- Report: #144423
Complaint Review: Wells Fargo Home Mortgage - Fort Mill South Carolina
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Wells Fargo Home Mortgage
3476 Stateview Blvd. Fort Mill, 29715 South Carolina, U.S.A.
Phone:
800-416-1472
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Wells Fargo Home Mortgage Ripoff Denied request for Property Retention Workout Fort Mill South Carolina
I have had a very trying experience attempting to work out a payment plan with Wells Fargo Home Mortgage. I just recently received a letter of denial letter and would like to post my experience for others to see. My story is as follows:
A little over a year ago, my daughter was diagnosed with an extremely rare heart condition which required immediate attention and open heart surgery. Because of her hospitalization and medical costs, I fell behind on multiple bills, one of them being Wells Fargo Home Mortgage. I have since been trying to catch up on most of these items through payment plans offered by each of the debtors.
This year I received a notice in the mail from Wells Fargo Home Mortgage indicating that my loan was past due. This notice had an attachment which referred to foreclosure along with a letter attempting to collect the amount due. After several phone calls by Wells Fargo and no voicemails left, at least three a day, I contacted the phone number listed on the letter and spoke with a member of the "Loss Mitigation" department.
From the conversation held with this department, I faxed in all requested documentation to identify what payment plans could be offered to assist with my financial situation. I continued to receive phone calls by Wells Fargo and followed up on the fax request. I was told that they had not received all of the requested information, primarily payment stubs indicating monthly wages (funny how they got everything else).
In the meantime, this did not stop the collection letters, nor did it stop the phone calls. I was advised that once all of the paperwork was received, it may take an additional 30-45 days to research and provide an offer. I made a payment in April for two months, of four delinquent. The payment was accepted and I have now been told that unless the full amount due is paid, Wells Fargo will not accept any further payments.
Getting back to my story, I have now received a letter indicating that my request for a payment plan has been denied. I belive that this is unfair and unjust. All I am asking for is a payment arrangement to add 3-4 months to the end of my loan while I am trying to sell, to break even at that, my condominium. My other debtors have had no issue helping me out in this fashion. I will be "attempting" to make another $2000 payment this month, but I don't know how successful this will be.
I would like to know where in the terms and conditions of the loan agreement, which I never received because my loan was purchased from another company, it states Wells Fargo will "not take your money unless it is the full amount". If they were to pull my records on payment history prior to the surgery, they would be able to verify that payments were made on time. I welcome any feedback or recommendations. (I have the date, OpID, and notes of my conversations with the Wells Fargo "Loss Mitigation" department).
J
Littleton, Colorado
U.S.A.
A little over a year ago, my daughter was diagnosed with an extremely rare heart condition which required immediate attention and open heart surgery. Because of her hospitalization and medical costs, I fell behind on multiple bills, one of them being Wells Fargo Home Mortgage. I have since been trying to catch up on most of these items through payment plans offered by each of the debtors.
This year I received a notice in the mail from Wells Fargo Home Mortgage indicating that my loan was past due. This notice had an attachment which referred to foreclosure along with a letter attempting to collect the amount due. After several phone calls by Wells Fargo and no voicemails left, at least three a day, I contacted the phone number listed on the letter and spoke with a member of the "Loss Mitigation" department.
From the conversation held with this department, I faxed in all requested documentation to identify what payment plans could be offered to assist with my financial situation. I continued to receive phone calls by Wells Fargo and followed up on the fax request. I was told that they had not received all of the requested information, primarily payment stubs indicating monthly wages (funny how they got everything else).
In the meantime, this did not stop the collection letters, nor did it stop the phone calls. I was advised that once all of the paperwork was received, it may take an additional 30-45 days to research and provide an offer. I made a payment in April for two months, of four delinquent. The payment was accepted and I have now been told that unless the full amount due is paid, Wells Fargo will not accept any further payments.
Getting back to my story, I have now received a letter indicating that my request for a payment plan has been denied. I belive that this is unfair and unjust. All I am asking for is a payment arrangement to add 3-4 months to the end of my loan while I am trying to sell, to break even at that, my condominium. My other debtors have had no issue helping me out in this fashion. I will be "attempting" to make another $2000 payment this month, but I don't know how successful this will be.
I would like to know where in the terms and conditions of the loan agreement, which I never received because my loan was purchased from another company, it states Wells Fargo will "not take your money unless it is the full amount". If they were to pull my records on payment history prior to the surgery, they would be able to verify that payments were made on time. I welcome any feedback or recommendations. (I have the date, OpID, and notes of my conversations with the Wells Fargo "Loss Mitigation" department).
J
Littleton, Colorado
U.S.A.
1 Updates & Rebuttals
Julie
Guthrie,Oklahoma,
U.S.A.
The program you are describing... loss mitigation
#2Consumer Suggestion
Tue, May 31, 2005
The program you are describing is called loss mitigation. In order to qualify for a plan to retain your home, you must show you have more income than expenses. If you show a deficit, they can't help you. The reason is this: If you are 4 months behind, and they put you on a retention plan to keep your home, and they put the payments on the end of your loan. Well, June 1 is tomorrow. How will you make that payment? If they just did a plan to help you, they have to see that from here forward you can afford the your regular monthly mortgage payment and all of your monthly bills. Otherwise, they aren't really helping you, they are just buying you time, which is NOT what the plans are for. So the best thing for you to do is look at what you sent them and see if you indeed do come up short each month. If so, that answers the why for your denial. Call a housing counselor and perhaps they can assist you with getting back into a surplus situation. On the not being able to accept partial payments, that comes from the mortgage you signed when you closed on the property. That mortgage document allows the to transfer to any other servicer (which means that the terms and conditions of that mortgage remain the same). The partial payment clause is as follows: "Lender may return any payment or partial payment if the payment or partial payment is insufficient to bring the loan current." What this means is if you send in $2000 but you owe $4000, you have sent in what they consider a partial payment (IE it does not bring the loan current) and they can reject that.
