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Wells Fargo / modification lies

US Review updated:

I got offered the same thing, they call it Moratorium. Pay portion of your payment for 5 months than pay everything on the sixth months that it after 6 months of jerking me around having to resend paper after paper. In the mean time you have to sign that you are in default (which I am not because I have kept up with the payments) and get dinged on your credit. In reality it’s a TRAP!!! For those of us is NOT upside down in the mortgage. They are betting that you will not be able to come up with the balloon payment in 6 months and they will make their money on the foreclosure.

I told them to go to hell!!! And sending the whole story to my representative. Do that too.

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Comments

  • Ch
      Dec 30, 2009

    I have been submitting documentation every week, for over 4 months, trying to get a modification loan, each time they are requiring more and different and revised documents (over 25 times), and each department doesn't know what the other department is doing, after submitting the documents for the 25th time, and all documents that they wanted were up to their 500 requirements, they sent all the documents to the short sale department and apologized. Then I had to spend days and days getting it out of short sale to be sent back to the modification department for review all over again, then they insisted (after it was all approved) that they needed additional documents and that the process had to start all over again.
    I totally believe 100%, that Wells Fargo, does not want to modify mortgage loans, they just want to keep your property, and that this plot of modifications is just a ploy, and that they NEVER intend on modifying anyones loan!
    Chad, TX

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