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Wells Fargo gives borrower run-around for a year over loan modification

Wells Fargo gives borrower run-around for a year over loan modification

“I’m not a user, or an abuser, I’m a hard worker,” says Rhonda Daniels, who like many has fallen on hard times and has a mortgage loan with Wells Fargo.

She and her husband Shedrick left their jobs to start a business a few years ago, but when the economy faltered so did it.

Daniels was re-hired at her old job, but her husband couldn’t find another. That’s when she says they began having problems making mortgage payments.

“Once we started going downhill, we would miss payments here and there, catch them up and miss them,” explains Daniels.

She says when they started to get information in the mail from their lender about loan modifications, it seemed like a good option.

“Fill that out, send it back to us and we can get the ball rolling.”

Except Daniels says it hasn’t exactly happened that way.

“I formally sent off the paperwork via fax January 4th of ’09 and it’s been a paper shuffle ever since then.” // Article continued after the video


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A year later Daniels claims she’s still getting the runaround from her lender, Wells Fargo, with reps continuing to ask for documents she says she’s already submitted.

“It makes me frustrated, it makes me angry, it makes me sick that we live in those times where you reach out for help and you can’t, hardworking people like us, but then people who aren’t doing anything, everything seems to be a breeze for them,” Daniels says.

Wells Fargo has since set the Daniels family up on a forbearance plan where they make partial payments.

Even still, they’re more than $6,000 behind. We talked directly with company officials to find out exactly what the hold up is.

“We’re sorry for this homeowner’s frustration and we know the homeowner, our customer has been under stress. It’s not typical for it to take such a long time, we don’t like for it to take such a long time. We want to help as many people as we can, as quickly as we can,” says Wells Fargo Spokesperson Jay Lawrence.

Wells Fargo participates in the government’s Home Affordable Modification Program, also known as HAMP, plus the lender has its own.

Officials say borrowers can almost immediately begin the trial process, but further documentation is required for final modification approval.

They say it can especially be tough to qualify homeowners who are under or unemployed.

“Hopefully during that period of time, something comes together in terms of a job or a stabilization of their income, then once that happens, then you can start to evaluate what is affordability,” explains Wells Fargo Home Mortgage Spokesperson Tom Goyda.

Melanie Faison is with NeighborWorks Columbus, they council homeowners who need modification.

She says ideally it can take 90 days, possibly up to six months or longer.

Research shows, though, homeowners who use such counselors get results faster.

“That’s where a professional comes in, and we can document, a lot of them have dedicated email addresses for the mortgage professionals for counseling professionals, we have different access than a homeowner would have alone,” says Faison.

Daniels says at this point she doesn’t know where to turn.

“So you get your hopes up, finally after a year and some months, where do you go?”

If you’d like to speak directly with a counselor at Neighborworks Columbus call 706-324-4663.
#####
Source: http://www.wtvm.com/Global/story.asp?S=11818719

Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster

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Technorati Tags: wells fargo loan modification, home loan modification, loan modification, mortgage loan modification, loan modification program, hamp government program

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9 Responses to Wells Fargo gives borrower run-around for a year over loan modification

  1. N on 08/04/2010 at 13:09

    Dear Government- please check into the policies and procedures at Wells Fargo because they are Crooks robbing consumers of their homes and credit and the American DREAM.

    I have been trying to get a home modification through Wells Fargo for over a year. I finally hired an attorney about six months ago with lack luster results from the bank . We have two mortgages with Wells Fargo.

    Wells Fargo broke it up our mortgage into our first as an interest only with a 10 / 1 arm. The second was listed as a Equity line which they controlled at a much higher interest rate but it included principal and interest. The rate is at 8.2 %. Controlled meaning it was automatic withdrawal and we did not have access to any equity we had at the time.

    I tried for six months on my own to get the modification. These are the reasons they put in writing on why it was rejected. Side note: Wells Fargo holds our 1st, 2nd, and is our investor.

    Reasons for rejection:
    1. *Modification not in the best interest of the investor* (yep, they put in in writing)LOL
    2. “Modifications are outside of investor guidelines.” meaning they don’t do them!

    After we hired the attorney the reason was:

    3.*Investor does not participate in the government program Making Home Affordable.* The big banks have a right not to participate in the program. Now, where does that leave us the consumer? Now where do we turn?????

    They say we don’t qualify for this program anyway because Wells Fargo is our investor and it is not a Fannie Mae or Freddie Mac backed loan. Then they say we are below the 31% ratio? They only consider the 1st loan which is at 31%. They said the second does not constitute a mortgage because it is HELOC (equity line). However, together it would be over 39% debt to income ratio according to their calculations. According to our attorney we are at 46% DTI ratio. See, how WF plays with the numbers? If I don’t pay on the second they can foreclose. So how is it not considered a mortgage? They are just playing games with consumers, using smoking mirror techniques, and dragging the process out until I believe they think the economy turns around or the interest rates goes back up.

    So, this is the latest 04-01-2010. They set us up on this Forebearance program. Three trial payments and then they will work a modification for us. Guess what the payment is? Our actual payment that we have paid from the very start. Yep, can you believe it? The same payment…not reduced or anything. Then the second line came in and cut their payment in half for the next 9 months then it will return to the same rate and interest and same payment. (This is the equity loan that is getting paid when there is ZERO equity in the house.) According to Wells Fargo, our house is only worth half of what we paid for it in 2007. This was their appraisal too. So, we are majorly upside down in our mortgage.

    Wells Fargo is trying like the dickens to get me to lift the order of cease and assist so they can talk directly to me. Does anyone else feel they are being set up here? .I just emailed my attorney and asked for documentation sake do not lift it. PERIOD.

    Wells Fargo is hands down the worse Bank for trying to get a modification completed and now a principal reduction. I actually become ill when I hear the commercials regarding how they care…they are all complete lies about them. Has anyone else a that they have triple their advertising? I have search hours online trying to find a success story with someone getting a mod or a principal reduction completed with them and have not found any. Why, because there isn’t any.

    I wish one of these government programs and laws that they are passing would be able to go in and audit these crooks and see how they are destroying the consumers and their credit. If it was one of us consumers doing this to someone we would be committing a crime but when it is the Big Bad Banker they are not held accountable? WHY the double standard???

    I read there are more and more people walking away because the banks are not willing to work with a viable working homeowner.
    Soon, I am afraid I will be one of them. I will keep you posted, my forbearance will be up in June 2010, then we will see what kind of mod or reduction they work out. Trust me…I will not be holding my breath!!!

    Underwater, in of all places…ARIZONA!!!

  2. Trying to save my home on 18/06/2010 at 12:18

    I’ve been in the same Wells Fargo Home Mortgage hell for the past 18 months and am stilling fighting to keep my house. The following are two steps that you should take.

    Step One:

    Contact the Federal Trade Commission at 1-877-382-4357. (It took several tries before I was able to navigate the automated phone system and actually speak with someone.) File a verbal complaint and received a case number. The Federal Trade Commission logs these complaints to determine trends and if they determine a trend, they will file a “class action law suit” against the offending business/bank. Once you receive a case number you will automatically be put into the “class action law suit” if one becomes necessary. The more people that file a similar complaint the better chance of a “class action law suit” being filed.

    Step Two:

    File a detailed online complaint with the Regulatory Agency (www.helpwithmybank.gov) “Office of Comptroller of the Currency(OCC) ” of National Banks. Once the complaint has been filed they will issue you a case number. Then the OCC will contact the lender (Wells Fargo) for a response about your specific situation. Hopefully, they will be able to apply sufficient pressure to get the ball moving again. Their primary function is dispute resolution. They will not get involved if legal action has started. There is additional information at (www.helwithmybank.gov)

    If enough people do these two steps it should wake someone up to the problem!

  3. Beth on 21/07/2010 at 17:07

    @N I have been working with Wells Fargo for over 2 years now trying to get my loan modified. I was placed on forbearance period for 90 days and at the end of 90 days, they still didn’t have an answer and told me to keep making payments which I did for an additional 90 more days. I’ve sent over all my paperwork 9 different times. Just received a letter today stating “We are unable to create an affordable payment equal to 31% of your monthly gross income without changing the terms of your loan” This is really puzzling to me, of course they have to change the terms of my loan to reduce the monthly payments.

    I have gone to their Executive Office, was assigned to 4 different negotiators and don’t know what to do at this point.

  4. Grady Lucas on 22/07/2010 at 18:34

    re: “We’re sorry for this homeowner’s frustration and we know the homeowner, our customer has been under stress. It’s not typical for it to take such a long time, we don’t like for it to take such a long time. We want to help as many people as we can, as quickly as we can,” says Wells Fargo Spokesperson Jay Lawrence.

    BULLSHIT! We’ve been getting the same runaround from WFB for 18 months now and they’re preparing to foreclose.

  5. Lisa B. on 09/08/2010 at 06:44

    I’ve been at it for 22 months!! No, nothing changes. I document everything, including
    every phone call. Mediation is a JOKE. And the only reason we went to mediation is
    because I petitioned the court for it. They basically said, here’s a deal, take it or
    leave it. They didn’t even listen to what I wanted. Call me crazy, but I thought mediation meant you make an offer, I make an offer, and hopefully we meet somewhere in
    the middle. And of course, everybody had to be physically present at the mediation,
    (Us, the mediator, and the bank’s attorney) EXCEPT….. you guessed it. The bank
    rep. No, they get the PRIVALEGE of showing up via telephone.
    God Forbid, we INCONVENIENCE the BANK.
    Of course that way it’s very easy to remain cold and uncompassionate when you don’t have
    to sit across the table from a human being who’s about to lose their home and look them in the eye. We are nothing more than numbers on a page to them.
    I frankly don’t know what the answer is, either.

  6. Gail Simmons on 11/08/2010 at 11:24

    Lisa, I am sorry for the grief the lender is giving you… just heartless. You may want to consider using the loan modification/stop foreclosure in a day tools recommended. Mike’s loan modification workbook will likely give you some strategies to use to make headway. The stop foreclosure in a day strategy may finally force the bank to negotiate with you and give your an offer you can afford. Take a look at the tools here: /tools/
    Best wishes.

  7. Jamie Scott on 12/08/2010 at 02:02

    I’m sorry guys…but we just got so tired of all that run-around. finally we got REAL HELP or end to a nightmare…My husband and I have been trying to get help from our lender for just 2YEARS NOW!!! and I have to tell you we finally got real help…no more missing paper work or trial payment run around… this company really did help us get back on track…look them up or call 1.888.630.8881 or the website http://www.legalloansolutions.com I guess they have an A rating with the BBB for a good reason!!

  8. Gail Simmons on 14/08/2010 at 09:49

    I’m glad the law firm was able to help you.

    Of course, a borrower can negotiate a loan mod themselves without paying an expensive attorney with the right tools. Consider using Mike’s loan modification workbook featured in our tools section: /tools/loan-modification-workbook-secrets-to-get-approved-fast

  9. Ivy on 10/02/2011 at 07:43

    I was waiting two (2) years for Wells Fargo to give me a loan modification, even I showed them I can pay a modificate mortgage. Last month, I hired a lawyer and we have a mediation on May 2011. Wells Fargo says they want to help people as soon as possible, but that is not true!

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