SUBMIT A COMPLAINT

Wells Fargo Bank Mortgageloan modification

1
L Review updated:

I submitted for a loan modification on my mortgage loan on 1/12/2009. As of today I have received nothing but requests for the same information over and over. They required me to add my insurance and taxes to my mortgage loan account, said it was part of the loan modification approval requirements, so I agreed... those 2 impounds were not required when I got the loan. This requirement INCREASED my monthly payments instead of lowering them, as the modification for a reduction has not been approved yet. It has been almost 6 months and they are STILL reviewing my file, I call every 2 weeks. Has ANYONE gotten their mortgage loan modification completed by Wells Fargo yet?? They assure me that thousands of customers have. I do not believe it. I am trying to keep current but this last blow, where they upped my payment over $200 a month to add the insurance and taxes has put me over the top...I will be in default soon. I tried to be proactive when I lost my job and had the disability but it has not worked out. Let me know, I think they are lying to us. Lets start something rolling. I emailed John McCain, my legislator, but got no answer back. Linda

Responses

  • S
      Oct 29, 2007

    In June of 2007 GMAC sold the mortgage on a vacation home I own to ASC. Since then they have harassed me daily with letters and phone calls saying I am delinquit on my loan. The problem is I have never even made a payment late. I have talked to 8 or 9 different people trying to get this straightened out. Now they have reported me 30 days late to the credit bureau affecting my good credit. No amount of calls or faxes gets a response. These people are beyond incompetent, they are down right crooks.

    And the company is owned by Wells Fargo!

    0 Votes
  • L
      Jun 29, 2009

    Thanks George for the link...seems like they have lots of issues. I did not find anything pending in a lawsuit regarding their phony loan modification process. We will still need to get this wheel in motion. Enjoy your day !! Linda

    0 Votes
  • 1
      Jun 29, 2009

    The same run around when trying to comply with data to stop forclosure procediings.
    I was told she could not get the email. So... Emailed from 3 sites on the same day. Was told it did not go through. Did it again and was then told, , , , "Oh I have that" I need this, which I had sent twice before and was told they received it.
    Went on for months.
    I did abate the procedings but was in limbo most of the time.

    0 Votes
  • L
      Jun 29, 2009

    You have my sympathy for sure. I called them today and at least they are going to remove the required impounds account which raised my current monthly payment a bunch, unless I get the loan modification approved...Could not believe they did that...they apologized at least.
    Take care and thanks for the input. Linda

    0 Votes
  • B
      Jul 01, 2009

    The Wells Fargo Loan Modification is Fake. I paid my payments as instructed. Iwas maied out a payment schedule and I kept the agreement. A day or 2 later I recieved a phone call from customer service saying that an internal error had been made and that I didn't qualify for bi weekly payments. Now Wells Fargo is saying that I owe for the whole month of June plus half of of May. Wells Fargo mailed me a letter stateing that it would not draft out of my bank account more than twice. They have draft out of my account every other day and the credit union charges me 27.00 each time. How can I pay a mortgage with this company running up fees. I desperately need legal assistance and would like to be in a class action suite against them. Only fifty dollars was knocked off my mortgage.

    0 Votes
  • T
      Jul 02, 2009

    I am So sorry to hear what happened thats why I entrusted in a law firm to get my Modification done. I recently did a loan Modification with the Al Verdi Law Group. They walked me through every step of the process from start to finish, I was very fortunate to find such a wonderful company to work with. If I may recommend any company to do your loan modification I would give them a call, they did my entire loan modification in exactly 47 days and anytime I had a question they were very responsive in getting right back to me. Its unfortunate there are so many bad company's out there, If anyone comes across any other bad companies please post because no one deserves to get there house taken from them. You can contact them at [protected] The gentlemen I worked with name was Cale Swanson

    0 Votes
  • P
      Jul 08, 2009

    I started the loan modification pricess with W Fargo in April. Every time I call it's still pending. My last call was a week ago, they said to fax in another statement of finances. This is just another delay and I'm at wits end with them.
    Maybe I will call and inform them there will be no July payment until they provide me with substantive info and an answer.
    Fed up in Massachusetts

    0 Votes
  • F
      Jul 10, 2009

    Well's Fargo is the worst... I applied for a Loan Modification in April and we're now in July and still in limbo. Every time I call to follow up with the status, they tell me the same thing... still in process and to call back next week... what a bunch of crap. I can't find anyone online that has had their loan modified by WF since the government announced the Loan Modification Program.

    I'm so fed up... don't know what to do..

    Frustrated in the Bronx.

    Frank b.

    +1 Votes
  • C
      Jul 11, 2009

    Wells Fargo is downright scarry!! Here I am desperate to keep my home, have a FICO in the 800's, have sent all the info they asked for '3' times now, and I've called at least a dozen times only to hear a different twist to the program each time. I seriously think they are all insuffuciently trained and incompetant. Wells Fargo is obviously just playing along in the modification game so as to appear to be compliant with wishes of our Government. I had not thought of outsourcing this process until reading about Terri007's experience.
    Since I have nothing to lose (but my home) I guess I'll call them Monday. Ches

    0 Votes
  • F
      Jul 12, 2009

    I am absolute agreement with these dear, honest, scared Americans!
    We applied for a home loan modification immediately after my husband was laid off. We supplied them with every single piece of information they requested. Then silence...we finally called only to find out they lost info. we had already mailed out to them. Mailed it again! Silence...

    Is this a "vast, right-wing banking conspiracy", or just complete incompetency? Not sure. Maybe there is just no monetary motivation for completion of these modifications. I'm sure they are much more adept at the inacting of new mortgages for their company!! I think I'm going to e-mail the gangsters some of these internet comments.

    Wells Fargo is a sham!!!

    0 Votes
  • S
      Jul 22, 2009

    I submitted mine in april also and called once said it would take 90 days. well i got it today. it's hilarious. sounds like they want my regular july payment, they knocked $146 off for each of August September and October. but they want nearly $3, 000 in November and all by a certain day of the month. how can I do that when I have to wait for both paychecks just to pay my regular payment of $846. it's ridiculous. I am better off pay up my late fees and getting a refinance.

    0 Votes
  • G
      Jul 27, 2009

    My husband and I applied for the Obama Loan modification back in March - and we have been getting the runaround ever since. We have re-faxed paperwork several times, and the latest is we got denied because they failed to correct the error they made stating our monthly income was 25K - which is our annual income. So many mistakes, incompetence and downright aggravating. I think all this is just to keep people on a string and then let them down. I don't know of anyone who applied that got approved. As I type this, I am waiting for yet another representative who I will probably get the bum's rush from or be told to call another number. There has to be something all of us can do to set this straight. Class action suit maybe? I wonder how many people have been evicted and lost their homes while waiting for this "so called" program. I think it's a crock - and we need to take action.

    0 Votes
  • T
      Jul 29, 2009

    To all of you who are trying to do a loan modification without any legal help (attorney), you will get nothing but the run arounds from Wells Fargo period. I too applied for a loan modification in Feb 2009, which led to nothing but the run arounds, everytime I spoke to a customer service rep. After 3 months of this crap, I decided to use a law firm that dealt with loan modifications. After 35 days, I received information from Wells Fargo that I had been approved for a loan modification w/a principal and rate reduction. Lucky for me, I had a VA loan which the lender couldn't screw me out of trying to receive extra incentives. I paid $3000 to my attorney, but it was well worth it. I now pay $1700 a month mortgage payment, which is down from $2850 ($950 dollars difference). In 3 1/2 months time, I would have the $3000 back in my pocket that I paid to my attorney. Lenders will never fight an attorney (cost to much), only there customers. I say this was money well spent. GOOD LUCK TO ALL AND GOD BLESS.

    0 Votes
  • E
      Aug 04, 2009

    Since I have an FHA loan through Wells Fargo, I contacted them and was referred to a loan modication company called Interest Rate Mediators. Has anyone used them or heard about them?

    0 Votes
  • D
      Aug 06, 2009

    Not everone has the money to get a lawyer. I can hardly get my 800.00 a month payment together every month much less 3000.00. I too applied for the Obama Loan modification and I just get the answer back from them and all I got was a 1 year modification in my rate, which is not the Obama loan modification. I don't think they are doing it now if not ever.

    0 Votes
  • T
      Aug 06, 2009

    I have heard Interest Rate Mediators, I know there not Attorney based and from my experience you want an Attorney working on your behalf when working on your Modification. If you want my advice go with an Attorney its your best bet in getting what you need. I used The Verdi Law Group and they got everything done for me. If you have any questions I would call them @ [protected] ask for Cale or Al Verdi himself.

    0 Votes
  • I
      Aug 10, 2009

    I have been working for a modification for 6 months they have done NOTHING !!!, every time i call them is like talking with a monkey they have me back and forth . Im tired of them the bad part is that they where given billions of dollars OUR MONEY TAX PAYERS MONEY to help us out and they are thoing nothig !!! . Now i have to short sale my home and again they are not helping at all, we are going to forclousure.

    0 Votes
  • A
      Aug 11, 2009

    I was wondering if anyone has a loan with Bank of America? I am having a hard time modifying my loan with them. Any one know who I can make a complaint too.

    0 Votes
  • B
      Aug 12, 2009

    Yes, I have BofA mortgage of $560, 000 on a new house just appraised for $340, 000 in Vegas. Since Nov 08, BofA pretended to help, but like all of you, nothing but paper work to nowhere. Finally I hired a lawyer in Mar 09, $2500 up front. Lawyers hint was to stop paying, so I saved 6months X $4100 so far. NOW BofA wants to do something. 1st offer, drop interest rate to 2%. I said no, like all of you, I demand a loan reduction to no more than the house is worth.

    My advice, you MUST get a lawyer. You MUST stop paying your payment, no other way will get the Bank's attention. this advice is for any one else upside down in valuation.

    Good luck out there, and I will post the real answer from BofA when it happens. Brad

    0 Votes
  • P
      Aug 20, 2009

    I trusted Wells Fargo, but I am beginning to see that they really cannot handle complex things like figuring out a mortgage, so how could we? I have been waiting too for a mod and guess what, after 4 months they sent me paperwork that was wrong. Even after talking with them every other week...I had continued to pay my payments, by the skin of my teeth and blessings, and guess what, they gave me a reduced payment about 200 dollars, however the calculation was based on as if I hadn't been making payments for 3 months...go figure. I was so mad, didn't they look in their system? How can they make such a gross error? Gosh, this has got to be illegal, or something...

    0 Votes
  • C
      Aug 20, 2009

    Wells is a [censored]ing Joke. Every post has a comment in it that I have experineced. I have been dealing with them for 9 months with constant BS about lost paperwork, additional paperwork needed, contradictory letters. I agree that they are purposely delaying and confusing the home owner. But our lovely government will just sit back and do nothing. THANKS!!

    0 Votes
  • C
      Aug 21, 2009

    We trusted Wells Fargo on their loan modification program. We paid the reduced rate they requested while they "worked on it" for months...they took our home yesterday...up until 2 days ago according to their representative we were "still in review". Complete devastation.

    0 Votes
  • M
      Aug 26, 2009

    I agree with Brad, you must get a lawyer. In response to Eliza, if you were referred to go to a company, I would call them and weigh my options. Fortunately, I was contacted by Interest Rate Mediators back in April and they have reduced my payment from $3144 to $1579 every month. I referred my friend who as a 451T balance with Wells fargo and they are starting the process this month. they prequalify you first to see if they can help you, and you have to send your documents in first and they review. I did a payment plan with them and i was able to get my mod in less than 2 months. hope this helps.

    0 Votes
  • L
      Aug 28, 2009

    Lucky you...after 8 months, I got my loan modification paperwork...they report you late to the credit bureaus even if you have never been late and are not late on the new payments...so that is bogus !!! How can they report you late if you are not and have not been, anyone know?? I am quetioning them but no straight answers yet...What a boondogle...they say to make the 3 trial payments, they will report you late, and cannot guarantee that at the end of the 3 month trial period that you will get the loan mod. So you screw up your credit report and ruin any chance of participating in other programs or refi's...this is fraud in my book, report what is not true. Linda

    0 Votes
  • T
      Aug 29, 2009

    Wells Fargo's minimum wage flunkies cannot help you, they just answer calls and give you misleading information. After months of runarounds over 3 different LM programs I wrote a complaint to them. As I searched the Web for others in my situation I came across the following contact information (see below). I now copy Cara Heiden, CEO all my correspondance. Usually I get a call the next day from someone who is in her office. While the problems are not yet resolved, I am dealing with the same person (someone who has the authority to do something) every time. Inundate Cara Heiden and WF's attorneys with your complaints, don't waste your breath and time with the people who cannot give you any information!

    Contacts:
    Cara K. Heiden, CEO
    WELLS FARGO HOME MORTGAGE
    cara.k.[protected]@wellsfargo.com

    Mary Coffin, Vice President
    WELLS FARGO HOME MORTGAGE
    mary.[protected]@wellsfargo.com

    Sharon Cecil, Assistant to Both
    WELLS FARGO HOME MORTGAGE
    sharon.[protected]@wellsfargo.com

    Todd M. Boothroyd
    Senior Counsel, Real Estate Division
    Todd.M.[protected]@wellsfargo.com

    0 Votes
  • L
      Aug 29, 2009

    THANKS !!! Linda

    0 Votes
  • T
      Aug 29, 2009

    I hear ya Linda (Lollypup). The first thing we asked before signing up for their nightmare was whether a LM would affect our credit. "If you're not late or in default, there is nothing to report to Credit Agencies" is what we heard. Just the tip of the iceberg. I also found online Cara Heiden's sworn testimony to the House Financial Services Subcommittee on Financial Institutions at the United States House of Representatives on May 8, 2006 and cite it in my complaints (see below). I am now going to report them to the State of Montana Consumer Affairs Division of the Dept. of Justice due to their acts and omissions. I've had it. If she were to see to it that WF actually did what she says we wouldn't be in this forum!

    Heiden Testimony: http://financialservices.house.gov/hearing110/heiden_testimony.pdf

    0 Votes
  • L
      Aug 29, 2009

    Thanks, I just emailed Cara and channel 5 news here in Phoenix, a reporter here has been covering Wells Fargo ...I am going to report them to the Attorney General and Better Business here in AZ. Keep this ball rolling, we are getting the brunt of this mess with no help from anyone !!! Linda

    0 Votes
  • L
      Sep 01, 2009

    Watch Channel 5 news tonight 9/1/09 at 10 pm for additional information from Cara on Wells Fargo home loan mod program !!! Linda

    0 Votes
  • L
      Sep 01, 2009

    That is Cara Liu from channel 5, KPHO TV, and not the Cara at Wells Fargo, do not want confusion about the information. Cara Liu is following Wells Fargo closely, she has our back !!!

    0 Votes
  • M
      Sep 01, 2009

    Anyone had a loan redone with BOA (Bank of America). We submitted our paperwork in January and then again in March after the Obama act was passed. Last house payment we made was Feb 2009. Last BOA contact was April and they said in process. If you call you get transferred and/or put on hold and then call is lost.

    0 Votes
  • O
      Sep 02, 2009

    I"m with Wells and we can qualify for the HAMP product -- but, after reading about the problems people are having trying to do it on their own, we decided to employ a company here in the San Diego county region -- Rate Modification Inc (ratemodca.com). They came highly recommended and offer a money-back guarantee. I think you need to employ a professional to get this job done -- trying to deal directly with the bank is futile.

    0 Votes
  • L
      Sep 02, 2009

    There is an event coming to Phoenix that folks with Wells Fargo loan issues should plan to attend, it is free, for 3 days at the Phoenix Convention Center, where you meet with a person and not just someone on the end of the phone to get resolution, hopefully. I urge everyone that can attend, sign up for an appointment on this link asap:
    https://www.wfhmconsumerevents.com/aspx/splash/LTWH_Selection2.aspx?ltwhcode=wfhm. Linda

    0 Votes
  • L
      Sep 02, 2009

    Better web address for the Wells Fargo, Wachovia loan mod event in Phoenix is:
    https://www.wfhmconsumerevents.com/aspx/Events/Brochure.aspx?EventID=2203
    Linda

    0 Votes
  • L
      Sep 08, 2009

    We have been dealing with trying to get a loan mod since last year. Sent all the paperwork they asked for and waited. And waited and waited!!! Got a non profit involved and they were supposed to talk on our behalf but dropped the ball. We paid the three installment payments (higher than our original mortgage payment) and instead of lowering the payment and interest, they raised it and said it was because of insurance and taxes. The value of our property dropped $50, 000 on the appraisal. Now, we have sent the hardship letter and other documents they asked for because my son lost his job and was out of work for 3-1/2 months. Talked to several flunkies and made the down payment toward the three payments. Went to make the new payment at the branch bank and was told they couldn't take the increased amount. So I paid late fees and the regular payment. Was notified that agreement was cancelled, so we started over again and now are supposed to make a higher payment for three months. I told the woman I spoke with about the info on the web with regard to Obama's plan and she didn't know a thing about it. Supposedly she was taking notes to give to the negotiator at the end of 3 months. I am so frigging sick of these people. They say we don't qualify for the HAMP because our mortgage is not backed by Fannie Mae or Freddie Mac. It is all BS. We live in Texas and I don't quite know where to look for a reputable company that can help us especially if it costs an arm and a leg. We have 3 small children in this house and only one income. Any help would be greatly appreciated.

    0 Votes
  • L
      Sep 08, 2009

    Well, the Phoenix loan modification forum was superb. After 7 months of no answers and the run around, within in 30 minutes of being there, I had what I had wanted from the beginning, a permanent 2% drop in my loan interest rate and a much lower payment, with no requirement for a 3 month trial period or bad reporting information on my credit file !!! There is hope. If you live in or near AZ and can get to this event, do so asap, It is either by appointments or walk in. Many of us were smiling when we left there, it was worth my time, obviously, and could be worth yours. !!! Linda D

    0 Votes
  • L
      Sep 08, 2009

    I would contact your state attorney general, the local press, and start shaking bushes all over, email your state legistators, everyone that has an email address or a phone number in your state, plus the State banking/finance overseeing department. The lender will blow you off, offer you deals and then dump you...There are other programs, I would try to find out who your INVESTOR is, not the lender or servicing agent for your loan. You may need to go directly to the investors and negotiate a longer mortgage time frame, 40 years, and a lower interest rate. The investors will require the impound accounts for insurance and taxes, which may raise your over all payment per month, but at least your principal and interest payment could be less. Hang in there !!!

    0 Votes
  • T
      Sep 11, 2009

    Been following your posts Lollypup, go get em!!! The following links might explain why WF has so much trouble with Loan Mods - they want to foreclose on us so their execs have a place to live!!!

    http://news.spreadit.org/cheronda-guyton-photowells-fargo-picture/
    http://www.nowpublic.com/tech-biz/cheronda-guyton-wells-fargo-exec-squats-madoff-victims-home
    http://www.cbsnews.com/blogs/2009/09/11/crimesider/entry5304144.shtml

    I am going to see an attorney next week. In spite of being in contact with a "Senior Executive in the Office of the President at WF", they have still not resolved our issues nor answered our questions. This AP news report will be part of the documents I bring to the meeting.

    T

    0 Votes
  • C
      Sep 12, 2009

    HMMM...THIS SURE MAKES ONE THINK!

    Neighbors: Wells Fargo exec. moved into beach home surrendered to bank by Madoff-duped couple
    On Thursday September 10, 2009
    MALIBU, Calif. (AP) -- A Wells Fargo & Co. executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors said.
    The previous owners of the beachfront home in Malibu Colony -- a densely built stretch of luxury homes that has been a favorite of celebrities over the years -- were financially devastated in Bernard Madoff's massive fraud scheme, real estate agent Irene Dazzan-Palmer said.
    The couple signed the property over to Wells Fargo last spring, and the bank subsequently denied requests to show the house to prospective buyers, Dazzan-Palmer said.
    Residents in the gated community told the Los Angeles Times that a woman they believe was Cheronda Guyton took up occupancy at the home in May. Residents said they obtained Guyton's name from the community's guards, who had issued her a homeowner's parking pass.
    Residents also wrote down the license plate number of a 2007 Volvo sport-utility vehicle they say was parked in the home's garage. A check of state motor vehicle license plates by the Times found the vehicle was registered to Guyton.
    Guyton is a Wells Fargo senior vice president responsible for foreclosed commercial properties, resident Phillip Roman said.
    "It's outrageous to take over a property like that, not make it available and then put someone from the bank in it, " said Roman, who lives a few homes away from the property.
    Residents said Guyton, along with her husband and two children, often hosted guests at the home, including a large party the last weekend of August. Malibu Colony is about 25 miles from downtown Los Angeles.
    Wells Fargo said in a written statement that it would conduct a thorough investigation of the allegations by neighbors, but said it wouldn't "discuss specific team member situations/issues for privacy reasons."
    Guyton's home number is unlisted, and attempts to reach her at her Los Angeles office after work hours were unsuccessful.
    The bank's agreement with the prior owner required it to keep the home -- a 3, 800-square-foot, two-story structure built in the early 1990s -- off the market for a period of time, Wells Fargo said in the statement. The bank said it planned to list the property for sale soon.

    0 Votes
  • L
      Sep 12, 2009

    Thanks, I will pass this along to our channel 5 news here in PHoenix ...our state initiated charges in court against Wells Fargo and that was how we got them down here to do this big forum one on one with customers...they were in trouble in AZ.
    Thanks again and best of luck. Demand a forum like Phoenix, you get a modification immediately.NO 3 month trial NO credit report dings...

    0 Votes

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