Complaint Review: Wells Fargo Bank - Wells Fargo Home Mortgage

Hello,

My wife and I purchased a home in February of  2007 with Market Street Mortgage as our lender. About six months later we were sent a letter in the mail notifying us that Market Street Mortgage was going out of business and that our loan would be transferred to Wells Fargo Home Mortgage. In January of 2008 my wife was laid off from her job and we started to get behind on our mortgage payments. We contacted Wells Fargo Home Mortgage for assistance and they told us we were eligible for a loan modification program. The modification program required us to make four consecutive payments at an escalated rate from that of our normal monthly payments, to show that we were able to make adjusted payments on time. We were told that once the fourth payment was made that we were to stop all payments on the account and wait for the account to be sent to a Wells Fargo  negotiator who would then draft a modified loan. This modification would consist of adding the past due amount of the current loan to the back of the new modified loan, and require us to begin making payments on a new modified loan. It took four months for Wells Fargo to reach a decision on our loan modification. This means four months of not making a payment at the instruction of our lender. We were told by Wells Fargo four months later that we were denied a loan modification because we did not make the last payment in a timely fashion. We were told to reapply for a loan modification and to start the process over from square one. The reason they provided to us for denying our loan was a flat out lie, and a sign of things to come from this fraudulent lender.

So we applied for another modification plan and this time agreed to pay an even higher escalated rate of four consecutive payments because our past due amount had risen. Remember we were told by Wells Fargo to stop payments for four months. So we begin paying another four consecutive payments and fulfill this agreement on time. We called and spoke to a Wells Fargo associate who informed us that they had received our final payment on time and that we should be hearing back from them within three weeks on what the terms of the new modified load would entail. They instructed us to stop payments once again until the new loan was drafted and agreed to. Two months had passed and we hadnt heard anything from Wells Fargo so we contacted them. We were told that our loan modification was denied agian. This time we were told that the reason we were denied was because we never called them back to set up a modified loan. This was an outrageous claim rendered by Wells Fargo because all along we were told that they would contact us once the terms of the modification were complete. At no time were we told to contact Wells Fargo and request our file to be sent to a negotiator. We disputed this claim with several Wells Fargo associates but were simply told that we had to reapply for another loan modification.

We agreed to try the process one more time in hopes of simply gaining a modified loan so we could start making payments on our home. By this time our home was  $15,000 past due mainly because Wells Fargo had instructed us to stop making payments for eight out of the twenty months we were living in the house. We started the four consecutive payments process once again and reached the end fulfilling all obligations. We called Wells Fargo every week to confirm a decision on our modification but no answer was given. We were simply told to not make any more payments and that our file was being reviewed by a negotiator. Finally, after two months we were told by a Wells Fargo representative that we were APPROVED for a loan modification and that we should be receiving the new terms of the modified loan in the mail within 7-10 business days. After a month of not receiving the new loan agreement we contacted Wells Fargo and were told that the loan modification was denied because we allegedly had a second/junior lien on our home. This is another false accusation conjured up by Wells Fargo to prolong our loan modification process and increase the amount due on our loan. I am ready to take legal action against them because enough is enough. Please avoid Wells Fargo as a Home mortgage lender at all costs. They will make it seem like they are willing and able to help you when you need assistance, but do everything in their power to throw road blocks in your way.