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Wells Fargo Loss Mitigation / fraud

1 United States Review updated:

Ditto all the complaints about Wells Fargo. Loss Mitigation. Loan Modification. Will anyone that has had success in this company please post . I know this is a complaint site but, what is the point of Well's Fargo expanding their Loss Mitigation Department to meet increasing demands when they are not even meeting any demands????

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  • Wf
      23rd of May, 2010
    0 Votes
    Wells Fargo Loss Mitigation - Home Affordable Mortgage Program
    Wells Fargo
    United States

    My wife and I have been working with WF Loss Mitigation Dept. in an attempt to save our home. We started the process back in 11/09 was told that we needed to provide all the documentation they needed - and we did so. After about a month we received the foreberance paperwork indicating they were reducing our payments for 4 months with a huge ballon payment due on the 5th month. Prior to signing the foreberance agreement, I called WF who we received the paperwork from and explained that if I did not get a job during the 4 month period - ther would be no way we could make the payment. I was told not to be concerned since I would be hearing from the HAMP investigator by the 3rd or 4th month and they would come to our home to evaluate and assist us through the process. Well, we did everything they asked for - resent an updated hardship letter and financial worksheet during the 3rd month. The ballon payment was due in April and since we had not heard from the HAMP investigator or anyone else - I then contacted them to find out where the HAMP investigator was. This is when the song they were singing in the beginning changed dramatically. I was told there would be no HAMP investigator and they were sorry that someone told us that - and that since we defaulted on the forberance agreement by not making the ballon payment that was due in April (I and my wife are both unemployed) the only thing we could do is resubmit all the paperwork and then they would see if we quilfy for the HAMP program - still waiting to here from the loss mitigation department about our resubmitted paperwork. I have contacted them every week to make sure they have all the information they need, but the phone numbers with the 10 digit extension don't work and you can not get in touch with anyone half the time. I did get a letter from Wells Fargo Home Mortgage letting us know they would be forclosing on our home within 30 - 90 days. So they maybe their answer.

    As for the employee who had the guts to blame the problems on the customer - well all I can say to him - go to hell, you are a horrible employee if you believe all you wrote and you should look for another job if you don't want to help people and believe it is all their fault. Things are the way they are because of people/employees just like him. Young and stupid no doubt.

    Will keep this updated as we get info from Wells Fargo.


  • Tm
      23rd of May, 2010
    -2 Votes

    Most of the banks and mortgage companies will not try and help you save your home.
    If you want great honest help, go to This is a reputable nonprofit
    organization that is widely recognized for helping millions of people save their home without any cost to the consumer. BELIEVE ME, THIS IS REAL!!! THEY HELPED ME
    and OTHERS I KNOW. Because of the recent widespread publicity on the organizations
    success in helping so many individuals, you have to be patient through the process, but it
    is well worth it.

  • Mo
      20th of Nov, 2010
    0 Votes

    Right on.

  • Lm
      15th of Feb, 2011
    0 Votes

    I completed my application for a loan modification in October. With each letter and call to Wells Fargo I told them, "Call me if you need anything else." They never called but when I called them to see what was happening, they said they needed something else (except that the time before they said they had everything they needed). In November they told me I couldn't make partial payments, so i didn't. In January they called and said I had to make a payment or I would be in default. They also said I had to resubmit my paperwork because it was now more than 60 days old. I resubmitted my paperwork but decided not to make January's payment (I was told by my Wells Fargo representative that loans in default were given priority). I'm now in default, my credit has been trashed, and my Wells Fargo representative has stopped returning my calls. What really puzzles me is that Wells Fargo was able to approve my original loan from application to funding in 10 days. So why have 4 months passed and I still can't get a decision from them one way or the other. It seems pretty obvious that Obama's bailout money went to pad Wells Fargo's executive's pockets and not to homeowner's like me who really need the help. Shame on you Wells Fargo. If anyone know of a class action lawsuit, I'd love to join it.

  • Ea
      28th of Mar, 2011
    0 Votes

    I Think Wells Fargo "Gets Off" throwing people under the buss intentionally. I have a friend here in Florida who's time table almost exactly matches your. NOW she's being offered a "Loss MItigation" option, at a fee of course, So that when the forclosure goes through in a few weeks (and it cant be stopped) she won't loose as much money. I've read dozens of these situations concerning Wells Fargo and I can't understand why this is allowed or can even happen.

  • Ke
      14th of May, 2011
    0 Votes

    My mother sold a house;however, left it in her name until the loan was paid off. 10 years later, the homeowner died and WFB started calling me(as my mom also passed). I tried working with WFB Loss was bull ###. I was told more different strories by so many different people, I could never figure out what to do. Finally, I was accepted into Loss Mitigation- I sent them check(s) for $1, 070.00. They retruned the checks because I sent them Money Grams(which they do not accept). After I found that out I had them debit my Regions Bank account. Later, they said my payment was late...they are full of ### and and I got an attorney involved. WFB Loss Mitigatation sucks...I talked to so many different peoople and everyone had a different opinion at WFB. I almost had a nervous breakdown. Now WFB has a 27 page inditment filed in Circuit Court. WFB should be ashamed of how we have been treated. I wish we could file a Class action suit. My house is only worth 10, 000 dollars, as a tree feel on it because WFB gave me crappy insurance. I live worse than I ever lived in my life! I will save my mom's house...period! I WILL win!!!

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