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Wells Fargo review: potentially fraudulent advice 75

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8:50 am EDT
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We called Wells Fargo Home mortgage to see what kind of financing might be available to us given that my employer was willing to offer downpayment assistance in the form of an equity sharing arrangement. Their lender's rep advised us to go with and FHA loan and gave me a Gift Letter for my employer to sign. My employer checked this out with legal counsel and was told that in no universe can an equity share be considered a gift. If we had signed that letter, my employer and I could have been prosecuted for mortgage fraud.

Either the Wells Fargo lender's rep we worked with was profoundly ignorant of basic real estate financing rules OR she knowingly attempted to persuade us to do something illegal. The fact that all this came to light AFTER we had made an offer and had a purchase contract made this very awkward and frustrating for us, the seller, our realtor and everyone else involved.

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75 comments
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Adrian S.
Long Beach, US
Jul 08, 2010 9:40 pm EDT

I hit hard times, like everyone else, due to the economy. Place on Disability, lost my job due to the economy and down sizing and I reached out to Wells Fargo Home Mortgage for help so I don't lose the house that I have worked so hard to get and keep. found out that Wells Fargo sold my load to Bank of America which is totally screwing me all the way around.

It's been 7 months to date. I have complied with every request, update, etc that Wells Fargo has asked for. The 800 number for Loss Mitigation, that you call for assistance, is a JOKE! The agents have no authority, no internal connections, everyone of higher authority either won't take the calls or direct the calls, the agents either can't read the records or don't document them clearly and effectively so the next person is clear... and the processors and negotiators don't even put their contact number in the file and the agents have no way of reaching out to them internally when the customer calls back.

I have been told that I am in review, status is active, processor is reaching out, negotiator is reaching out and recently that I should have received a "welcome" call to discuss the terms of my modification. NONE OF WHICH CAN BE CONFIRMED OR HAS HAPPENED TO DATE. And again, these agents cannot help nor can they find someone internally to answer or clarify the process. I get the same old story...the apologies and they understand how I feel...AND my favorite "I will send and ESCALATED email and someone will reach out to you." ALL OF WHICH IS B.S!

Yesterday, I was told to fax a request to have a processor call me, which I did. Today, I follow up with a phone call to find out that in lieu of a phone call a 3 page letter has been mailed out to me today.

I find a few things hard to swallow.
* I know 3 other clients with same loan structure, sold to B of A, and they have been helped.
*I pay close to $3500.00 a month mortgage for 4 years on this house and they don't even have the courtesy or respect to actually make a few minute phone call to me to clarify what is going on.
*The Loss Mitigation Department was set up to assist and field problems and concerns, yet I was told by an agent that they only note the accounts and have no way of connecting to anyone else to hlep.
*The agents either don't document or cannot read the documentation that is in the file.
*The managers, Team Leaders and Sr. Representatives refuse to take calls from the customers, leaving the agents to take the brunt of the hostility. That is not fair to either the agent or customer!
*WF infrastructure, for being such a large operation, is absolutely HORRIFYING...

People are in jeopardy of losing their homes. I would think WF would set up a functional operation to effectively assist customers in need and who are under tremendous stress because of this.

This is so not cool ! ! ! ! If their homes were on the line, I am sure they would want someone who is effective and consistent to jump in and help... None of which WF seems to be.

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mlzbon
Glendora, US
Nov 09, 2010 6:28 pm EST

Wells Fargo gave us a loan to buy a house for $550, 000 in 2017 . We gave $114, 000 as a down payment. My husband use to make $8, 000 more in 2017 than 2017 . We tried to refinance because we have INTEREST ONLY ADJUSTABLE RATE, and Wells Fargo said: your income is not enough! you can do a short sale instead! I have never seen anything more unfair than this!

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Aggrivated in Arizona
Tucson, US
Jan 17, 2010 11:47 am EST

Wells Fargo Home Mortgage completely disregards contract terms with their mortgage administration. While they admistered our mortgage for only twelve months, problems included; failure to send acknowledgement of mortgate payments, failure to apply money's in accordance with the contract, failure to accurately calculate the payoff amout (off by $20, 000), failure to calculate interest in the month of payment in accordance with contract terms, systemic problems with customer service, and a help desk that can not help and is simply an obsticle.

Their refusal to answer questions concerning this include failure to return phone calls and failure to return written requests for clarification.

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Mike Fry
Newton, US
Aug 22, 2010 1:39 pm EDT

I have been dealing with wells fargo home mortgage in an effort to forestall a foreclosure and revise loan terms to allow us to be current. We are in a good equity position on our home but about 45 days behind on payments due to the economic circumstances. I began over a year ago by offering to extend our loan term and add the 2 months of payments plus interest to the end of the loan. I was told that the people i was talking to could not make that decision, i asked to speak to someone who could and was told that was not possible.

Since then, we have been billed for late fees (Ok) but they have added all kinds of other fees for which we recieve no good explanation. Such as a property inspector came by but we never seen them or any trace of them, costs $15.00 per visit! Latest statement had another $185 "other" fee on it!

I have been called repeatedly by wells fargo, never the same person, and been treated rudely when i asked questions about what the process is. I have recently had the extreme displeasure of dealing with their "loss mitigation" department who's main purpose seems to be to collect personal financial data in the attempt to make no decision. Have sent monthly financial worksheets, hard ship letters, p&l's, tax returns etc, etc, etc. Did finally get an answer, won't modify loan because of the amount we are in arrears $1042.00! No s__t, thats why i went through this whole excercise in the first place!

As a business owner if i treated customers this poorly i would be out of business soon. Unfortunately, because of business downturn due to the economy we don't have the choice of going elsewhere for a mortgage. Plus the fact that we are in a good equity position on our house they no they can foreclose and come out well.

For those in difficulty with this company already i suggest doing what we are, contact your state attorney general and supply them the documentation about the situation. Hopefully enough of us get serious about this we can bring an end to these unscrupulous practices. If you are in the market for a mortgage i would suggest you go anywhere but wells fargo.

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MadGAmom
Anytown, US
Apr 09, 2012 9:06 am EDT

Constant harrassment. I get calls from their number [protected]) up to 12+ times per day, every day, even Sundays & holidays (which is illegal in my state), and have the call logs to prove it! These calls come whether my mortgage is paid on time or not. We also fell victim to their "mortgage relief" program. We applied for it when my husband was laid off from his job and was out of work for 11 months. Neither of us were able to find work during that time and were trying to support a family of 5 on only my husband's unemployment benefits, which was beyond impossible. Despite WFHM's claims of "helping" us, they actually ended up screwing us. They just took all the past money we owed them and tacked it on the end of our 30yr loan, without extending the loan period, which made our payments soar. We made the first 3 "trial payments" of $150, then after that our new regular monthly payment amount was $60 MORE than what we were paying before my husband got laid off. As if we weren't barely scraping by already, now it's even worse. Thanks for the "help" Wells Fargo! :(

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jom718
Edison, US
Mar 01, 2013 11:25 am EST

I received an email back in January 2017 from a real estate investment association I belonged to advertising an investment to purchase a hotel unit on Hilton Head Island. This investment came with a 3-year leaseback agreement for $74, 8000.00, $24, 933.33 a year for 3 years. The price to purchase this unit was $249, 000.00. I liked this investment and decided to move forward. I was put in touch with the developer’s business agent, who put me in contact with a loan office from Wells Fargo Home Mortgage. Wells Fargo was one of the lenders who were providing funding for many of these units.

After the loan officer contacted me, we did an application over the phone. This was actually convenient for me because I’m legally blind. During the application process, the loan officer asked a lot of questions about my personal finances. He also asked me what type of loan I was looking for to purchase this unit. I told him, a loan investment property loan. He said that he couldn’t help me with an investment property loan. He then told me that if I were to call it a second home, not only would I get into the deal with only 10% down payment, but I would get a better interest rate. I told him that it really was going to be used as an investment property. He thin asked me if I ever planed on using the unit. I said, since the leaseback agreement says that I can use it for 3 weeks out of the year, then yes, I would be using it. He then said, it qualifies as a second home. So, I put the application in as a second home. At know time did he ever tell me that calling it a second home would change how it was appraised. Instead of appraising it as a commercial property, (active hotel unit) using the net operating income and a capitalization rate, it would be appraise as a residential property using compatibles within the hotel itself. The developer had inflated the value by offering the leaseback agreement, creating a controlled market within the hotel, and that’s how they got it appraise for $250, 000.00. Wells Fargo used their company RELS, a residential appraisal management company to hire the appraiser.

After submitting my application, I waited a few days. When I didn’t here anything, I called my closing coach with the real estate association that advertised it to me. My coach told me that my mortgage had been declined. I immediately called my loan officer at Wells Fargo, but I could not reach him. I sent an email to the developer’s business agents assistant, but she never got back to me. Finally, I tried again and spoke with my loan officer and he confirmed that I had been turned down for the loan. He said it was because I didn’t make enough money. You see, I’m legally blind and I collect a small disability pension and social security disability. I asked him if I could use the leaseback money towards my income, but he said no, that the lease funds didn’t happen until after the closing. At this time my loan officer started looking over my application. After a few minutes, he started asking me questions, then he resubmitted the application, and about 10 or 15 minutes later, he told me I was approved.

Now we were moving towards closing. We were supposed to close in late February 2017, but I was hesitant to close because the interest rates were starting to move a little. I was hoping to catch the best interest rate possible, so I decided to wait. My loan officer was getting anxious and he offered me a special deal to gat me to close the deal faster. He said he would refinance me at no cost to me, any time I wanted in the following 12 months. I took him up on his offer. I told him to set up the closing. I signed power of attorney documents and they sign my closing documents at the closing table and we were closed.

After closing, I signed the 3-year lease and got my first years lease payment of $24, 933.33. After a few months went by and the Fed stated lowering interest rates, I decided to get in touch with my loan officer. I emailed him about refinancing me, but he said that although the Fed had lowered interest rate, they had not caught up with the mortgage market yet. He said he would get in touch with me after the rates dropped down. About 11 months into our agreement, I hadn’t heard from him. I called him and asked him about refinancing. He said, although the interest rates had dropped substantially, he was unable to help me because Wells Fargo was no longer servicing servicing these units. He said he would have to extend his offer out a few months until they started lending again. A couple months later, I called him, but he no longer worked there.

Here are the facts regarding this loan.
· This unit was always and still is an active hotel.
· The master deed says that it can only be used as a transient hotel. Yet Wells Fargo calls it a condominium
· I had been turned down, only to have my loan officer get me approved.
· . Right now I am currently in default because I couldn’t afford the payments.
· After the first year, the developer terminated our lease agreement. Now I have a $224 K loan on a unit that worth $25 K. This was not due to the market conditions. The real estate market didn’t drop 90%. This property, if appraised as a active hotel unit investment property using NOI and CAP rate, would have never appraised anywhere near $250, 000.00 because it didn’t make that much money in income. It was only netting a few thousand dollars a year after all the expenses was paid. The South Carolina Appraisal Board said that the appraisal was ordered as a second home, but the appraiser was disciplined for not using the most recent sale in his analysis. The fact is, if my loan officer didn’t lead me into calling it a second home; I wouldn’t be in this situation. I certainly didn’t want to pay over 10 times what this unit is worth.

I’ve tried to negotiate with the bank to get this down where it should be. I’ve told the bank that I would take over the payments ate the current market value ant current market interest rate. They said no. I believe they want to get the property and the PMI insurance. This way they will make $25 K on the insurance (10%) and another $25 on the sale of the unit. Wells Fargo never did go back to servicing these loans, even at the lower price of $25, 000.00. They realized this is an arena where Wells Fargo Home Mortgage shouldn’t have been lending in the first place.

Wells Fargo has hurt me and many other investors in this project. So far they’ve been able to weather this mess without with out much difficulty. If there’s anyone out there who can help me with these issues, please contact me at jom718@aol.com. Whether it be legally or just to get this story heard, I’d greatly appreciate it. The media is a very powerful thing.

Thank you very much,
Joe

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Wells Fargo is Robbing U.S. Citizens!
Baltimore, US
May 20, 2010 9:01 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

To make a long story very short, please don't use this company! They have stolen money from us, lying saying that we owe payments when we do not. We have receipts showing full payment of everything! They will not allow us to speak to a supervisor, they said they are investigating the situation but we have never been allowed to talk to the same person twice. Each time we give them a name of a person that we spoke to previously they say that they don't know who we're talking about. We have been on hold for over an hour each time and then they cut us off without returning to the phone. If anyone wants to get together a class action suit against them let's do it! These people are robbers! Contact me at dothegospels@aol.com

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dupedbywfh
Grove City, US
Jul 14, 2011 12:18 am EDT
Verified customer This comment was posted by a verified customer. Learn more

WFHM has made it almost impossible to make a quick payment without amassing "service charges" on your account.

If you're late on your payment, you can't use the online payment system because it requires you make the late mortgage paymen AND the current mortgage payment. There is no choice of paying a specific amount.

You can write a check to them, but if it's late, then another late fee is assessed.

You could go to a WF branch, but good luck finding one in your city.

You could call in and make a payment...but it's a fee to use their automated phone payment system, and a higher fee for a customer service rep to take a payment.

You can go to western union...then you're paying a fee there.

You can set up for repeating payments, but OH YEAH, you have to be current on your loan.

So tell me how this isn't set up to be hard to make a payment quickly and fee free?

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Ky homeowner
Louisville, US
Jul 20, 2010 3:07 pm EDT

Tuesday /July 20, 2017 :
We have been hassling with Wells Fargo since '2017, faxing Supervisor's with scanned documents, Certified mail even, and numerous times they request the same information sent time and time again. Trying to keep our home is extremely exhausting. In return they still are incapable of creating a resolution for us to finalize this on going matter.
How hard does one have to try to prove they wish to keep their home?

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Homemortgage
Sayreville, US
Jan 08, 2010 2:28 pm EST

Unfortunately, Wells Fargo customer service is terrible. We have a mortgage through this company and it is absolutely asburd the way they run their day to day operations. We have been trying to refi for months, and time after time Wells Fargo comes up with another way to make us waste our time and effort! The customer service reps or "specialists" as they are called are not helpful at all. Everytime you call you get someone different. Each time you get someone different they then transfer you to your "head/lead" specialist who is almost never available. At that point you then wait for days, not hours, for a response- which is usually very impersonal and almost never a live phone call. In our case, I guess it was a good thing that they only responded by email... we've kept a record of their ongoing inconsistencies and poor performance. We have also had one specialist be very unprofessional and call us a "pet" name, rather than referring to us by first or last name. Again, as many others have stated we are very unhappy, fustrated, etc. with their service.

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salman m khan
,
Jan 22, 2008 12:00 am EST

I got my home mortgage through wells fargo but i didn't get the home insurance through them.After one year and one month I switched the home owner insurance company. I have the proof of coverage for the extra one month but i have spoken to them several times faxed them the proof 4 times but they are still charging about a 100 dollars extra on my mortgage saying that if you provide the prof of coverage they will reimburse that money. I don't know what i have to do with this disorganized bank.

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gonemadx3
Peoria, US
Jan 17, 2010 11:24 pm EST

Started loan mod july 2017 - they have played every trick in the book mentioned on here. Still not modified. $14, 000 in "unidentifiable" fees added. Five payment plans failed - due to wfhm taking the first payment electronic debit from our savings (Which was correct) , then the next payment they try submitting it by paper check withdraw through our "nonexistent" checking acct. They know we do not have a checking. Then, cancel our payment agreement. Finally got proof, getting an attorney - suing the piss out of em asap!

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Michellea45
Austin, US
Apr 09, 2010 2:10 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Wells Fargo SOLD my house because they were unable to modify my loan! Reason they were unable was because there are liens/judgments tied to my title. Well.. my county clerks office tells me something different. they (WF) are tying them to me by my name. I faxed them the documents over 5 times. As of April 6 my house was sold. Now.. I don't know what to do...

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Dyon
Rincon, US
Apr 15, 2010 8:08 pm EDT

I guess I'm feeling thr pain of many, but wells fargo told me they were actually helping me with the loan mod they knew of the forclosure sale date and still went along with the forclosure when that date passed. I spoke to the representative that was helping me and he quickly reffered me back to were a started, when he told me to my surprise that he didn't handle VA Loans. Duh! and you knew that when...answer from the beginning. I sent to letters to rescind the foreclosure sale and the fist letter was denied in less than two weeks. Keep in mind the eviction proceedings have now started. the second letter they decided to review and on April 7, 2020 a representative told me that everything was a go they would rescind the foreclosure and would be sending me information out asap! Not so fast, I called back April 12, 2017 and now they are saying it's still in review. I even called the attorneys working for them and they said that they haven't received anything to stop the eviction and I may have 2 to 3 weeks before the sheriff give me the final eviction notice. Guess what now I'm frantically out there now looking for a rental with bad credit and the sad but funny thing is a had the money to pay the debt and attorney fee last month and no one wanted to help...I guess they just want the house to sit here with the rest of them.

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Patricia C-M
Myakka City, US
Jan 04, 2011 2:20 am EST

My husband has been unemployed since Nov 2017. We got by on unemployment, savings, and then credit cards. Then his unemployment ran out. Our home value dropped nearly in half, putting us in an 'upside down' equity situation. Since we do not want to lose our house, we contacted WFHM in spring of 2017 for a loan modification, after being counseled that there were many different options available to us. Since April of 2017, we have submitted our 'financial hardship' letter, a financial worksheet, my 2-3 recent paystubs no less than FOUR times (every 2 months)...all the while being told that they were evaluating our request and we would find out soon. During that time, we had almost daily 'robo-calls' taking almost 10 minutes for each daily call. They asked me to confirm my identity, address, and other information...only to be asked if I had any questions about the modification request or process!

Finally, in December the 'underwriter' called and told us we were approved for a 'temporary payment modification'. They would reduce our payment drastically for 3 months--January through March--giving us some breathing room to pay down some debt and time for my husband to obtain employment. I asked what would happen at the end of 3 months. Would the amount they deferred be added to the end of our mortgage? Would we have to pay the difference between the reduced payment amount and the regular payment amount? I was told by the underwriter that I would only need to submit the letter, worksheet, and pay stubs again, and they would re-evaluate our situation. HA! What a LAUGH!

I got the 'Agreement' letter today with our upcoming payment schedule for the next four months. The first three months were, of course, the reduced payment amount. But the fourth payment was the full payment for April PLUS the balance of payments that would have normally been made. How in the #$*& can we possibly use the payment reduction gap to pay down debt when we have to save it up to make the fourth payment?!?! Unbelievable.

I am contacting any state and federal agency that will listen to me to complain about this. I can't believe we were strung along for EIGHT MONTHS, then lied to that this would be a 'relief' for us.

I hope this information helps others.

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DJF 13
Magnolia, US
Nov 26, 2012 10:40 am EST

This all started October 2017.
I fist talked to the guy on the phone. We talked about the refinance of my home. I explained to him that we had filed Bankruptcy about 8 years ago It all sounded good so me and the wife drove to tomball with the information he said to bring. He check our credit scores and all the rest. He mentioned that Wells Fargo was not showing payment history on my current mortgage. He asked if we reaffirmed our loan . I said I thought we had. He said I am not sure but when it shows now history it usually means it was not reaffirmed. I said I am not sure then. He said well it is showing that the loan is current. After that he said that every thin looked good. he said that I had to give him a check for $450 to start the process. Said that it was not refundable. I was not sure if I should do it or not. He said I would not take your money If I thought there was any reason you would not be approved.

Well guess what. I did not get approved and they are not giving me back my $450. He called me and told me. Oh, I am sorry but you loan was never reaffirmed so your loan can not be refinanced. If you get it reaffirmed you can start the process over. I will ask if you can get a refund. Please call and see if you can get your loan reaffirmed. I called the number he gave me. Even though I have always paid my loan on time every month, They said the only way to have the loan reaffirmed was for me to reopen my eight year old bankruptcy. I called him back and he said he never heard of anything like that. He even told me to call back and ask for a supervisor. I did and he told me the say as the first time. I called the loan officer back. He said that's crazy. Well I guess your only choice is to reopen. I asked about getting a refund like he said he would try to get me. He said he was going to submit it. He has not called me since. I have left him messages and no call backs.

Bottom line. I can under stand not getting a refund if I lied about something on the application or had some other bad stuff on my credit. But to not give me a refund because you don't even know your companies policy is absurd. He has been doing this work for over 10 years. Hell I could take peoples money all day long and then tell them sorry you were not approved. I wonder how many other people have lost there money because this guy does not know how to do his job. Thanks for screwing me over Wells Fargo.

I will never use wells Fargo again and will ask all my friends and family to do the same.

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Lisa
,
Oct 07, 2008 4:55 pm EDT

We're getting our home refinanced, and Wells Fargo is the holder of our 1st mortgage (they bought the loan from another company). I work in a small office in a sea of cubicles next to co-workers, and everyone not only knows your personal business when you talk on the phone, but they know that you are conducting personal business at the office (which is discouraged). So my husband, who travels for his business and is home for long periods at a time, makes our personal calls when he is home.

When he called Wells Fargo last week, an operator named Chad told him that they just needed to get my authorization for him to talk for both of us, and we would be all set. Apparently, what Chad at Wells Fargo told us was not true. After getting my "authorization" (which I sacrificed some of my lunch break to do at his request), what he provided my husband with was no more than what we could have gotten by typing "GFE" into a search engine. We had to provide all of the details to fill in the form (except for the interest rate and Wells Fargo's fees). Chad did nothing but type what we said into a standard form. That was disappointing.

The upsetting part came today, when my phone rang at work. It was Chad. He said that he was "having trouble" reaching my husband (who was sitting next to the phone at home, so I'm not sure what the trouble was). I apologized for our lousy home phone service, and asked him to try again. His response to me was "and what are the last four digits of your social security number?" Thinking he was confused, I apologized again and told him to please call my husband, since phone calls at work were not good for me. You would think he would understand, and not want to jeapordize the job of his own mortgage borrower in such a tough economy. Instead, he became rude and started arguing with me on my work phone!

He told me that I had not filled out the proper paperwork to authorize him to talk to my husband. I reminded him that I had just done what he told me to do - and that if there was any paperwork to fill out, to please send it to me at my home address or email it, and I would return it as soon as possible. His response floored me - he said "you're the one who has the issue with talking on the phone, so if you're going to be difficult for me to deal with, we're done." I was stunned. I said "excuse me?" Yep - he repeated it. All I could say was, "Wow, that was really rude. I can't believe you speak to customers that way." How is requesting paperwork he told me I needed to fill out being difficult? I assume it's because there is no such paperwork, and he lashed out when he was caught in a lie.

He then proceeded to rattle off his his first and last name for me very arrogantly, as if daring me to complain to someone about his harsh manner. I would gladly print the name here if I didn't already know for sure that he lied about not being able to reach my husband at home - so I'm afraid he gave me someone else's name, too. We'll just call him Chad P - he was working the phones at 10 AM on 10/7/08.

I'm still in shock. We're refinancing now just to get away from Wells Fargo. It's more than they don't care about their customers - they attack them!

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Mike
Orefield, US
Jan 15, 2009 10:47 pm EST

Back in October I had telephoned Wells Fargo about my mortgage payments because I foresaw a financial problem occurring in the months to come. I tried to get my loan modified to stay in good standing with my payments and all they wanted to do was make me agree to a "Promise to Pay Program", basically stating that I promised to pay them if I fell behind on any month (s). They also referred me to credit counseling, when my situation had nothing to do with credit counseling, but more so with the way that they economy was going. Business is slow, especially for me, I am a truck driver and business has been horrible, I mainly deliver building material, such as sheet rock, roofing shingles, etc. and since the economy is so bad, no one is buying homes, which means that no one is building, which means that I am pretty much out of a job. Hopefully Wells Fargo will wake up and take a look around at what really is going on in the world today...

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TCutts
Farmers Branch, US
Sep 19, 2011 10:36 pm EDT

I saw a commercial for makinghomeaffordable.gov & I went to that website to see if there was some relief available for me. I saw "Home Affordable Unemployment Program (UP)" & Wells Fargo was on the list of companies participating in this program. I called Wells Fargo and spoke to a lady there and she said due to my financial situation I did qualify for this program and she told me my monthly payments would be reduced by $500 for August- October to give me relief while I continued to look for a job due to lay off a year & a half ago. I had never missed a payment or even been late. I was so appreciative I cried. I am supporting a family of 4 on $1600 a month. So here it is mid September, I open my mortgage statement showing late fees & $2500 due by October 16th. I was supposed to only be paying $693 for these three months. I was never told any late fees would be added or all the the "relief" would be due immediately.
How was this helpful at all to me? It dug a hole for me I was not in. They told me I should have read all of the agreement & they could not help what I was told previously.
They falsely represented what they were doing with my loan. I have been cheated & trapped by Wells Fargo. How can they get away with this?

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Angry Kim
St Augustine, US
Feb 14, 2011 12:36 pm EST
Verified customer This comment was posted by a verified customer. Learn more

I wanted to sign up for paperless online access to our mortgage.
In order to receive on line access, it required an agreement to accept binding arbitration and waive right to a trial by jury and waive right to participate in class action suits. I question the legality of this practice. What does on line access have to do with these agreements?

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Pat54
, US
Feb 15, 2010 7:01 pm EST

On Aug 27/2017, I contacted Wells Fargo in hope to refinance, unfortunally didn't qualify for refinancing due to a drop in home value of $35, 000.00. We had at the point suffered a considerable loss of income approx 30%less, cut in Hrs beginning June 2017, as well as sporadic lay-offs as of Feb 2017 and through out the year. Forced to tap in to our now depleted savings, my wife and I filed for motgage modification on Sept 2/2017, after sending Wells Fargo all required documentions, we waited...In Oct 2017 I sufferd a heart attack and underwent open heart surgery, missed 3 months of work but continued to make payments to WF and was current 'till December 09, when I missed the very first payment.

I did however make the payment for December on Jan 28 2017 and Jan payment on Feb 8/2017.WF Still has not worked out a modification, when I call, time after time I'm told to resend financial documentation, in addition they have placed my Feb payment into a suspended account rather than credit it which would have made me current. I called them to request explanation as to why they're not posting the payment and was told that for as long as we are working towards a modification payments will not post and will continue to be reported as late to credit reporting co. I'm at a loss and have no resources to find out about my rights. if any at this point !My wife and I are close to 60 years old, this was going to be our last home. I have posted this on several complaint websites in hope to bring this Company down, but I can't do it alone...!

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San Diego Sherri
San Diego, US
Jun 22, 2010 8:32 am EDT

My clients, tried to refi with Wells Fargo, to no prevail..they were forced to sell their property, I had reduced the property since listing it until we had a good buyer for the property. At this time the property had fallin into foreclosure statis. We had a fully approved buyer for the property, to where Wells Fargo would have been paid in full and my clients would have received about $5000 from the sale. I requested a postponement on the Trustee Sale from Wells Fargo, so as to close this transaction and pay them in Full, all I needed was 4 more working days. Instead after many faxes to WELLS FARGO and many phone requests they ignored our requests and foreclosed anyway, however the property reverted back to Wells Fargo, and on the date of the Trustee sale, we requested that WELLS FARGO rescind the foreclosure and allow us to close the escrow, pay them in full and remove the Foreclosure off my clients credit history. WELLS FARGO foreclosed on this property because it had equity, but has allowed many to live in properties for over a year with no payments if it has no equity. My client retired from the Navy after 20 years of service, and found no JOBS in San Diego..I have struggled with WELLS FARGO on this matter for over a month, and get no respond and no help. I am tired of talking til I am Blue in the face with the idiots they have answering their phones. NONE OF THEM KNOW WHAT THEY ARE DOING. Who else can I complain to...

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spartan girl
Houston, US
Jul 23, 2010 6:19 pm EDT

I won't spend too much space talking about the number of times we've had to re-send things that were mysteriously lost or needed by 5 different people, because I think that this is a common problem for all banks. But there have been so many delays, and no one seems to want to help us.
Our (brief) information: my husband and I are both graduate students in biomedical sciences, and get paid a decent stipend. We have been saving aggressively so that we can stop renting and buy a condo. We both have really good credit, the only "negative" thing on our report is that most of our cards and such haven't been open very long, but we're only 23, so that's to be expected. We qualify for the first time home buyer tax credit, as we haven't owned before and were under contract by the end of April.

Our original contract had a closing date of June 25, and our consultant said that we might be "pushing it", but they would do their best. With the huge rush of people trying to close by the old deadline of June 30, it wasn't too much of a surprise that we didn't close by that date. So, we signed an extension until July 30 "to be safe". We were assured that there wouldn't be any problem getting done by then, and they would continue to do everything they could.

Of course, the little "we need this and that and the other thing that you already sent us" game continued for a short time, and then they said they had everything they needed.

When the loan went to underwriting, it got sent back because my employment status was incorrectly listed as "student" (ie, someone that doesn't get paid) instead of "predoctoral fellow". My husband was listed correctly. I'm really not sure why someone at Wells Fargo typed in two different occupations for us, because they had EXACTLY the same information for both of us. We are at the same school, and had the EXACT same letter confirming our stipends, full time status, etc. But, someone messed up. I can easily forgive someone for a mistake, but the problem took a long time to solve. After we were informed of the problem (by an email that looked like it was written by my 6 year old cousin) I called WF everyday to find out what they had done, and what they needed, and when I finally got a hold of someone after a few days, they told me we were waiting to hear back from HR at my school. I called HR to find out what was going on, and they had no record of a request being made, other than the initial verbal confirmation for both my husband and I. Now, I've had problems with HR at my school before, so I wasn't sure who to blame (and of course everyone played the blame game). But, after HR told me that it would take 2-4 business days to confirm my salary once they received a fax from the bank, I got back on the phone with the bank, left a message asking them to re-fax whatever they needed, and gave them the name and the fax and phone numbers of the person I had spoken with. The next day, we got an email from WF saying that they had sent the loan back to underwriting! This is after Wells Fargo told me that they had been waiting to hear back from HR for a few days, and I had NO PROBLEM getting them on the phone, multiple times during this delay.

I have started to think that they don't actually know how to call people! We only ever get emails (and again, these usually have no capitalization, no punctuation, and the grammar and spelling of an elementary school student- completely unprofessional). The Home Owners Association had missed a question on the form they have to send to Wells Fargo, and after WF "repeatedly" called the office to get the answer, we tried. Within one hour of us leaving a voicemail at the office, the problem was fixed.

We are scheduled to close next Friday (the day our contract extension ends...), but they are still "doing the best they can" to get done by then. Unbelievable. We have to be out of our apartment by Aug 14, and I honestly don't know what we will do if we can't move into the condo. I guess I do, we will just have to pay a crapload of money to move our stuff to storage and stay in a hotel until we can close. But I can tell you that I will be calling a manager or someone in customer service (if such a person even exists) every day from now on, because this is unacceptable.

In short, if this is too long to read: they are unprofessional, they don't call when they say they will, they don't treat us with respect, and they are incapable of getting anything done on time. We've been in Escrow on a normal sale for over 3 months already.

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Unhappy Applicant
New York, US
Jan 01, 2010 12:16 pm EST

I have been given the runaround by Wells Fargo for more than 3 1/2 months now. I have an existing 30 yr. fixed home mortgage with them at 5.875%. I've been trying to refinance with Wells Fargo at an interest rate of 4.875%. With an impeccable payment record, a credit rating of 800 and an appraisal that establishes a LTV of 27/62, I thought that I'd sail through the refinance process. NOT SO. Wells Fargo has recently said that they can't go forward with the loan because of commercial space in my condo building. This is the only issue holding up my refinance. My condo is in Manhattan! There should be no surprise that there is one commercial space at the base of my 17-story residential condo. I'm so appalled at the service I've received from Wells Fargo during this entire process. No one appears willing to even discuss the commercial space issue with me. My next move may be to contact my Congressperson/Senators.

Unhappy Loan Applicant #[protected]

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Do not trust Wells Fargo
Castle Rock, US
Oct 08, 2009 2:15 pm EDT

Do not accept a forbearance agreement, do not accept the hamp program.

Wells fargo does not have, nor will they ever put any skin in the game or attempt to make any concessions whatsoever. "together you will not go far" in debt maybe, but that's about it... essentially they are placating the federal government and concurrently attempting to squeeze every cent out of borrowers.

The best thing you can do is either bring your loan current or walk from your property. do not put yourself through the pain and suffering that we had to endure for the last 14 month... yes, 14 months with no resolution.

By the grace of god we saved and borrowed the money to bring our loan current and will relish the day we can get our loan as far from wells fargo as possible!

Do not trust a word they say!

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Jimzway01
Yuma, US
Oct 09, 2010 4:13 am EDT
Verified customer This comment was posted by a verified customer. Learn more

Wells fargo and I had a forebearance aggreement that I was following when wells fargo decided to breach by stating on my monthly mortgage statement that foreclosure preparation has begun. If I wish to retain my property the loan must be brought current immediatly total of forebearance agreement. Breaching the agreed upon forebearance agreement; then tryed to lure me into a deceitful loan modification by misleading, and requiring me to do so, and stating that they have investor approval, then making it look like I had requested the modification. Trying to place the burden of a request on me. They say we must advise you your request for modification has been denied for the following reasons: "we are unable to come to a mutual agreement. " whatever that is supposed to mean? Then foreclosed (10) days later, and sent me notice of sale (2) weeks after that.
I have tryed to retain an attorney more than once! Useless... Aren't any confident enough in themselves to battle with wells fargo. It's not a reason that I dont have a case, because I have saved every letter, mortgage statement, bank statement, even have a customer account activity report from wells fargo showing they received payments. I have paperwork situated in cronological order, along with the arizona revised statues that were violated. I have a solid case with nowhere to take it. It is almost pointless to seek an attorney, especially like the first one I had who calls me to meet with him at his office. Upon arrival he asks me if I happen to show up to the judgment hearing? I said "no" you are supposed to tell me where and what I showup for. So he lost that for me! I have recently submitted a complaint with the arizona attorney generals office for consumer fraud directly or indirectly affecting state commerce for consumers within the state of arizona by deceitful and misleading practices used to obtain real property. So far wells fargo has replied back to the consumer complaints manager with information intended to mislead the attorney generals office, with information not consistant with the records I have saved. I only fear that the attorney generals office will not pursue my case because they may lack a significant amount of complaints from consumers in arizona related to my complaint. So perhaps, if you file your complaint with your states attorney generals office, and if the other people that have complained here, file their complaint with their attorney generals office; those attorney generals can join together in a lawsuit action against wells fargo since they now have the power to enforce state regulations with a national bank{cuomo v/s the clearing house assc. 557 u. S. ____ (2017) }. Submit anyway, they will inquire with whom you have filed a complaint. At the least you will be able to add their reply as documentation for interpretation in your case

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James26
Lindale, US
Jun 18, 2010 10:54 am EDT

This has to be this worst mortgage company out there. They bought out my mortgage from a company I was very happy with, and I have been unhappy with them from day 1. It seems every few months they come up with some kind of reason to raise the mortgage payment, which is supposed to be a fixed one. Then they have their insurance crap. According to 2 of my insurance companies, Wells Fargo is the only Mortgage company that requires that flood insurance covers the entire amount of replacing the house from the ground up. I have people ask me everyday about financing a house and I tell them to deal with any company out there besides Wells Fargo. That I would not even deal with a company that has anything to do with them. We are in the process of having our house refinanced just to get away from them. They are nothing but a huge rip off company, that should be put out of business.

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ciam
Long Beach, US
Oct 08, 2009 3:01 pm EDT

I was talking to an escrow agent from Wells Fargo (who was very nice) when she said that my loan was eligible for the Home Affordable Refi Program. She asked me if I was interested in that, so I said yes and was transferred to loan officer. She seemed helpful at first and said that my loan was, indeed, eligible. Then she did the costs for it and it seemed that my payment would be a little higher than it is now. I didn't mind that at all (we can afford it), but she kept on trying to play it down like if it were some major increase (it was less than $100). I told her I wanted to go ahead with the 30 year fixed refi. She then went on to do the dreaded debt to income ratio. Unfortunately, she said I was right below the thresh hold and had to go talk to her supervisor. They denied even going forward with the refi because of it. I tried to tell her that the debt to income was not accurate because my husband pays half of everything. She said it didn't matter (which clearly it does, because it's wrong). She said that the only thing that I could do is get a mortgage modification, but that is if I default. At this point, I said, "So basically, what you're telling me as a customer that pays faithfully and on time, that you can't help me, but that if I decide to stop paying my loans, you'll help me?" She got defensive and asked me why I never put my husband on the loan, and I told her that he wasn't my husband when I bought the house. Then she said I shouldn't have gotten a loan that I couldn't pay (which I can...in fact, I was willing to pay the adjusted payment which was $100 more. I just want a 30 year instead of the ARM). I got angry and said that maybe I wouldn't be in this predicament if banks weren't pushing out ARMS like cocaine-laced candy. She then said, "You are preaching to the wrong choir here. There are plenty of other soapboxes to go around. Go talk to Obama." At this point, I was literally flabberghasted. Obama? Are you serious? I wanted to explode, but figured she would send my information to flag@whitehouse.gov

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Golden Paradise
, US
Nov 02, 2009 6:33 pm EST

Wells Fargo Home Mortgage took over my loan a while back. As everything else in life all things are fine until you have a problem and that when you realized the people that are handling your money or your lively hood is full of TRASH!

I called Wells Fargo Home Mortgage back in March 2017 to let them know I was going to be late on my payment. Which I did pay the payment late with the late fee, They didn’t offer to waive the late fee or anything seeing I had not been late on my loan in the 4 years of living in my home.

I have lost 2 jobs since I first bought my home back in 2017. And in the 4th year I call and say that I am having problems and here is the run around I have been getting. I called in April 2017 to let them know I would be unable to pay. May comes around I called and ask if they had anything they can do for someone that is struggling to make payments. They told me I am not behind enough for them to assist me. First they went through my expense and bills over the phone and wanting to know what I paid. Even wanted to know my grocery amount, if I buy cat food and personal items. I had to fax all that stuff and then I get letter saying that I was denied because my expenses are more then what I bring home. Well I told them that over the phone. You denied me fore that. Your job is to help. I am aware of the expense problem. I HATE WELLS FARGO!
By the time the looked at my paperwork I was two-payments behind by then.

Now, I am still 2 payments behind so I make one-payment so it won’t look like there is 3 payments behind. They don’t just move payments to the end they would have to do a loan modification. So I refax my stuff again after I was denied. I call a week later they didn’t get. I fax it again they didn’t get it. I fax again they didn’t get it. So I fill out the form online for the loan modification fax my stuff again. They send a letter saying I’m denied because of my expense being more then what I bring home.

Every month the same thing. I get a loan modification company to call on my behalf and I fill out authorization forms. We fax that over back in May. He spoke with the department that handles modification. But when I called to check on my account they claim they didn’t receive anything.

Every month the same thing. Fax nothing or Fax and decline expenses are to much to keep the house. The sad part is I been paying Wells Fargo Home Mortgage all this time with the same expense problem. But now I’m two payments behind that your answer for everything.

I have gone to another company that handle loan modifications we sent this information back in Aug. I been getting letters saying it takes 45-60 days for an update. Please be patience but keep making payments. It is now November 2, 2017; I call to find out why I haven’t they completed this modification and what is taking so long. They told me that I was denied back in September but no letter was sent to me. They also told me that I have to submit my paperwork every 30 days they can’t go off old information. WHEN WERE THEY GOING TO TELL THE CUSTOMER THIS MESS! I’M SO PISSED OFF. I been dealing with this mess since April it has been 8 months. All they have been doing is bring down my credit so I can’t get a home anywhere else. They don’t care if I stay in that house or not. Wells Fargo wants me to loose my home. They want my credit to be bad. Each month those two payments are behind I get more and more late fees. I really don’t know what else to do I guess I have to start the cycle again or just give up. My credit card companies have been more then welling to work with me then anything. But the place where I lay my head can care less if I have home to lay my head at. It should not take that long to do a modification. I talked with a Realtor. I bought my home for $98, 000. I owe $93, 000 and those homes are for sale now only $22, 000

Wells Fargo Home Mortgage doesn’t want to take that lost but they would rather my credit be mess up why they are sitting on their hands doing nothing about my house payments. It needs to be something we can do about this company Wells Fargo Home Mortgage has taken advantage of many many people it has to be above them you can go to get help on your account. With all this said I still don’t have it done

From an upset and anger Fed-up Customer

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Shanna M. Sanders
Thousand Oaks, US
Jan 20, 2010 7:02 pm EST

We began the "loan modification" process with Wells Fargo last December, 2017. They advised me that we needed to submit a hardship letter along with our financials and provided me with a fax number and department to send it to. On January 26, 2017 I provided all of the requested information and then when I had not heard anything from them I conacted them and was advised they had not received anything and to resubmit the package. So, once again, on March 23, 2017, I re-submitted all of the information and thereafter a representative confirmed they had received the documents I sent but that it hadn't been assigned to a counselor yet. So, I waited and called again on April 09, 2017 and was advised it would be another 45 days before someone would be assigned to our case. It wasn't until July, 2017 that I heard back from Wells Fargo advising that we had been approved for a Forebearance program, not a Modification, and that we would need to begin making payments at a reduced amount for the next three months with no guarantees that once we completed the forebearance program that we would qualify for modification and we would have to resubmit everything to them again to re-apply at that time. I declined the offer.

We started to have financial difficulty making the full mortgage payment and began to fall behind in August 2017 and Wells Fargo still would not do anything for us so I tried contacting an attorney who, in the end, ripped us off and took my $3K retainer fee and did nothing but lose his State Bar license (Parsa Law Group). So, we are now in October and I still do not have a modification and I'm three months behind on my mortgage payment!

Wells Fargo finally contacts me on November 03, 2017 and advises that they are willing to do a temporary modification which would only reduce my payment by $400.00 per month, it would only be in affect for up to 5 years, would not include any late fees and would not change the terms or the interest rate of my loan. At this point I am beyond peeved and I tell the lady I need to discuss this with my husband and attorney to decide whether this was the best course of action. She advised that this is the only type of program we will qualify for and she provided her contact information so that we could give her an answer. I called her on several occassions thereafter with no return phone call and when I did reach someone I was advised that my loan was now not in loss litigation but in the collection process and on its way to foreclosure. The representative, Candace Turner, had taken the offer off the table without notifying us and turned our account over to collections, nice...

November 06, 2017 I contacted Wells Fargo agian to try and negotiate the terms of my modification and was advised that they could not reinstate my request for modification but that I would have to re-submit all of my paperwork, financial documents and hardship letter again for it to take effect. I was also advised that they do not accept partial payments on past due accounts and that I needed to hold onto the money since I couldn't afford to make a full payment.

I also contacted the Home Preservation Foundation or Hope hotline as well that same day and received some assistance but basically that is a bunch of B.S. as well because they have no influence on how Wells Fargo treats it's customers.

At the beginning of December (12/03/09) after contacting Wells Fargo again, I was advised that we qualified for a temporary forebearance but that our payments would remain the same as our current mortgage payment, WTF! Do they not get that we are in hardship, barely able to make the monthly payment and past due because of the current monthly payment. So, they say the same old crap that we do not qualify for any other type of program, which we know is B.S. because we previously qualified for two other types of programs during the course of last year. They also tell me that the investors have to review your loan and they make the determination, well on my type of loan Wells Fargo is the investor so that is also a bunch of crap. They have the power to approve us for a Modification which we have been told by several entities we are prime candidates for but they choose not to.

At this point I had no other choice by to accept the terms of the "forebearance" make my 3 unmodified payments and save my house.

I want it known to the public and to any customers of Wells Fargo that they are the absolute worst financial institution in the United States! They are suppose to be your lender and assist their customers but do not care if you lose your house as long as they are getting their money. Yeah, Wells Fargo remains profitable during these hard times and they do it by ripping off their customers and not providing them with any meaningful solutions to their financial problems.

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ermatthe
Chesterfield, US
Jan 17, 2015 9:59 pm EST

I've been working with WFHM for 4 months to refinance my home equity line of credit that is a balloon loan at maturity. It has been a ridiculous process. The loan is less than $15K and i havent missed a payment in 10 years. ImfFed up with WF and going to borrow from another source to pay it off.

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Katherine Dixon
Marion, US
Dec 31, 2012 8:22 pm EST

The loan officer I had explained to me how an inheritance I was getting could be used as "Gift equity". I never found out if that was true because WFHM also backed out on my loan after I signed the sales contract.

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kaylasmom1
New Baltimore, US
Oct 08, 2012 6:44 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

REVISED! Sorry the priror post was from my cell phone.

Exact same thing happened to me! We even asked several times prior to accepting the program if this would hurt our credit. We were told on several occasions that NO it would NOT be reported negatively because we had a agreement to make modified payments to them and as long as we made those payments on time ( which we did every month) they would report us as paying as agreed. Now we just tried to get a pre approval and were denied because they reported us 90 days delinquent 6 months in a row. Which was the entire time on the unemployment modification plan. And yes at the end they sent us a letter demanding the $13, 500 within 30 days or they would start foreclosure! We took from our IRA to pay it on time but were never ever told that we would have to pay the back within 30 days of ending the program. My credit is now trashed thanks to them and they refuse to take it off my credit report! Its total crap! We are seeking legal advice and plan on suing over this asap. Has anyone else created a lawsuit over this? It seems grossly unfair.

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kaylasmom1
New Baltimore, US
Oct 08, 2012 6:05 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Exact same thing happened to me! We even asked several times prior to accepting the program if this would hurt our credit. We were told on several occasion's that NO it would be reported negatively because we had a agreement to make modified payments to them and as long as we made those payments on time ( which we did every month) they would report us as paying as agreed. Now we just tried to get a pre approval and were denied because they reported us 90 days delinquent 6 months in a row. Which was the entire time on the unemployment modification plan. And yes at the end they sent us a letter demanding the $13, 500 within 30 days or they would start foreclosure! We took from our IRA to pay it on time but were never ever told that we would have to pay the back within 30 days of ending the program. My credit is now trashed thanks to them and they refuse to take it off my credit report! Its total crap! We are seeking legal advice and plan on suing over this asap. Has anyone else created a lawsuit over this? It seems grossly unfair.

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mitch999
, US
Jul 30, 2012 9:55 am EDT

I am so sorry to hear about your situation, as this sounds eerily similar to what i am experiencing at the moment as well. Have either of you been able to resolve this somehow, or any resources that have been helpful in dealing with this? As a result of this program, my credit score is damaged and I don't think I will be able to refinance my home in the future as a result of my credit score. Before this program, I was NEVER late on payments.

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Magnum7mm44
Caswell county, US
Apr 09, 2012 10:12 am EDT

Wells Fargo sucks and pulls all kinds of scams. The got me too on an auto loan and ruined my credit. Pyramid scheme, (withholding your first payment mailing notice until after it's due, then slapping on late fees)..I guess our tax money and that bailout money just empowered them even more..

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devilsadvocate490
Hartford, US
Dec 16, 2011 3:22 am EST

Your interest rate is fixed, not your monthly payment. Learn to read. And every mortgage company requires flood insurance. Why? Because FEMA requires it.

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devilsadvocate490
Hartford, US
Dec 16, 2011 3:18 am EST

Half of your complaints involve your payment being late. Could you please explain what is so difficult about paying your bills on time like the rest of us responsible customers?

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RichardKot
Chicago, US
Oct 27, 2011 5:47 am EDT

I was shocked to read this because the EXACT same thing happened to me. They also denied the modification after going through the trial modification since I am still unemployed. They reported me late on payments because the trial modification didn't cover the actual original monthly mortgage amount. Well, duh, wasn't that the point of the trial modification -- to adjust the monthly payment. I am unable to refinance (even with them) because my credit was affected by their report. I could have just paid less on my mortgage with the exact same results. Is there anything we can do about this? Is there somewhere to file a serious complaint about this deception?

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Alex W
, US
Jun 17, 2011 2:35 pm EDT

Wells Fargo, has to be the worst customer service in the industry. Yesterday I was on the phone with 3 different reps. The last one I sopke with was ignorant, rude, uneducated (job wise) At the end of the conversation she basically told me to let the house go into short sale, meaning if if don't sell in 90 days WE TAKE it YOU walk away. I said RIGHT! I owe $200, 000 on a $400.000 property, not going to happen. The gaul of this woman