WELLS FARGO HOME MORTGAGE WELLS HAS NO INTENTION OF MODIFYING LOAN AND ONLY WANTS YOU TO VOLUNTARILY GIVE THEM YOUR HOME VIA SHORT SALE DES MOINES IOWA MINNEAPOLIS Minnesota
THE GOVERNMENT BANKING BAIL OUT GAVE MANY FINANCIAL INSTITUTIONS TAX PAYOR MONEY. MONEY THAT WAS USED BY THE BANKS TO PURCHASE OTHER BANKS. RECENTLY WELLS FARGO BOUGHT THE WACHOVIA BANK. I AM SURE THIS WAS DONE WITH TAX PAYOR MONEY. IN ORDER TO APPEASE THE PUBLIC'S FURY WHEN SEEING THEIR HARD EARNED MONEY FLOAT TO THESE FINANCIAL FAT CATS, WELLS FARGO BEGAN A PUBLIC RELATIONS CAMPAIGN.
THE CAMPAIGN WAS TO PRETEND TO ASSIST HOMEOWNERS WITH THEIR LOANS. SENIOR EXECUTIVES WERE QUOTED AS SAYING WELLS WOULD RATHER LOWER INTEREST BY 2 OR 3 POINTS OR EXTENDING THE TERMS FROM 30 TO 40 YEARS. GRASS ROOT EFFORTS WERE MADE BY LOCAL WELLS REPS BY ATTENDING HUD SPONSORED WORKSHOPS. THESE WORKSHOPS WERE FOR THE PUBLIC TO ASSIST THEM WITH LOAN MODIFICATION PLANS. WELLS FARGO EVEN TOOK THEIR LAPTOPS AND INTERVIEWED THOSE WHO ATTENDED GIVING THE PICTURE THAT THEY ARE THERE TO HELP THE INDIVIDUAL.
THOSE WHO HAD WELLS HOME LOANS WERE ASKED TO WRITE HARDSHIP LETTERS AND SUBMIT FINANCIAL/BUDGET STATEMENTS. SO WE DID.... EACH WEEK I WOULD CALL ONLY TO HEAR FROM SOME TELEPHONE CUSTOMER SERVICE REP THAT THEY STILL HAD NOT RECEIVED MY FAX (YES THEY DID NOT RECEIVE MY FAX UNTIL 2 WEEKS LATER, WELL AT LEAST THAT IS WHEN THEY ACKNOWLEDGED LOGGING IN MY FAX DOCUMENTS). IT TOOK THEM 2 WEEKS TO LOG MY REQUEST AND THEN ANOTHER 2-3 WEEKS TO SEND ME THEIR REPLY. THEIR REPLY WAS THIS... "REQUEST FOR LOAN MODIFICATION WAS DENIED BECAUSE IT WAS NOT IN THE BEST INTEREST OF THEIR INVENSTOR".
SO I ASKED A FEW MORE QUESTIONS BUT DID NOT REALLY GET GOOD ANSWERS... I DID LEARN FROM ONE OF THE PHONE REPS (BECAUSE YOU NEVER GET TO SPEAK TO A LOAN MITIGATION AGENT HANDLING YOUR REQUEST, ONLY THE PHONE REP) . THE PHONE REP DID MAKE A COMMENT THAT THIS INVESTOR HOLDING MY LOAN JUST DOES NOT MAKE LOAN MODIFICATIONS PERIOD. I ALSO DID LEARN BY SPEAKING WITH ANOTHER REP THAT AN APPRAISAL WAS ORDERED ON MY HOME. I WROTE TO WELLS FARGO ASKING FOR A COPY OF THE APPRAISAL. I ALSO ASKED FOR THE INVESTOR'S NAME AND MAILING ADDRESS. THESE REQUESTS WERE IGNORED.
I DID RECEIVE A SECOND LETTER FROM WELLS... THIS LETTER GAVE INSTRUCTIONS ON HOW TO GET A SHORT SALE APPROVED..... WELL FUNNY, I NEVER ASKED FOR A SHORT SALE AND HAVE NO INTENTION ON HAVING A SHORT SALE SO I AM WONDERING "WHOSE BEST INTEREST" ARE LOOKING OUT FOR HERE? MY HOME IS UNDERWATER AS THEY SAY AT LEAST BY $200K SO I AM NOT SURE WHAT THAT INVESTOR IS THINKING. ONE OF THE POINTS NOTED IN THE SHORT SALE LETTER WAS THAT A SHORT SALE IS LESS EMBARASSING THAN A FORECLOSURE.
I GUESS THAT IS WELLS WAY OF TRYING TO SAY ONE WAY OF LOSING YOUR LIFE'S DREAM IS BETTER THAN ANOTHER WAY OF LOSING YOUR LIFE'S DREAM??? I GUESS WHAT WELLS REALLY MEANS THAT A SHORT SALE IS LESS COSTLY FOR THEM BECAUSE LOSING YOUR HOME IN A SHORT SALE OR A FORECLOSURE REALLY HAS NO DIFFERENCE TO HOMEOWNER WHO IS LOSING IT. HONESTLY, DOES WELLS REALLY THINK WE ARE THAT STUPID??? IN A SHORT SALE, THE INVESTOR MAY LOSE SOME MONEY ON THE PRINCIPLE OF THE LOAN BUT REALLY THE ONLY COSTS WILL BE SALES COMMISSIONS AND TITLE FEES. BUT IN A FORECLOSURE THE INVESTOR WILL RACK UP ATTORNEY FEES, TRUSTEE FEES ETC ETC, EVICTION FEES ETC ETC.
WELLS, YOU NEED TO RETHINK YOUR PROCESS HERE AND STOP TRYING TO TAKE PEOPLE'S HOMES AND START REALLY WORKING WITH PEOPLE AND STOP THAT POSTURING !!! AS YOUR EXECS ARE SAYING IN THE PRESS RELEASES AND OTHER MEDIA, DROP THE LOANS 2 TO 3 POINTS AND EXTEND THE TERMS TO 40 YEARS !!!! PRACTICE WHAT YOU PREACH !!!
Penny less
Hayward, California
U.S.A.
8 Updates & Rebuttals
Singlemom
Margate,Florida,
U.S.A.
PLEASE!!! Try here before you give up/give up your home!!
#9Consumer Suggestion
Tue, January 20, 2009
Hi! Sounds just like MY situation with Countrywide...and it was an act of God that someone, a wonderfully kind act by a complete stranger at a Kinko's (while I was faxing CW the same bunch of information that WF requested of you, too, and waiting, waiting, waiting...)
GO TO: www.naca.com [click on the 'Homesave' section at the top!]
They are an NATIONAL consumer advocacy group, a non-profit, that will fight for you!! So far, I am waiting four months from CW, but that is a good thing-I hope NACA puts my underbellied mortgage around their necks in a choke-hold until they surrender to NACA's terms!
Please!! I urge you to try NACA--you never know--the home you save may be YOUR OWN!!!
Potter
Grimes,Iowa,
U.S.A.
Very misinformed employee of the bail out money.
#9Consumer Comment
Sat, January 17, 2009
Read on:::
NEW YORK (CNN) -- Banks have launched public relations campaigns to bring in customers and soothe nerves, with ads offering "peace of mind" and other promises.
Citigroup, along with JPMorgan Chase, Wells Fargo and Bank of America got the biggest chunks of the bailout.
But what's not public is what they are doing with the billions in federal bailout money they've received -- the money doled out through a $700 billion rescue plan so banks could start lending again.
CNN contacted the banks that were given the biggest chunks of the bailout: Citigroup, JPMorgan Chase, Wells Fargo and Bank of America.
The latter received $15 billion as part of the federal Troubled Assets Relief Program (TARP).
Where the money went is not clear.
"We are using the TARP funds to build our capital and make every good loan that we can," Bank of America said. The bank said it expects to release more information in its fourth quarter earning report.
Citigroup, JPMorgan Chase and Wells Fargo each received $25 billion -- the largest amount given to any bank.
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CNN/Money: Banking on another bad year
Wells Fargo said it can't provide any details until it releases its fourth quarter statement, though the bank said it intends to use the money to help customers avoid foreclosure.
Citigroup said it was using TARP money to help expand the flow of credit and had formed a special committee to oversee the TARP money.
JPMorgan Chase pointed out that it recently bought more than $1 billion in Illinois bonds and plans to lend $5 billion to nonprofit and health care companies.
"What the banks have said largely is that we're using the money to stimulate the economy, to get the economy moving," said Sarah Binder, a senior fellow at The Brookings Institution, a Washington think tank. "That's far, far too general to know what ... the banks are doing with the money."
The vague responses from the banks should not come as a shock, said one U.S. House Financial Services Committee member who opposed the bailout.
"One of the fundamental problems with the Wall Street bailout was the people who had caused the problem were never called in front of Congress to explain what they had done, what needed to be done," said Rep. Thaddeus McCotter, a Michigan Republican.
Congress did not put conditions on the bailout money, leaving lawmakers to press the Treasury Department for transparency after the money was handed out.
Critics say Congress needs to demand conditions before the second round of bailout money is distributed.
Earlier this month, members of a key congressional committee blasted the Treasury for its handling of the bailout, saying it lacks appropriate measures to ensure the bailout is working. At a hearing held by the Financial Services Committee, chairman Barney Frank, D-Massachusetts, accused the Treasury of failing to address its obligation to address foreclosures and enforce lending obligations on banks.
The hearing served as a follow-up to two reports on how the Treasury has conducted its bailout program, including the Congressional Oversight Panel's report on TARP, as well as a GAO report delivered to lawmakers that called for more accountability and transparency.
Congressmen on both sides of the aisle used the scathing reports as a launching pad, lambasting the Treasury for a general lack of clarity about its strategy as well as a dearth of measures that ensure banks are using the bailout funds for their intended purposes.
Annonymous
Fort Mill,South Carolina,
U.S.A.
Everyone has the right to respond!!!!
#9UPDATE Employee
Fri, January 16, 2009
When you post on here, anyone and I mean ANYONE no matter what their comment is has the right to post. So you have no right to tell someone not to post their comments or opinions on here.
I was posting some factual information on the company that I work for that I truly believe is a good company that is getting a bad wrap because of people that have made some bad choices in their life and are now mad because the bank won't bend over backwards to do what the borrower wants. There are thousands of people in your situations and many like yours and Wells Fargo frankly is one of the best in the industry in helping homeowners stay in their homes. If you don't believe me, look up the information for yourself. So instead of complaining about them all of the time, why don't you go out and find a way to fix your situation by yourself.
Oh yeah and Kelly, posting all the executives information isn't really the best idea. They all have admins who go through their emails and calls before they even reach people like Cara Heiden, or Mary Coffin just to let you know. You don't think there are tons of other websites out there that are giving out their numbers and email addresses to try to have their stories heard??
The sad thing is that most of the stories on here are HIGHLY exaggerated. I know that Wells Fargo is overly swamped right now, I work in our default center so chances are, I may have come across some of your loans. A lot of the loans that come into our center are already extremely delinquent and our efforts to work with the borrower go unanswered.
Again, this is just my opinion and thoughts. I am kind of tired of hearing everyone dump on Wells Fargo because they are the BIG guys of the situations and they are the easy target. When is any responsibility going to be placed on the homeowners??? They are the ones who took out the loan in the first place!!!!!!!!!!
Chetsteadman
Rocket,Illinois,
U.S.A.
Unfortunately not all borrowers can be approved for loan mods or repay plans
#9Consumer Comment
Wed, January 14, 2009
Loan modifications aren't for everyone. Unfortunately a lot of homeowners aren't able to qualify for a loan mod because the lowered payments are out of line with what the homeowner can afford. A lot of consumers hear "Loan modification" and automatically assume they qualify, but in essence are at the mercy of the investor of their loan. A short sale may be the only option in your case and that is why you received a short sale package from Wells Fargo.
Robert
Buffalo,New York,
U.S.A.
That's right Kelly
#9Consumer Comment
Sat, January 10, 2009
""If you can't help a hurting homeowner, don't respond. You obviously have no idea what they are going through. Go wear your judgmental hat somewhere else.""
That's right, just tell those of us who saved and played by the rules to "shut up." Those of us who saved for YEARS to have a substantial down payment against a 30 year fixed mortgage we could AFFORD (as well as insurance to cover the loan in case of job loss, illness, injury) instead of a "no money down" ARM -just tell us to shut up.
Those of us who are being fleeced by the Fed to fund the government purchase of 300 BILLION in stocks (that right STOCKS-the government DID NOT USE the money to buy up the bad loans)-just tell us to "shut up."
Well Kelly, I WON'T SHUT UP! I played by the rules. I made sure I could afford my mortgages and I made sure I had INSURANCE in case something happened, and I lost my INCOME, that the mortgages would be paid!
Purchasing real estate is a RISK, as in ANY OTHER investment. Some folks made bad choices and lost-that's they way a free market is supposed to work. Not with our government turning around and socializing one third of the US banking industry (with plans to socialize MORE.)
Kelly L. Hansen
Overland Park,Kansas,
U.S.A.
The other two responses you've received both include false information. Ignore Them. Try My Suggestion. I'll begin praying for you NOW!.
#9Consumer Suggestion
Sat, January 10, 2009
attn: Readers,
If you can't help a hurting homeowner, don't respond. You obviously have no idea what they are going through. Go wear your judgmental hat somewhere else.
Penny:
READ THIS AND ACT FAST!
Here is the best number (WFHM Executive Office) AND PERSON to call -- SHARON CECIL, Asst to the President and Vice President at Wells Fargo Home Mortgage has been actively resolving problems FAST!!!
515-324-3130
VIP's WHO'VE PROVEN THEY CARE: THEIR TITLES, E-MAILS, MAILING ADDRESS, PHONE
Cara K. Heiden,
CEO
WELLS FARGO HOME MORTGAGE
cara.k.heiden@wellsfargo.com
Mary Coffin, Vice President
WELLS FARGO HOME MORTGAGE
mary.coffin@wellsfargo.com
Sharon Cecil, Assistant to Both
WELLS FARGO HOME MORTGAGE
sharon.cecil@wellsfargo.com
Todd M. Boothroyd
Senior Counsel, Real Estate Division
Todd.M.Boothroyd@wellsfargo.com
WELLS FARGO HOME MORTGAGE
Executive Communications Office
MAC X2302-02J
800 S Jordan Creek Pkwy
West Des Moines, IA 50266
515-324-3130
WELLS FARGO HOME MORTGAGE MIGHT BE TURNING THINGS AROUND! I've been intent on sharing my negative experience with Wells Fargo Home Mortgage so I think it is important to encourage you with these positive e-mails I've received within the past weeks. It is my prayer these will make you smile, and renew your hope!! AND, help you resolve your issue with WFHM.
I'd love to hear from you, anytime!
God Bless each of you.
Kelly
Bob Pace
Silver Spring,Maryland,
U.S.A.
" just 2 or 3 points "
#9Consumer Comment
Fri, January 09, 2009
How is that fair to those who are financially responsible and worked hard to obtain and maintain a good credit score to be able to get the good interest rates?
An interest rate is based on risk, the riskier you are, the higher the interest rate in most situations.
If they drop the rate 2 or 3 percent for those who can't afford thier original note, they would have to do it for every single customer, ethically. This would then lead to banks losing even more money, looking for more bailouts, and this recession might turn into a depression.
Extending the terms of the note makes sense, but dropping rates and eating the negative equity is simply unethical.
The banks dont want these homes, but the only leverage they have are the homes. What else can they do to get people to make good on thier agreements? Can't pay, can't stay...and its always been that way.
Annonymous
Fort Mill,South Carolina,
U.S.A.
Must be mis-informed
#9UPDATE Employee
Wed, January 07, 2009
Just a few comments on this report. First off, I am not sure if you knew this or not, but Wells was not bailed out by the Government, and when they bought Wachovia, they did it without the assistance of the government, so they did not use any of your TAX PAYING money. With the purchase of Wachovia Wells is actually helping to save A LOT of jobs in the Charlotte area. Of course some are going to be lost, but a lot more would have been lost if the bank would have just gone under, or been purchased by CITI. So your Financial FAT CAT of a mortgage company does do a little good.
As for the second aspect about submitting information for a loan modification. Think about what was said, that all Wells Fargo customers were asked to send in their information. Do you have any idea how many customers that is?? So of course it is going to take some time to get through all of the documents sent in. People expect things overnights and expect to be bailed out of a mess that they may have caused, not at all implying that you did. As for the investor denial, it's just that. Mortgage companies are at the mercy of their investors. These investors are the ones who fronted the money for you to get your home in the first place, and some just do not do loan modifications.
Since you were not approved for a loan mod, that is the only reason why you got the short sale letter. They send those out when other loss mitigation efforts are not approved.
I noticed that you requested the appraisal that they had done on the property. I don't think they have to send it to you, because they paid for it, and if you want one done, you are more than welcome to order one for yourself for about 300.00. I don't think a company has to give that information out.
Wells Fargo doesn't want your home through a short sale, or forelcosure, they just want you to pay your mortgage on time like you said you would when you signed your loan documents, that's it.