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Wells Fargo Home Mortgagerepayment plan, did not disclose facts

1
L Review updated:

Take responsibility Wells Fargo! I had gone through 2 layoffs and a total of 14 months of unemployment without missing a payment with Wells Fargo Home Mortgage. 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 payment to get it there on time. I called wells fargo and told the seemingly "nice" customer service person 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. <br />
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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.<br />
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I am looking for help here anyone have any ideas on how to fight this battle. I just want my credit restored.<br />
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Pete

Responses

  • N
      Sep 01, 2009

    We are going thru the same thing. I am so pissed after seeing a story today on CNN about others dealing with the same thing we are, Mtg companies try to get you to do a repayment plan, you do everything to the dime as they asked, then a week or 2 passes and they state we were not cooperative or returning their calls. BS!!! So we go and redo everything and they say the same crap 2 weeks later, or we get some dumba** employee that doesnt have a single clue how to handle it .
    there HAS TO BE something done about this, they are screwing us over!
    We go with Wells Fargo and I would never recommend them to anyone EVER!
    I hope they go under with no bailout at all.

    0 Votes
  • S
      Sep 03, 2009

    OMG! I have a credit card through Wells Fargo and I got behind on the payments, so they also got me to agree to a repayment program that is directly taken from my checking account each month. My husband and I are also going through unemployment/layoff issues! We are just trying to hold out and try to keep our credit decent incase things do start looking better in this economy! I hope they are not screwing us too! Chapter 11 may be our only way out! I do have one complaint about Wells Fargo, their customer sevice people are rude as hell! One lady actually hung up on our husband when he said he could not make a payment by a certain time and then after that is when they called about the repayment plan! Come to think about it, we are probably getting screwed!

    0 Votes
  • L
      Sep 29, 2009

    Wells Fargo will continue to report you late even if you are on a repayment program and stay current with the payments until the whole amount is paid up. They report you late each month because they apply the payment to the oldest month's bill.

    0 Votes

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