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Wells Fargo Mortgage / short sale

1 Fort Wayne, IN, United States Review updated:

I contacted WF regarding a short sale on my home after losing my job. It took three phone calls to receive the correct paperwork needed to begin the process. After I returned all that was requested I received a letter stating my short sale had been denied.
Upon contacting customer service I was told it was due to not submitting all the required forms.
They had in the computer that had tried to contact me several times regarding the matter. Being with a cable company for my telephone I was able to bring up my last 90 days worth of phone calls, both incoming and outgoing. None were present from WF. I told them they were liars in addition to being idiots at customer service.
My assigned agent has had a full voicemail box for over three weeks making leaving a message impossible.
I had copies of all my faxes, emails and phone calls with dates and times, however, none of that mattered with their dishonest way of doing business.
I would never use WF for any banking service and have told all of my friends to do the same.

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  • Sa
      30th of Sep, 2009
    0 Votes

    I had a horrible experience myself. I, too had lost my job and my house was worth about $60, 000 less than what I owed. I contacted a realtor right away when knew I was going to fall behind. Long story as short as I can make it. Every time I turned around I was sending them the same paperwork and a different person was handling my account. They took 4 months to look over the same information. My buyers almost walked away. It was a CASH deal.
    The first mortgage demanded $20, 000 from me. They had all my financial information and yet they want $20, 000? The thought never crossed their small minds that if I had $20, 000 I wouldn't have to get rid of my house. My agent told them if the $20, 000 was a definate, they would go to the buyers since they were paying cash for my house. Wells told her they would NOT accept money from the buyer, only from me. So, we decided to let the buyer write me a check so I could write a check to Wells Fargo.
    So, I had a small 2nd mortgage and they at first were going to accept a settlement. Great, I closed on my house on Sept 10th they said it was a go. They wanted the short sale to go through and then after the monies were applied by the first mortgage they would settle. I got a call yesterday 9/29 that said no, we're not settling, we'll give you an interest free loan for 10 years at $75. I was furious. My credit is shot the way it is, but if they come after me they can sue me, get a judment and garnish my wages. So, I sucked it up, but they haven't heard the last ofme.
    Basically Wells didn't get any bailout money so they don't have to work with people in this crisis. It would behoove them to do so, but they are choosing not to. They are different rules it seems for everyone. We need to work to expose Wells Fargo and they're tactics. I attempted to do the as much of the right thing as I could. I should've let THEM go through the expense of a foreclosure. I, as well as other friends are closing all of their Wells Fargo Accounts.

  • El
      1st of Dec, 2009
    0 Votes

    I'm sorry to hear about your plight. I am a Realtor representing a seller who needs a short-sale not only because of job loss but also because of her deteriorating health. She requested a loan modification in March 2009 following her stroke. Wells Fargo never responded to her pleas for help. After waiting until September 2009 for anything from Wells Fargo, she stopped payments and asked me to assist on a short-sale. We got a cash buyer within the first 3 weeks. On 10/27, I sent the entire short-sale package. Three weeks later, when I was to get a negotiator assigned, I was told the file was sitting in loan modification. Why? Because some pencil pusher at Wells Fargo didn't read my cover page nor any of the 69 pages that accompanied the fax. Three weeks more, 12 calls later, and still the file is in limbo between the loan modification dept. and the short-sale dept. No supervisors are ever available to speak to. Messages go unreturned. This poor lady, in trying to do the right thing, used up her savings to keep her payments on time. It was all good for Wells when they needed a about the customers?

    I cannot wait for pubic outcry to become so loud that everyone will do what you are doing - closing their accounts at Wells Fargo.

    Elizabeth Cooper-Garcia, ABR, CRS, GRI
    Broker-associate for 11 years.
    Miami, FL

  • Sc
      15th of Feb, 2010
    0 Votes

    I have a exemplary credit history of 40 years. I had savings in the bank and hugh amount of equity in my house. I had worked hard for the pase 40 years and thought that I had planned smartly for my retirement. And then the melt down. I lost my job. I immedialty put my house on the market at below appraisal. I kept making the mortgage payments from my savings. I kept dropping the price of my home but couldn't get a contract. After 14 months of trying to sell my home and running out of money, I notified Wells Fargo and Wachovia Bank that I could not make anymore payments and would they help me somehow. Their response was that since I was not in arrears, they could not help. I made dozens of phone calls. I am a proud man and always paid my obligations and tried to make it right. NO HELP! Only phone calls wanting their money. I finally received a short sale contract in October 2009 - 19 months after my beautifuly home was on the market. All of my retirement equity was gone, my savings is gone. Here it is middle of February 2010 and still they are dragging their feet on accepting a short sale. Still wanting more paperwork, loosing paperwork I have already submitted and all the while, still hitting my credit month after month with late payments when it is them that is holding up the sale. I bought my retirement property years ago and I offered to let them take a mortgage out on it in lieu of a short sale but was told that they couldn't do it since my mortgage was in the process of foreclosure. Now, remember, I have a contract on this property since October 2008, over 4 months. My perfect credit is trashed even though I have tried to work things out with the banks. Also, Well Fargo owns Wachovia. I am not short on Wells, only on Wachovia side. The can't talk to each other, let alone talk to me. I have had a perfect payment record with both of these companies for years, never a late payment yet they treat me like I am a dead beat and it was my fault that I lost my job and lost the equity in my house. I had 5 accounts with Wachovia bank...not no more...not ever.
    I just wish that their could be somesort of class action suite against them.

  • Pi
      18th of May, 2011
    0 Votes

    I have had similar problems with Wells Fargo during the past three years. I have received a stack of offers from them but they disapproved my applicatiions. Recently I went through the agony of a short sale. They are incompetent, dishonest and predatory. Despite their claims of trying to help, they just keep adding fees and costs for me to pay. Short sales were touted to be a way of selling a home at a lower price than the morgage balance and haveing other costs forgiven by the lender. They required tons of paperwork to justify need but then decided that their only offer was to demand a high selling price and paymen of all monies owed to them and to the law firm they hired to send out expensive form letters to threaten Th entire process has been a farce. I am a disabled vet with severe health problems, unable to work and running out of savings fast. I cannot believe that our goveernment bailed out companies like this and Fannie Mae and now they are putting the screws to us taspayers who bailed them out. Meantime, the culprits continue to enrich themselves. At this rate we will all be on welfare but there will be no one left to pay.

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