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Victims of Wells Fargo mortgage fraud speak out - Story 1
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Wells Fargo took billions of taxpayer dollars to assist homeowners in reducing their mortgage and prevent foreclosures. Instead, Wells Fargo committed massive fraud in a scheme to defraud homeowners into foreclosure. They deceive homeowners into believing they are receiving a modification but it is a trick. Wells Fargo later claims that they are only "trial modifications" and place the homeowner into automatic foreclosure. Of 100,000 trial modifications sent out, only a handful ever became permanent while the others were placed in foreclosure without the homeowner ever realizing it until it was too late. This is a criminal act. Here is one such story.
"I thought you might be interested to know that I participated in the Wells Fargo Loan Mod Workshop that took place last September. I had previously been trying since May 2009 to get a loan modification due to my husband's job loss and subsequent lower paying job. I was able to come away with what I thought was a permanent loan mod when I left that night. The Wells Fargo banker that I worked with told me that we had been approved and that we only had to make the new lower payments on the four month agreement for Sept, Oct, Nov, & Dec to make it permanent. She even told me what our interest rate would be. We lived up to our end of the agreement by making the four payments on time.
I called Wells Fargo in December 2009 to see what we needed to do to finalize. I disclosed that my husband was once again unemployed but had found a job and would be starting soon. They canceled the loan mod and restarted our application process. To our horror and dismay they said we no longer qualified because our deficit was too high. Imagine that! Now we don't make enough money to qualify. We had no choice but to sign a four month moratorium that allows us to make no payments at all until June 2010 upon which a very large balloon payment will be due. This is supposed to give us time to get our finances in order. I am still making what would have been the loan mod payment each month in good faith. We have never been late on our mortgage. I pulled our credit report yesterday to find that Wells Fargo has reported us as being delinquent since Aug 2009 even though we didn't start the four month trial period until September 2009. This is false reporting and I intend to call them on Monday and let them know that!
According to this website http://blog.wellsfargo.com/wachovia/2009/08/a_hamp_loan_modification_updat.html Wells Fargo goal is to send eligible customers a trial modification agreement within 48 hours. But after reading the more then 300 blogs you can see that it's not true. I have been trying for ten months to get a loan modification. I'm wondering how many other Arizona residents who attended the workshop were given a temporary loan mod to later be denied a permanent one. How long are the struggling middle class workers going to have to put up with this? Wells Fargo needs to be held accountable and I will gladly join a class action lawsuit!"
I called Wells Fargo in December 2009 to see what we needed to do to finalize. I disclosed that my husband was once again unemployed but had found a job and would be starting soon. They canceled the loan mod and restarted our application process. To our horror and dismay they said we no longer qualified because our deficit was too high. Imagine that! Now we don't make enough money to qualify. We had no choice but to sign a four month moratorium that allows us to make no payments at all until June 2010 upon which a very large balloon payment will be due. This is supposed to give us time to get our finances in order. I am still making what would have been the loan mod payment each month in good faith. We have never been late on our mortgage. I pulled our credit report yesterday to find that Wells Fargo has reported us as being delinquent since Aug 2009 even though we didn't start the four month trial period until September 2009. This is false reporting and I intend to call them on Monday and let them know that!
According to this website http://blog.wellsfargo.com/wachovia/2009/08/a_hamp_loan_modification_updat.html Wells Fargo goal is to send eligible customers a trial modification agreement within 48 hours. But after reading the more then 300 blogs you can see that it's not true. I have been trying for ten months to get a loan modification. I'm wondering how many other Arizona residents who attended the workshop were given a temporary loan mod to later be denied a permanent one. How long are the struggling middle class workers going to have to put up with this? Wells Fargo needs to be held accountable and I will gladly join a class action lawsuit!"
Wells Fargo took billions of taxpayer dollars to assist homeowners in reducing their mortgage and prevent foreclosures. Instead, Wells Fargo committed...
Keep Reading »
Keep Reading »
Wells Fargo took billions of taxpayer dollars to assist homeowners in reducing their mortgage and prevent foreclosures. Instead, Wells Fargo committed...
Keep Reading »
Keep Reading »
Wells Fargo took billions of taxpayer dollars to assist homeowners in reducing their mortgage and prevent foreclosures. Instead, Wells Fargo...
Keep Reading »
Keep Reading »
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