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Wells Fargo Home Mortgage / so many errors I don't know where to start... may lose the contract to sell my home because of these problems

1 Redmond, WA, United States Review updated:

To make a long story short, last year my husband lost his job. After blowing through our 401K savings to keep making our house payments, and with no new job in sight, we contacted WF about a loan restructure. At the time we applied and were granted initial approval, it was made clear to us that this program was only for those who were planning to stay in their homes, which at the time we were.

Between the verbal approval and the receipt of the loan modification documents (Sept '09), my husband was offered a new job in a different state, and we decided to sell our home and move. When we received the written documents, we returned them unsigned with a letter to the effect that we had now decided to sell our home, and were declining the restructuring. We continued to make our regular payments.

PROBLEM #1 - For the first 3 months after the above, Wells Fargo automatically withdrew our regular mortgage payment from our account, AND the modified payment amount. That's right, we're talking a $2500 mortgage payment AND a $1900 mortgage payment each month for 3 months. Talk about a hit to an already desperately thin wallet. It took my husband most of January '10 on the phone with WF on an almost full time basis to get this resolved and to get the duplicate payments deposited BACK into our checking account.

PROBLEM #2 - In the meantime we've sold our home. We are supposed to close on the sale 3/10/10. Come to find out that WF has, since our January payment, been holding our monthly payments in a "suspense" account instead of posting them to our loan (because we didn't return the loan modification docs back in September - which, you may recall, we DID). When asked to move the money out of suspense and post it to the loan, they have stated they can't do that because it is in the loan modification program. The customer service person then asks if we want the loan removed from the program. Once this happens, which we are told will take about 72 hrs, then the suspended funds can be applied. What the minimum wage call center person fails to acknowledge (or anyone else up the chain of command), is that WE HAVE requested the loan be taken out of the loan mod/loss mitigation program... in September, December, January, and February of this year! As of now, the loan payoff is an artificially inflated number (by over $5K - the funds in "suspense"), we don't have the extra $5K to bring to the closing table, and so we may lose the contract on the house because of this. I have been working w/various people in various departments at WF to get this resolved since Feb 10th, and as of today, 5 days before closing, it still isn't resolved.

To make matters worse, every time I call in (because God knows you can't actually go down to a local branch and get any help), I speak to a different person, get put through the automated phone wringer, the people I speak to refuse to provide me with a last name or direct phone line, refuse to transfer me to supervisors who could facilitate resolution of this issue, and in general jerk me around.

Loss Mitigation...HA HA HA. If they wanted to mitigate their losses on this property, they would get off their ###, post the "suspended" funds, and give the escrow company an accurate payoff amount so we could close the sale. At this point, the contract is enough to pay the loan off in full, they aren't even getting shorted any. If we have to go back on the market, we will have to do so at a reduced price, as a short sell, and that could possibly end up costing WF tens of thousands; my guess would be in the $50 - $100K range. Loss Mitigation my fanny!

I have been run around the block more times than a $3 whore, may lose the contract for the sale of my home, and have already had to delay the start of my new job (the pay from which I need to take care of my bills, like, you know, my mortgage) to deal with this problem.

I will NEVER bank with WF in ANY CAPACITY once this is all resolved, and if we do lose the contract for the sale of the house, I am considering speaking with an attorney to see if there is legal action we can take here.

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Comments

  • So
      19th of Jul, 2010
    0 Votes

    I too have had so many errors with Wells Fargo, I don't know where to start. Thank you for you comments. This has been my experience with Wells Fargo Home Mortgage as well. The extreme lack of customer services is costing me thousands of dollars. The phone bank system and never being able to speak with the same person does not wor. The promoises to notify a manager and have them call back with in 48 hours has not happened one time! I have never received a return call from a manager as promised. The errors in processing the loan modification nearly cost me my home. Wells Fargo Home Mortgage continued forclosure action, including sending my home to auction, shile at the same time informing my there was no forclosure action and somtimes telling me there was a foreclosure, but it was suspended. In the meantime I received many notices on a weekly basis annoucing the sale date of my home at auction. I called and called the customer services number. I was told time and time again not to worry, they wouldn't sell my house. Yet the notices continued and no one ever called me back!!! Less than one week prior to the auction, I received a phone call from the man who had prepared the modification agreement five months prior. He said he had made a mistake and the modification was not valid. I was greatful for the information and excited that I might get some help. Instead he informed me that he could not stop the sale of my home, but he would postpone it one month. Please know that was making my house payments. I contacted many attorneys. They all informed me that although I had a case o wrongful forclosure, the least expensive and quickest way to stop the sale of the home was to file chapter 13. I had to borrow money from my parents to file the chapter 13 to stop the home from being sold. I attempted to seek help from Wells Fargo Customer for 5 months prior to to filing. Now they are charging me for their attorny fees, along with other explainable fees. I don't know how to make the nightmare stop!!!

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