Complaint Review: Wells Fargo ASC - Plano Texas

"I refuse to pay them until I sell the house (which will be a long time from now)" Your Note indicated the amount of your late payment (normally 5% of the payment) and the date all payments are due. If you fail to make it, you are still considered delinquent. If you are delinquent for a significant period of time, even if for a small $ amount, they do have the right to foreclose. "I also have "mysterious" fees they can't describe to me that I have to pay. One amounts to $95.00 another for $31.25 (inspection fee)." Most investors require a home inspection be completed, at the expense of the mortgagee, if they are in delinquecy for a certain number of days. This is because many of the borrowers who go in to delinquency abandon properties or cause significant damage or allow the property to deteriorate. It's likely this is included in your Deed of Trust / Mortgage document. "This last time, I actually spoke to a "Loss Mitigation" person and she insisted I was in their program." Many loss migitation programs (e.g., ones from the government) automatically opt-in certain borrowers in delinquency. Typically, these are to your benefit. Opting back out isn't the smartest move without understanding what it is. "They make more money on the foreclosure process then they'd ever make on interest alone." This one made me laugh because it's SO far from the truth. Banks like WF make a piece of the interest you pay each month as a 'servicing fee;' but ONLY if you pay. When they have to foreclose, Banks no longer get that fee and Investors also then loose out on all of your interest payments, including having to front $$$ for legal costs, inspections, utility costs and upkeep (lawn), sheriff costs for eviction, costs for any damage to the property, improvements to get it ready to sell, and marketing and realtor costs. Trust me, foreclosure is both a bank's and an investor's nightmare (Banks have to keep track of everything going on, and that means a lot of people involves and tons of paperwork). "The banks won't own the property, the investors will. No regulation about that eh? and who are they?" Investors are typically pension plans, 401k's and other retirement accounts (or other companies or individuals) which are consolidated and used to purchase "Asset-backed securities" or, basically, a big pool of mortgages. This is regulated by "Regulation AB" which is also audited by independent auditors (go google it or look on wikipedia). The pools are typically purchased and 'administered' by investment companies. Because the 'pool' is so big when it's purchased and numerous parties are true and actual "owners," a Bank simply cannot call up the true 'investor' and say, "hey, can Joe Smith have this modification?" if it does not fall within the guidelines of the servicing agreement set up between the investor and the bank.

"I refuse to pay them until I sell the house (which will be a long time from now)" Your Note indicated the amount of your late payment (normally 5% of the payment) and the date all payments are due. If you fail to make it, you are still considered delinquent. If you are delinquent for a significant period of time, even if for a small $ amount, they do have the right to foreclose. "I also have "mysterious" fees they can't describe to me that I have to pay. One amounts to $95.00 another for $31.25 (inspection fee)." Most investors require a home inspection be completed, at the expense of the mortgagee, if they are in delinquecy for a certain number of days. This is because many of the borrowers who go in to delinquency abandon properties or cause significant damage or allow the property to deteriorate. It's likely this is included in your Deed of Trust / Mortgage document. "This last time, I actually spoke to a "Loss Mitigation" person and she insisted I was in their program." Many loss migitation programs (e.g., ones from the government) automatically opt-in certain borrowers in delinquency. Typically, these are to your benefit. Opting back out isn't the smartest move without understanding what it is. "They make more money on the foreclosure process then they'd ever make on interest alone." This one made me laugh because it's SO far from the truth. Banks like WF make a piece of the interest you pay each month as a 'servicing fee;' but ONLY if you pay. When they have to foreclose, Banks no longer get that fee and Investors also then loose out on all of your interest payments, including having to front $$$ for legal costs, inspections, utility costs and upkeep (lawn), sheriff costs for eviction, costs for any damage to the property, improvements to get it ready to sell, and marketing and realtor costs. Trust me, foreclosure is both a bank's and an investor's nightmare (Banks have to keep track of everything going on, and that means a lot of people involves and tons of paperwork). "The banks won't own the property, the investors will. No regulation about that eh? and who are they?" Investors are typically pension plans, 401k's and other retirement accounts (or other companies or individuals) which are consolidated and used to purchase "Asset-backed securities" or, basically, a big pool of mortgages. This is regulated by "Regulation AB" which is also audited by independent auditors (go google it or look on wikipedia). The pools are typically purchased and 'administered' by investment companies. Because the 'pool' is so big when it's purchased and numerous parties are true and actual "owners," a Bank simply cannot call up the true 'investor' and say, "hey, can Joe Smith have this modification?" if it does not fall within the guidelines of the servicing agreement set up between the investor and the bank.

"I refuse to pay them until I sell the house (which will be a long time from now)" Your Note indicated the amount of your late payment (normally 5% of the payment) and the date all payments are due. If you fail to make it, you are still considered delinquent. If you are delinquent for a significant period of time, even if for a small $ amount, they do have the right to foreclose. "I also have "mysterious" fees they can't describe to me that I have to pay. One amounts to $95.00 another for $31.25 (inspection fee)." Most investors require a home inspection be completed, at the expense of the mortgagee, if they are in delinquecy for a certain number of days. This is because many of the borrowers who go in to delinquency abandon properties or cause significant damage or allow the property to deteriorate. It's likely this is included in your Deed of Trust / Mortgage document. "This last time, I actually spoke to a "Loss Mitigation" person and she insisted I was in their program." Many loss migitation programs (e.g., ones from the government) automatically opt-in certain borrowers in delinquency. Typically, these are to your benefit. Opting back out isn't the smartest move without understanding what it is. "They make more money on the foreclosure process then they'd ever make on interest alone." This one made me laugh because it's SO far from the truth. Banks like WF make a piece of the interest you pay each month as a 'servicing fee;' but ONLY if you pay. When they have to foreclose, Banks no longer get that fee and Investors also then loose out on all of your interest payments, including having to front $$$ for legal costs, inspections, utility costs and upkeep (lawn), sheriff costs for eviction, costs for any damage to the property, improvements to get it ready to sell, and marketing and realtor costs. Trust me, foreclosure is both a bank's and an investor's nightmare (Banks have to keep track of everything going on, and that means a lot of people involves and tons of paperwork). "The banks won't own the property, the investors will. No regulation about that eh? and who are they?" Investors are typically pension plans, 401k's and other retirement accounts (or other companies or individuals) which are consolidated and used to purchase "Asset-backed securities" or, basically, a big pool of mortgages. This is regulated by "Regulation AB" which is also audited by independent auditors (go google it or look on wikipedia). The pools are typically purchased and 'administered' by investment companies. Because the 'pool' is so big when it's purchased and numerous parties are true and actual "owners," a Bank simply cannot call up the true 'investor' and say, "hey, can Joe Smith have this modification?" if it does not fall within the guidelines of the servicing agreement set up between the investor and the bank.

"I refuse to pay them until I sell the house (which will be a long time from now)" Your Note indicated the amount of your late payment (normally 5% of the payment) and the date all payments are due. If you fail to make it, you are still considered delinquent. If you are delinquent for a significant period of time, even if for a small $ amount, they do have the right to foreclose. "I also have "mysterious" fees they can't describe to me that I have to pay. One amounts to $95.00 another for $31.25 (inspection fee)." Most investors require a home inspection be completed, at the expense of the mortgagee, if they are in delinquecy for a certain number of days. This is because many of the borrowers who go in to delinquency abandon properties or cause significant damage or allow the property to deteriorate. It's likely this is included in your Deed of Trust / Mortgage document. "This last time, I actually spoke to a "Loss Mitigation" person and she insisted I was in their program." Many loss migitation programs (e.g., ones from the government) automatically opt-in certain borrowers in delinquency. Typically, these are to your benefit. Opting back out isn't the smartest move without understanding what it is. "They make more money on the foreclosure process then they'd ever make on interest alone." This one made me laugh because it's SO far from the truth. Banks like WF make a piece of the interest you pay each month as a 'servicing fee;' but ONLY if you pay. When they have to foreclose, Banks no longer get that fee and Investors also then loose out on all of your interest payments, including having to front $$$ for legal costs, inspections, utility costs and upkeep (lawn), sheriff costs for eviction, costs for any damage to the property, improvements to get it ready to sell, and marketing and realtor costs. Trust me, foreclosure is both a bank's and an investor's nightmare (Banks have to keep track of everything going on, and that means a lot of people involves and tons of paperwork). "The banks won't own the property, the investors will. No regulation about that eh? and who are they?" Investors are typically pension plans, 401k's and other retirement accounts (or other companies or individuals) which are consolidated and used to purchase "Asset-backed securities" or, basically, a big pool of mortgages. This is regulated by "Regulation AB" which is also audited by independent auditors (go google it or look on wikipedia). The pools are typically purchased and 'administered' by investment companies. Because the 'pool' is so big when it's purchased and numerous parties are true and actual "owners," a Bank simply cannot call up the true 'investor' and say, "hey, can Joe Smith have this modification?" if it does not fall within the guidelines of the servicing agreement set up between the investor and the bank.

"I have to mention, I have late fees they want paid. I refuse to pay them until I sell the house (which will be a long time from now). " So, you get to decide when you pay the late fees? Life would be so much easier if we could all take the approach that we decide when we pay what we owe. I'll bet what is happening here is that you're refusal to pay the late fees until you're good and ready is causing you to be perpetually behind in your mortage.