Wells Fargo review: Home mortgage loan modification [protected]

I received a response to my previous complaints from Wells Fargo(WF) legal department and Executive Resolution Specialists. I have to say that the platitudes in their responses continues to be rather sickening but more importantly, they never address the intentional hurt Wells Fargo caused numerous homeowners for its own benefit. Since your people won’t address the real problem directly, let me give you a scenario.

This has been going on since 2010 to 2015 or so and I've asked WF to address this appropriately about six or seven times since them. CFPB is toothless.

What would you do, for instance, if you were laid off your job and in a few months, your interest only mortgage rose 50% overnight into a 30 year fixed? In the next few months, your mortgage company is foreclosing on your home, a home that you share with three young children. Oh, and by the way, you suffer from clinical depression and major anxiety. I told WF of my disability and requested a reasonable accommodation at the time-do you know what my reasonable accommodation was? It was to speak to a human so that I could explain the situation and have it explained to me. My reasonable accommodation was just asking for customer service. Sounds crazy? No, WF purposefully had no customer service. Well, the mortgage company directs you on its website what you should do and to reach out to said mortgage company. You do it, obviously.

In the process of reaching out to your assigned home preservation specialist, you tell them of your disability and that communication is therefore critical. So, you’re given the phone number of this person and you speak to him (Jason Washington) at length about what’s required. Seems simple enough, right? Well, over the course of several months that turned into years, you’ve done everything asked of you and submitted these documents, bank statements, tax returns, household expenses, reasons for the hardship, pay stubs, etc. You get those and send to your home preservation specialist. And guess what, you don’t hear anything for a month and a half until he calls you and leaves a message stating “please call me.” So the process starts all over. So, you get them together and resubmit, only to hear another 45 days later on your answering machine that “we must have current documents.” Keep in mind that you’ve already faxed this several times as well too, to no avail. I’ve included a few fax cover pages as an example of the one way communication. So, this mess has been now going on for years, yes years.

Meanwhile, you call him to try to get to the bottom of this, only to reach his voicemail that says “We’re sorry, this voice mailbox is full.” You do this probably 50 times over the next month in hopes that he’ll pick up the phone. Keep in mind that your anxiety is bad enough and this is greatly exacerbating it. You try to reach out to others at the bank for help but they all tell you, “keep working with your home preservation specialist.” By the way, they can’t believe you when you tell them how many unanswered calls you’ve left, This went around and around for more than two years. We had at least 3 different home preservation specialists assigned to us and all giving us the same runaround. While it sounds inconceivable that a situation that appears easy enough to solve can’t get rectified as customer service is non existent. By the way, you’ve been fortunate enough to borrow money from your family to get your mortgage current again. Finally, you contact your congressman, and he contacts your bank. Then and only then does your bank respond. Only then, did WF answer us via another assigned WF person.

Keep in mind that Wells Fargo gladly accepted Federal Government bailout money.

1. Blatantly and knowingly having far too few Home Preservation Specialists whose

voicemails were full and who never answered their phones.

2. Switching mortgages from one preservation specialists to the next so the process would

have to be started over, again.

3. Delayed reviews of submitted documents so that when they were eventually reviewed,

they were deemed outdated and therefore, updated documents were requested over.

and over and over again in an endless loop.

4. Emails were not permitted

5. Letters sent went unanswered

Wells Fargo purposefully and for their own gain, set me up for failure and put us in a position.

where not signing any document put in front of us, no matter the terms, was not an option. It matters none that Wells Fargo sold my mortgage to SPS because I’m still trapped in this ridiculous loan. Wells Fargo put my family and I through hell. From what I've been through, Wells Fargo should pay off the mortgage for me. Short of that, I'm respectfully requesting a reduction in terms from a ridiculous 40 years to 15, given my present age of 59, and a reduction from $1443 per month to $800. Keep in mind that my HEMAP loan adds $150 to this.

Richard Loeffler

306 S Pasadena Drive

Pittsburgh PA 15215

[protected]@gmail.com

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