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  • Report:  #477918

Complaint Review: Wells Fargo Home Mortgage

Wells Fargo Home Mortgage Loan modification is a joke!Nationwide

  • Reported By:
    — Sonoma California
  • Submitted:
    Mon, August 10, 2009
  • Updated:
    Fri, August 21, 2009
  • Wells Fargo Home Mortgage
    Wells Fargo.com
    Nationwide
    U.S.A.
  • Phone:
    886-662-4866
  • Category:
    Loan Modification
* : Nation Wide... * : STEEDA2005, WHAT IF, HYPOTHETICALLY, A LARGE INVESTMENT BANK IN THE USA WAS....

We have gone around and around with Wells Fargo mortgage modification department for five months. I have not spoken with the same person twice. Nor have I gotten the same information twice. And, they will put nothing in writing. We have been turned down three times for not complying while I have a record from the local Wells Fargo branch that we faxed everything they asked for. They want to take our houses. They can make more money that way. They can get them off their books so that they can tap into the new loans.

At the same time, they bundle the sales with people that are in cahoots with to sell them cheap and fast knowing they can collect on the government's foreclosure insurance which covers up to 50% of the mortgage balance. There is no modification insurance so why should they modify. We are mounting a class action suit in conjunction with a nonprofit organization here in California. Join us! contact: (((email and phone number redacted)))

Michael
Sonoma, California
U.S.A.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

2 Updates & Rebuttals

Karl

highlands ranch,
Colorado,
U.S.A.

STEEDA2005, WHAT IF, HYPOTHETICALLY, A LARGE INVESTMENT BANK IN THE USA WAS....

#3

Fri, August 21, 2009

packaging & selling mortgages to investors all over the world, and labeling these mortgages as 'A' & 'A-' paper, but these mortgages were really 'D' & 'D-' paper? That wouldn't be right, would it? If this practice was taking place, & MILLIONS upon MILLIONS of mortgages were being sold to investors all over the WORLD, using these tactics, then the Investment Bank, or Investment Banks that were doing this, could ultimately be regarded by many as the ROOT cause of the crisis in America & around the WORLD, wouldn't you agree?


If ALL Americans simply contacted their mortgage company, or bank, and DEMANDED ALL the copies of their home loan, they MIGHT find out that some 'hanky-panky' took place, just like St. Clair did, correct?

You can go to the MERRILL LYNCH page of this site & read St.Clair's Rip Off Report and see what was stated, if you'd like. You can also read what a large Car Dealer was doing when they were selling cars. They were altering contracts & doing other things that weren't ethical, weren't they? You can 'Google' this- AUTO DEALER LOUIS F HARRELSON TO PLEAD GUILTY, and read it.

You see, there isn't much difference when a consumer buys a car, or a house in the USA. There is a lot of paperwork that needs to be filled out & CREDIT APPLICATIONS are necessary in order for these transactions to eventually go through, right? If the ones who were 'bundling' & selling THOUSANDS, or even MILLIONS of mortgages to INVESTORS all over the WORLD were doing the same things that were being done in the car business, then isn't it safe to assume that consumers could find justice if they could PROVE that their paperwork (legal documents) were ALTERED, or even FORGED by someone else?

I hope that consumers all over the USA will make that PHONE CALL, & get all the copies that the BANK has for their MORTGAGES & their CAR LOANS, don't you? Imagine if the paperwork doesn't match-up with what the consumer signed! If that were the case, then these loans were NEVER valid, &  consumers could find JUSTICE, right?

*God bless you, & all the people in the USA & around the WORLD.

Thank you.

P.S. Make sure to 'Google' & watch the following FRONTLINE documentary on the web-

INSIDE THE MELTDOWN

 

Steeda2005

Dess Moines,
Iowa,
U.S.A.

Nation Wide...

#3

Wed, August 12, 2009

Everyone every where,

As I sit here and read everyones bad experience w/ WF. My heart starts to skip a beat. Do you know what chain of events have unfolded in the last 7 months? It drives me insane to think that so many ppl believe what they hear on TV or read in the newspaper/online. It goes back to the saying, if you heard on the TV/radio or read in the newspaper/online that everyone was jumping off the bridge. Would you go and jump b/c thats what everyone is telling you that they are doing? Come on, serious. Borrowers w/ WF need to understand that their loan is serviced through a LARGE corporation. WF is not a rinky-dink bank; there are not 1000s of loans that are serviced, but MILLIONS. At the time you found out about the treasury MOD for Freddie and Fanny. So did WF. WF Loss Mit dept went from 50 employees to 1000s with in 7 months. Not just reps answering your questions but w/ negotiators. Sorry you are getting different info at different times that you call. Stop calling every week and let WF get some work done. A MOD is your responsibility; you have to do your part too. There is no reason that you do not know who your investor is and your investor guidelines, requirements for a modification.

You got the loan, know educate yourself!!

Just b/c your house was worth 500,000 when you got the loan and its now worth 250,000. Doesnt mean that you should get financed for 250,000, (this is what kills me the most) please someone tell me what are you going to do when you are in the home for the next 5 yrs and oh my you have built up equity and want to sell the thing and the property value went back up to 500,000 on a 250,000 mod that WF did? What should WF do? You would get a 250,000 profit on an original 500,000 loan. Why is this so hard to understand? You bought the house, times are tough, and do what you have to do. I did it, so can you?

I hope that for those of you out there that are getting help on homes that are upside down get bit in bum for that.

Seriously, if I could have bought a home for 500,000 and then woops economy went down and now I need a break and can potentially make a profit I would have done it. What and how did we get thru the great depression? I bet homes arent the same price now as they were then? How did we get thru that?

Stop your bitching and deal w/ what is called life. Things arent always going to stay the same. WF wants to help ppl, not give hand outs.

Modification has been there for years, no one new about them till 7 months ago when this new plan called HAMP came out.

This is the problem w/ the world today. Everyone wants everything NOW.

I feel horrible for the ppl that have been saving for years and years, and had no idea about modification until now and have used all their savings to keep their loan current. It's those ppl who truly need the help.

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