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Wells Fargo Home Mortgage / omited information and lied about repayment plan

1 United States Review updated:

In December 2008 my husband had a heart attack. In January when things calmed down and we were ONLY thirty dates late, we called Wells Fargo to let them know that it was a temporarty problem. At that time, they offered us a repayment plan. About one hundred dollars would be added to the existing mortgage payment until the arrears was paid off. Two weeks later, our mortgage payment was dropped by almost one hundred dollars from tax exemptions but the repayment amount stayed the same. Then we were paying two hundred dollars on the repayment amount. Another two or three weeks past when I noticed that the intitial amount I gave them to start the repayment process, as well as the additional amount above the standard mortgage amount was not being applied to anything. When I called them back, they told me then that do not accept less than a full months payment and that anything above that goes into suspension until there is enough to pay an entire months mortgage. We would have liked to know that in January, not March. Because we were not making a regular mortgage payment, we had to call them every month and make the payment by phone, which cost five dollars more than paying on line. In April I realized that the "Repayment Plan" that they had put us on was running us almost 57 days late every month. I called again and made the partial payment to catch up on March's payment and they still wanted the initial repayment amount (now only 20 days late on current due) and was told that I could not cancel the plan, only they would cancel it if the full repayment amount was not recieved by the earlier agreed upon date. So running two or three weeks late, plus the late fee, is not a hundred dollars less than the repayment amount and the catch up will be corrected June 2009, not January 2010. Plus I will not be over 30 days late for over a year. These people lie and omit information to make it look like they are trying to help. Don't believe a word they say.

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Comments

  • We
      12th of Aug, 2009
    0 Votes

    First of all I'm sorry that you've had to go through this! I am just relieved to know that someone else has gone through the identical situation! One payment, not even 30 days late became 90 days late a month later (um, I'm an English teacher, not a Math teacher, but isn't that 60 days?). Wells Fargo had hit my credit with 90 days over 9 times in less than a year. After adding up all of that time, we hadn't even owned the house that long! I'm not really sure how we'll recover from the huge blow to our credit, they've trashed it! Right now they're supposed to be "examining" our loan to "rework" the terms of the loan, but that been going on for 3 months now. I don't think they're actually doing anything.

  • Lu
      24th of Aug, 2009
    0 Votes

    I had a similar issue. I had gone through 2 layoffs and a total of 14 months of unemployment without missing a payment. Then in November of 2007 I had to make a decision, either pay the mortgage or monthly bills, there was not enough cash for both and if I were to pay the mortgage I would have to over night the ayment to get it there on time. I called wells fargo and told the seemingly "nice" customer service peson my dilema who proceeded to tell me about a repayment plan where my payment would be divided up over 10 months at at the end I would be current. Sounded good to me so I hung up and proceeded to take all the cash I had and pay my monthly household bills. A week and a half later I get paperwork from wells fargo reconfirming my conversation which looked ok, so I signed it and mailed it back. Fast forward 5 months, I go to trade in my wifes car and am told my credit is so bad I couldn't finance an apple. I checked and sure enough, wells fargo was showing me dilinquent each and every month. I checked the paperwork and it said I would be reported "late" which I took to mean the payment did not arrive on the 1st of the month.

    My credit has been destroyed. At this very moment I am scrambling to keep my son in college because I cannot qualify to cosign a student loan. I have contacted State Representatives, Senators, the Attorney General and my complaint even found it's way to the Comptroller of the Currency who agreed like others I have a legitimate complaint but not their jurisdiction. I finally got somebody from the executive complaint department at wells fargo on the phone last week and after I made it clear I want nothing from wells fargo but my credit restored I was told it was my responsibility to ask the question as to whether it would hurt my credit or not. Wells Fargo has gone back and listened to the conversation and has reported everything that was said during the conversation accurately but they continue to convienently leave out the part of whether it was disclosed to me that it would destroy my credit.

    I am looking for help here anyone have any ideas on how to fight this battle. I just want my credit restored.

    Pete

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