- Report: #385129
Complaint Review: Wells Fargo Home Mortgage - Fort Mill South Carolina
-
Author Confirmed
Why?
Wells Fargo Home Mortgage
BCS-Loss Mitigation 3476 Stateview Blvd Fort Mill, 29715 South Carolina, U.S.A.
Phone:
877-216-8448
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Wells Fargo Home Mortgage Unhelpful Loss Mitigation Fort Mill South Carolina
I started calling Wells Fargo in April 2008 when my business slowed down. I am a sales agent but due to the housing slump my business has gone too deep, very low that I am not able to catch up with my mortgage payment. I have asked for their help to lower my monthly payment and lower my interest so I can keep it up. Since the beginning of the year, I have been using all my savings to pay for house payment, insurance, utilities, food, car payment and all the necessities to survive. But now I am already drained. No business for almost 6-8 months. At that time, April 2008 I called the credit counseling for help. I was only short of $650.00 with my monies and expenses. I was told by counseling agency that they will send the assessment to Wells Fargo. At the same time too, I was in touch with WF.
I also found out that these Credit Counseling has no "jurisdiction" on your lender. What they do is get your financial statement and send it to your lender. It is up to the lender to accept and reject or to offer a solution. So where is the help???
May 2008, I got a reply from Wells Fargo. Unfortunately, their offer was $325. more than what I was originally paying. My original monthly payment was $2,645.00 and now they are asking me to pay $2971.85 starting May 2008 until July 2008. By August 2008, the monthly payment will be $4441.70. So when I received their letter, I told them that I am not able to pay that much. It is ironic since I'm asking for lower payment they added more. So I was told by Loss Mitigation that I should send in another financial statement. So I did. Up to this time, October 2008 I have not receive any answer from them.
The sad part was that I was never late in my mortgage during the good days and now Wells Fargo does not seem to care. I'm so afraid every time I come home that I will see my house being lock up. Where will my family go?
I have sent them "current market analysis" of homes sold in my area so they'll know the present situation here.
I have a lot of sleepiness nights. I cannot sleep 'cause I don't know what tomorrow will be bring. I hope Wells Fargo will apply the housing law that Pres. Bush signed helping homeowners by revising their loan terms to 90% of present market home value and lowering their interest rate.
The government baiedl out the big companies - they should bail out the consumers then the economy will start to get back on their feet. The help should be targeted to homeowners who are going to lose their homes.
I have called WF every week as I was instructed by their Loss Mitigation to get status. With this bailout program why are they not helping lower the monthly payments of consumers. They seem to prefer selling your home on short sale which is probably 50% off than my present loan and kicking out homeowners. Wouldn't it be the same too that they will also get a new buyer with a low short sale loan?
Mountain desert
Desert Hot Springs, California
U.S.A.
I also found out that these Credit Counseling has no "jurisdiction" on your lender. What they do is get your financial statement and send it to your lender. It is up to the lender to accept and reject or to offer a solution. So where is the help???
May 2008, I got a reply from Wells Fargo. Unfortunately, their offer was $325. more than what I was originally paying. My original monthly payment was $2,645.00 and now they are asking me to pay $2971.85 starting May 2008 until July 2008. By August 2008, the monthly payment will be $4441.70. So when I received their letter, I told them that I am not able to pay that much. It is ironic since I'm asking for lower payment they added more. So I was told by Loss Mitigation that I should send in another financial statement. So I did. Up to this time, October 2008 I have not receive any answer from them.
The sad part was that I was never late in my mortgage during the good days and now Wells Fargo does not seem to care. I'm so afraid every time I come home that I will see my house being lock up. Where will my family go?
I have sent them "current market analysis" of homes sold in my area so they'll know the present situation here.
I have a lot of sleepiness nights. I cannot sleep 'cause I don't know what tomorrow will be bring. I hope Wells Fargo will apply the housing law that Pres. Bush signed helping homeowners by revising their loan terms to 90% of present market home value and lowering their interest rate.
The government baiedl out the big companies - they should bail out the consumers then the economy will start to get back on their feet. The help should be targeted to homeowners who are going to lose their homes.
I have called WF every week as I was instructed by their Loss Mitigation to get status. With this bailout program why are they not helping lower the monthly payments of consumers. They seem to prefer selling your home on short sale which is probably 50% off than my present loan and kicking out homeowners. Wouldn't it be the same too that they will also get a new buyer with a low short sale loan?
Mountain desert
Desert Hot Springs, California
U.S.A.
1 Updates & Rebuttals
Bob Pace
Silver Spring,Maryland,
U.S.A.
Its time to downsize
#2Consumer Comment
Thu, October 30, 2008
Mortgage companies need to be more upfront w/ mortgagors in situations like this. As soon as they reviewed your situation the first time, they should have been proactive and let you know that it was time to downsize and market the house for short sale. Can't have champagne taste on a beer budget. I would say if the business is going that awry, you may want to think about closing up shop and seek steady employment. Lenders are much more willing to work w/ someone they can be rest assured will have money coming in a timely fashion. The problem w/ the self employed is there really is no "guarunteed income" and in hard times, its hard to tell if it will ever pick back up again.
