about our account. It is BS to have to call the 800 number and never get the same person!!! AGGRAVATING!!! No one at the local branch can help me! I was told in November to submit a hardship letter along with the necessary financial info. I had originally contacted the "HOPE" hotline and they took all my info. Then a rep from WF called for me to send the other information in and said he would be the one we would be talking to through the process. Desmond was his name... What a bunch of BS, haven't heard a peep from Desmond since then...

So, after submitting the information we finally get a letter from WF at the end of December with "moretoreum" aggreement that we would make a January payment of $400, February payment of $400 and then a March payment of $14000 before they would consider a loan modification for us!!! I called WF AGAIN to see if there was something we could do about the March payment because of course we don't have that kind of funds just laying around (bankruptcy last year...) The rep told me at that time we could make the January and February payments and then CALL them prior to the March payment to make "arrangements"... so we signed the paperwork and made the first two payments. I called at the end of February to make our "arrangements". The rep specifically TOLD me that I did not have to make the March payment as it was being rolled into the rest of our loan and was being submitted officially as part of the loan modification process. I asked her a few times, are you sure we don't have to send you anything for March, she said NO. I did however have to send all our financial info yet AGAIN and the hardship letter, AGAIN.

I called a few times to check the status of things, find out how we were coming along on our 30-60 day review. I was always told it was still in review. I ASKED EACH TIME-Do I need to make a March payment, are you sure??? No, you do not was always the reply...

So fast forward to Friday, April 10th. I call to check the status, hoping to hear good news as I found out the day before the bankruptcy trustee had given up any interest so our last hurdle in keeping our home was to get our loan reworked with WF. The first person to answer the phone transfers me to another person who tells me "oh You're in FORECLOSURE!!!" WTF???

I'm shocked, what I say??? They transfer me to yet another person, I'm like what's going on we've done everything you've told us to. They transfer me to their collections department... person number 4 now. Some cold, heartless, unfeeling soul who flat out says "You are in foreclosure because you failed to make the March payment." What the hell I say? YOUR COMPANY TOLD ME NOT TO!!! I have been nothing but cooperative in the matter. "I'm sorry ma'am, I understand you're upset and I'm not trying to argue with you." drones the b*tch. UPset?! Now there's an understatement! What do I do? I start crying, I cannot lose my house, we're trying to make this work! I thought the whole point in a loan modification was to help everyone?

Our home was on the market for the last two years, it has NOT sold. What makes WF think they're going to get anything out of it. Why not work with the people who want to stay? Who WANT to work something out?

The droning agent told me we could call the 800 number and see if we qualify for any loan modifications... Ummm, hello, isn't that what heck we've been doing for the last 6 months????!!! You'll have to submit a hardship letter and your financial info...AGAIN!!!

WELLS FARGO LIES!!! The customer service reps LIE!!! The lead you down one path and then screw you over!! I'm am absolutely, positively infuriated!!! It was especially a blow to read in the paper just that morning that WF had made an enormous profit for quarter, RECORD earnings... just screwing us little people trying to survive in this economy right now.

IF you are trying to rework your loan be careful!!! Don't let them lie to you too!


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 27th of Mar, 2010 by   Unhappy in Oregon 0 Votes
HI All. I previously posted about Wells Fargo's inability to transaction a proper modification and I thought I would update our situation. It seems as though Wells Fargo is more agreeable to a short sell than helping us stay in our home. They agreed to a short sell that sold our home for 55% less than what we paid for it. They had the whole deal wrapped up in less than 3 months. Seems to me that the idiots would want to keep us in our own home rather than take a huge loss on it..but then again that is what they took 2.4 billion dollars worth of bailout money for right? Well, we actually get the last laugh because we get to stay in our home since an out of state investor purchased it and wanted us to rent it out from him. And guess what...our rent is only 1/8 of what we were paying for our mortgage. This is much less than any modification deal would have been. Thanks Wells Fargo for being a worthless company! Enjoy your bailout money while you can. Hopefully, you tucked some away for the upcoming lawsuits.
 29th of Mar, 2010 by   PB4UTEE 0 Votes
I want to remind everyone, as I did here 3 months ago, this so called "moretoreum" aggreement will totally ruin your credit. WF says you can make the lower payment for 3 to 6 months. What they NEVER tell you is that they are reporting the difference of your original mortgage payment and the payment being made under the "moretoreum" is being reported to the credit bureaus as DELINQUENT!!! After being under the "moretoreum" since June 09, in December I received a call from my credit card company informing me "because of negitive items on my credit report we are cancelling both credit cards and raising your interst rate from 6% to 15%" on my balance. I have NEVER been late on pay payment to ANYONE in 25 years, my credit was PERFECT!! Now I can't even get a credit card. A nasty little secret WF doesn't tell you about. YOUR CREDIT WILL BE RUINED!!
 29th of Mar, 2010 by   pres1ton 0 Votes
I started nibbling asking for help, actually asking but not pushing 14 months ago. I began pushing for help in early January 2010 and my experience has been the same as most on this board. Outright lied to on at least a few occasion. Faxed, refaxed, refaxed...info several times. Been offered nothing - temporaily or otherwise.

But besides the SOB's @ Wells I have contacted the BBB, Attorney Generals office, Treasury Department both California Senators, the Congressman in my area, the Banking Commission, the Federal Reserve and THE WHITE HOUSE - really and nothing - not a F-ing word from any of them.

So then I thought, armed with 5 dozen documented contacts with Wells as well as the information above that I would enlist the help of the 4th Estate, the Media. They love a good underdog story and exposing all these people that claim they care - The Bank, Organizations and Politicians - they will listen, maybe do an article, maybe they know someone that could actually help. NOTHING -not a F-ing work. Not Radio (KNX) not newspaper, not TV - nothing.

We are current on our house payment, we have done everything we can and we will make our April 1 mortgage payment in full - but it will sadly be our last. We are out of money. I keep thinking that maybe that is what needed to happen - all bridges burned, no money left, maybe they will come to the party now. Maybe someone here knows from having that experience. I remain optimistic although I am not sure why, I guess faith.

Best of luck everyone.
 29th of Mar, 2010 by   Unhappy in Oregon 0 Votes
We were told by a Wells Fargo representative that they will not even LOOK at you until you are behind on payments. Why are they going to work with you if you are finding some source of income to pay them? The sad thing is that there is an incentive from the Obama plan that could give money back to people who work things out from the bank without ever defaulting or falling behind on their payments. Not only are they working hard to not help you, WF is working hard to screw you out of an additional incentive that is rightfully yours if you qualify for it. We tried to work things out but it wasn't until after we stopped payments did we start getting some attention. We even had one person call and say "why haven't you called us for help?" I'm sorry this is happening to you, but don't expect anything until you fall behind. I, too, tried to contact the White House...and I got a polite "sorry..the economy sucks for everyone" email back. I am tired of hearing about how we are coming out of the recession and/or the house market is on a rise. Just more propaganda from the people who are in no risk of losing their homes.
 29th of Mar, 2010 by   valgal 0 Votes
So sorry that life has to be so difficult for a family that has done every thing right. Best of Luck to you and yours!


SHAME SHAME SHAME of Wells Fargo!!
 29th of Mar, 2010 by   pres1ton 0 Votes
Struggling for anything from Wells I took the step of making them an offer. Reduce our interest rate on our 1st and 2nd to 4% for 2 years. That's it, nothing fancy, just two years to allow us to get back to work, never miss a payment.

Of course I have approached them in several ways and can not even get a pleasent response.

I can live with the idea that Wells is filled with a-holes that do not give a crap. It's all the other people that wave the flag and open their arms, say they care but don't give a crap. The Obama's, Boxer's, Feinstein's, media folks etal of the world say they care, have influence and do nothing.
 30th of Mar, 2010 by   Studman 0 Votes
Ok, I posted on page 3 and here is my update. After applying for a loan modificatio for the 3rd time, the negotiator called me on my cell and left a message on my voice mail to call him at his #. Well the # was for a department in California and he was in Wisconsin. The California office did not know who he was. After making several attempts to contact him with the bogus # he game me, I got a letter in the mail denying me for loan modification because they could not get a hold of me. I could not believe it. Talk about the run around. They gave me another # to call in Wisconsin which I did and they said that their policy is to communicate by email and not by phone so it was odd to the service rep. I told her I him on VM with the info he provided. What a waste of time. She said that she was going to notify the supervisor. Wow another waste of time. I received a call a week later from WF asking me if I want to do a short sale. WTF! I opened up both barrels on the poor girl and stated my case. She then told me to submit a 4th hardship letter and financial statement because the 3rd was already closed. OMG. Well I just received a letter that my case was closed do to refusal of short sale. OMG Can anyone help? Do I submit a 5th hardship letter? The goverment and Obama is supposed to help but as long as you let the banks in control, they will do everthing they can to deny your application. We need to fight back with WF and expose them. I will keep you all posted and please share if you have solutions.

Thx for the time
Steve in Northern CA
 30th of Mar, 2010 by   vkambham 0 Votes
We all should bombard the top WF officers with email highlighting these issues the same day.
 31st of Mar, 2010 by   sebring 0 Votes
Hello everyone!!

I have read most of your posting and somethings I agree with you on and some things I do not. First off, you cannot mak an offer to wells fargo to modify your loan atthe rate you want. It does not work that way and never will. Yes the rates can go as low as 2% for qualified homeowners but not everyone is qualified. You also must know that wells fargo is not on board with the modification program, wells farg is a mortgage servicer ad most of the mortgages are not wells owned they all have different investors who make the final decsion based on there guidlines and weather or not they are on board with the modification program. You may have got your mortgage through wells but they sell them to private investors. I suggest before looking into a modification you find out whoyour investor is. Wells fargo will not tell you so dont ask them look at your loan documents or speak tothe loan officer you went through.

As far as credit is concerned, come on people do yu really think that if you are behind on your mortgage that it is not going to have a negative impact on your credit????? just by applying for a modification does not help your credit at all when you are behind. If you are current and apply and accept a trial period or moratorium or special forbearance for lower payments your credit will read as current on partial payment agreement which will affect your credit, I do not care if anyone tells you differently it will. You are going against your original mortgage note by saying you canot afford your current payment so make sure you are prepared to take the credit hit before applying. YOU DO NOT have to be delinquent to apply, if anyone tells you that ask to speak to there manager and do not ever sign anything without taking it to your attorney first, but make sure you have the docs back in the time frame given t accept the offer or it will be void.

I understand that this is your home we are talking about and I would be upset as well, but you must remember that Wells fargo is a business and they need to make the best decsion that is in there best interest and it that mens not modifying your mortgage or foreclosing on your home because your 8 months behind so be it. And for anyone who is trying to take advantage of these programs you should be asshamed of yourself. These programs are limited and for people who need help not for someone who can't afford there payment because they have a nanny and a gardener to pay more, or they just bought a new car. In the same aspect if you are curent because you are borowing money form 401k or spending your savings this these programs are for you. the credit hit is not as severe as one ould think for someone who is current when they accept the plans. Its those who are already delinquent that it really affects. If you are trying to get a modification and hving problems there are many programs out there to help you that are free NEVER pay for modification help it is a rip off and a scam. Google hope for homeowners and they will help you and give you advice on your specific situation.

I hope that all this helps everyone and I appologize for being to forward. If anyone has any questions aout there modification please feel free t drop me an email and i will get back to ASAP with my advice. I worked for wells fargo and left due to some of the things that were happening to people. I am not at all sticking up for them and never will but these are the facts as harsh as they may be.
 31st of Mar, 2010 by   Unhappy in Oregon 0 Votes
Being forward is one thing...saying "come on people.." is just sarcastic. People on this board have are in danger of losing our homes, our credit, and a lot more. Try having a little tenderness when you post please. This is our daily reality and I don't feel like having another WF employee (current or past) make me feel as though I am being unreasonable about what I expect from a major bank's customer service. Until you have stayed up late into the night because you don't know where your family is going to live, you have NO idea the emotinal toll this has taken on our personal and in some cases professional lives.

Also, once WF took the 2.4 billion dollar bailout money, they were committed to providing options which they are NOT providing. There is no excuse for this regardless of how the chain of command is set up and whether or not there are higher investors involved. Someone is getting use of that bailout money and it is NOT US!

Good luck everyone. United we stand as we trudge along in this murky mess!
 31st of Mar, 2010 by   PB4UTEE 0 Votes
Sebring, in regards to your post about credit. First, I was NEVER behind in my payments to WF when I began this nightmare. I had perfect credit and had never so much had even been late on my payments to WF and anyone else. Second, NO ONE at WF ever told me that the forbearance would be reported negitivly on my credit, if they had I would have never agreed to the program. I ordered a copy of my credit report and since June 09 it shows delinquent. Then in Sept. 09 and beyond it shows "90 Days Past Due" Thats the big hit in the credit report and why my credit card company cancelled all my cards. WF should have a moral responsability to inform people right from the start that these programs will negitively affect your credit. WF is dealing with regular people trying to save their homes and credit that don't know all the pitfalls of these programs WF knows. They should be upfront with people and let the homeowner decide if worth the risk to their credit.
 31st of Mar, 2010 by   sebring 0 Votes
I appologize for being so forward and if it offended you, however I will not sugar coat my responses to make you feel better. I will give you the facts no matter how harsh they may seem. It is better that you find out the truth then a sugar coated version of it. I Will choose better wording next time so that I do not offend you Unhappy in Oregan. I understand what your reality is and that is why I want to help as many people as I can who do not know to much about he programs. I will not go into the bailout with you because you are incorrect in your statment and I do not want ot battle with you in that reguards. I do recommend you look it up to better understand it. I welcome any questions from you!!

Hello Pb4UTEE, If i were you I would dispute the credit reporting because it is incorrect. If you were current before you signed up you should only have a credit reporting of "current on a partil payment agreement" it will still have a negative impact but not as severe as delinquent. There is a credit dispute fax number you can get from Wells Fargo to fax over your concern and get it corrected you may also contact the credit bureaus themselves to dispute it. I agree they should let you know upfront before even applying about the credit reporting. I hope this helps you if you have any other questions I am here.
 31st of Mar, 2010 by   Louie Beethoven 0 Votes
I've been through the mill with Wells Faro, and I am about to go into foreclosure, and I no longer care.

I was also granted the pre-modification forbearance agreement. For 3 months I paid about 1/2 of the normal mortgage payment. I was told that if I made all 3 payments, I would be approved for a modification.

WRONG. After the first month, I started getting calls from collections that I owed money. When I explained that I was in the forbearance program, they'd say, "Yes, but officially you are behind in your mortgage payments." After month two, they hounded me daily, inlcuding at work. My ulcer started acting up. I was doing everything according to the terms of the forbearance agreement, but I was being treated like a deadbeat AND my credit rating dropped dramatically.

After the third payment, I was told that I had not been approved for modification and that I was to pay up the back mortgage immediately. Why? Because I was unable to take two phone calls. I returned the calls the next day, but that wasn't good enough. If it hadn't been that, it would have been something else.

I've never been behind in my mortgage until now. My credit rating was 826 and now it's in the low 600s. I followed the terms of the forbearance agreement, and I got screwed royally.

I've reported Wells Fargo to the State's Attorney's office. I urge you to do the same.
 31st of Mar, 2010 by   Unhappy in Oregon 0 Votes
Thanks for NOT arguing with me. I have talked to a real estate attorney and as well as several people who are highly involved with real estate and banking sales. In addition to that I am connected with a few individuals in the Oregon legislature so I know quite a bit of the behind the scenes going on with what is really happening with big banks. Just wait... most of the information I know will be made public with good time. People just need to keep screaming and shouting so we are no longer denied. So yeah... I've already done quite a bit of research. And bottom line is that Wells Fargo is not doing what they should be doing in terms of making appropriate arrangements with individuals. But that will all come out after the many lawsuits take place and Wells Fargo gets nailed for inappropriate usage of funds. :)
 31st of Mar, 2010 by   DisappointedinME 0 Votes
Hi Everyone!

I honestly can't believe all of the posts since mine! I am so sorry that everyone is going though such a mess.

I just wanted to follow up and let you know that the one thing that seemed to piss Wells Fargo off was the complaint that I filed with the "Controller of the Currency" which is the www.helpwithmybank.gov web site I believe. That was the fastest response, by mail of course that I ever received from WF, rambling on trying to justify their actions!!

I too, like a lot of other people contacted my governor's office, both my states senators, a lawyer, the media, the judge that signed the foreclosure order on my house, the lawyer's office that evicted us, and numerous other people! As disgusted as everyone seemed after hearing my story, nothing really came of it. It was extremely disappointing!!

I guess it's ok that WF auctioned off my home without letting me know... that after trying to modify my loan for well over a year, I had to find out that my home was sold when I was actually calling to follow up on my modification status!! Seriously!! What a joke!! I do truly believe that what comes around, goes around!! WF will crash & burn eventually!!

I'd advise filing a complaint with the web site listed above and also the Consumer Credit Protection Bureau.

On board for a lawsuit if one gets rolling!! I've saved all of my documentation just in case.

Warmest Regards,
J

PS... I'd also like let "Sebring" know that it was very much the case in June of 2008 when I called to inquire about loan modification options that they informed me that I would have to miss 4, (yes, four) payments before they would consider any modification. Then strung me along until December of 2009, then sold my house back to Fannie Mae without telling me!! F***ers!!
 9th of Apr, 2010 by   Studman 0 Votes
Wow, how stressfull can this be? WF said that the trial monthly reduction will not effect my credit score and will not be reported. I haven't checked my score and i'm afraid to. Sebring, so you have worked for WF for awhile and have had a lot of experience but WF is a huge bank so I don't believe that you will know all about the business that goes on there. It seems that everyone that I have talked to at WF are clueless because I get conflicting information everytime that I call. They told me that I can go to WF web page /assist and I can get updates there. Well they have closed my case and the web site says in review. They really have there shit together. Nice to see Americas screwing Americans.
 16th of Apr, 2010 by   DISGRUNTLEPA 0 Votes
I started my loan modification in august 2008 (yes i said 2008), went though the whole process, (mind you I was only two months behind) about 2300 dollars. Did the hardship letter, filled out the financial paper, everything, talked to a counselor, sold virtually everything, got rid of cell phones, YOU NAME IT I DID IT...SO I STARTED THE TRIAL PAYMENTS OF 851.57 (ORIGINALLY LOAN WAS FOR 1169.00) I STARTED THIS IN OCT 2009, NOVEMBER, DECEMBER, I KEEP ON HEARING STILL UNDER REVIEW, I HAVE MADE 7 MONTHS OF PAYMENTS THEN I FINALLY GOT A JOB AFTER BEING UNEMPLOYED FOR 1 YEAR AND 6 MONTHS.TODAY 4/16/2010 I FOUND OUT THAT WE DO NOT QUALIFY FOR THE HAMP PROGRAM, SO WELLS FARGO TELLS ME THAT THEY ARE TRYING TO GET ME A LOAN MODIFICATION THOUGH WELLS FARGO (I THINK IT IS BULLSHIT) THEY TOLD ME THAT THEY WILL HAVE AN ANSWER WITHIN 30 DAYS( IS THAT SO THEY CAN FILE PAPER WORK WITH THE COURT THEN AT THE END OF 30 DAYS THEY CAN TELL ME THE HOUSE IS IN FORECLOSURE... WE HAVE DONE EVERYTHING POSSIBLE TO KEEP THE HOUSE, I CAN MAKE THE ORGINAL PAYMENTS BUT I CANT COUGH UP 5000K DOLLARS...I FINALLY GET ON MY FEET AND WELLS FARGO IS KICKING ME DOWN, I CANNOT LEAVE MY HOME BECAUSE I HAVE KIDS AND WE HAVE NO PLACE TO GO...WELL SEE WHAT HAPPENS IN 30 DAYS...OH BY THE WAY I CANT CLAIM BANKRUPTCY UNTIL I FIND OUT WHAT IS GOING ON WITH THIS LOAN...WELLS FARGO SHOULD BE ASHAMED OF THEMSELVES AND WE SHOULD START A CLASS ACTION LAWSUIT FOR DECEPTIVE PRACTICES...AND AS FAR AS OBAMA ( I VOTED FOR U) AND RIGHT NOW I WANT MY VOTE BACK, YOU NEED TO STRAIGHTEN THIS MESS OUT...ALSO ON ANOTHER NOTE STOP SENDING MONEY TO HAITI AND THIRD WORLD COUNTRIES, WE THE PEOPLE NEED HELP HERE FIRST...REMEMBER WE THE PEOPLE WILL VOTE YOU OUT OF OFFICE...WHERE IS MICHAEL MOORE WHEN YOU NEED HIM
 29th of Apr, 2010 by   darienzeng 0 Votes
04/29/2010
I have applied for this Modification Program from Wells Fargo more than a year ago, 03/20/2009 and they put me on the trial period for three months since November 2009 and I am still is on their Trial period. I found this complaintsboard so i write. I would like to know how can I file a complaint. please respond to my email if you know how. darienz2002@yahoo.com
thanks,
Darien
 30th of Apr, 2010 by   Wells Fargo Scam! 0 Votes
Having the same problems with a Wells Fargo loan modification since August of 09!! They are not trying to help the home owners that need it and qualify.. It is wrong and needs to be stopped!!
 1st of May, 2010 by   blingbling 0 Votes
ok i did everything as requested got loan docs only they had my ex husbands name on them (we have been divorced for 2 years)...i was told to send divorce decree and papaers showing where his name had been removed from deed. i did and confirmed that they were received...i was told i would receive new docs in 24-48 hours...this was around 4/12/10 it is 5/1/10...i have called my processor 1-2x daily only because she no longer calls me and when i reach her she has no answer for me...she is going to send an email and review my file and will call me back in 15 mins-she never calls back...then i get a phone call from another lady who wants to know why i havent signed docs...i explained to her that i couldnt they have the ex husbands name on them...she is shocked...cant see any notes in the system, is going to have her supervisor review and call me back...no one ever calls...the whole process has been suspicious...from the beginning...thats all i can say...i don't know if my home is in foreclosure or being modified...

any insight from others

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