Wells Fargo Home Mortgage Co - Wells Fargo using fraudulent activities to put homes in for-closure

Posted on Friday, November 12th, 2010 at 5:46pm CST by 09355950

Product: Home Mortgage

Company: Wells Fargo Home Mortgage Co

Location: PO BOX 14411
DES MOINES, IA, 50306, US

Category: Business, Finances

To whom it may concern,

As a consumer in today's unfortunate housing market, I can't thank the government enough for making the Home Affordable Mortgage Act. In exchange for a promise from lenders to help consumers in hardship to catch their loans up and avoid for-closure the Federal Government has allotted special bailout funds to these business's. Wells Fargo Home Mortgage is deliberately doctoring their numbers, misleading consumers that call upon them for help, turning away people with unfair and fraudulent acts, as well as withholding information and documents needed for consumers to stop the for-closure proceedings in a way I believe is to purposely to gain homes in areas that will not only let them recoup their losses, but the equity in that home as well.

My husband and myself were fortunate when we purchased our first home in 2004, we weighed our budget closely, decided what we could afford and couldn't and purchased a modest home in the well sought after, and growing, West Millard area in Omaha Nebraska. For $117,000, my three children and my husband and I were living the dream in an affordable home, even after the market crumbled. We had a fixed rate of 5% and an affordable mortgage. We paid biweekly, on time, and had a credit score in the 700's. In 2009, for eight months we separated and I feel behind on my mortgage, we reconciled in 2010 Jan, and soon thereafter my position at work was terminated. I decided to go back and get my BSN and am a current full-time student at Nebraska Methodist College to date. With my husband being the only income, we have fallen 2 months behind. Now, I have always kept in contact with my creditors, monthly with Wells Fargo Mtg. Every month, I begged, cried and pleaded on the phone with whichever poor soul answered. Each time, our income was taken down,(a 30 minute process,) and every month we were told we didn't have enough income. Finally last month in Oct, on or about the 16th, We qualified as we had a two-hundred a month car payment that was paid off. Again, I gave all of income and bills, and was told that the loan modification required doc's were being mailed off that day, and to make sure to Fax..not mail, them back asap. Ten days passed, no letter, I called Wells Fargo again, got a nice gentleman, who assured me it was mailed, but just in case, it will be mailed again..November 1, 2010. November 11, 2010, I called Wells Fargo again and had a woman tell me that Wells Fargo doesn't mail such documents and that I didn't qualify anyway, it had been denied. Almost in tears, I hung up, looked online, and indeed, we had been denied according to their loan modification details. Today November 12th, I called Wells Fargo again, and the woman I spoke with confirmed my suspicion when she told me that a letter for demand of payment was in the mail, sent out on the 7th day of November, and that for-closure was sure to follow, should loan not be caught up. She informed me that with $5,570 extra money available after bills were paid, that I certainly didn't qualify for any help. Now, we have no such amount after our bills, and after going over my finances at least 6 times in the last 6 months with several different agents, why was my income inflated to such a degree? They even had myself down as getting $2,200 a month in unemployment that I do not receive. Why didn't the agent yesterday mention that? Your guess is as good as mine. I can tell you our home is worth quite a bit more than the $106,000 we owe, and that Wells Fargo would stand to gain at least $25,000 if sold in a for-closure proceeding. I can also say that after investigating this myself, there are numerous complaints and blogs on Wells Fargo's practices and that this isn't isolated to myself alone. It seems this little game of theirs in very common. Why is this being allowed to happen? Who will be our voice? These practices are disguised as simple errors, but none-the-less, error after error cannot be written off. Now the nice lady on the phone this time, again qualified me with the tedious income verification process, declaring how lucky I was, Because so many get denied, but this time, she directed me to a website where I printed off some forms myself to be faxed in immediately. Why different this time, I cannot answer. My intentions here are not to receive a handout, but to be sure that these promises made by the mortgage companies are done in an honest, forthright manner. To not do so is an extreme disregard to families everywhere, losing their homes for reasons that otherwise could be avoided. I intend to write the Federal Trade commission about this matter, my Attorney General in Nebraska, whom I hope will forward this to any proper authorities I am unaware of, and I will also inform the Better Business Bureau and the Consumer Affairs Office, as well as the White House Federal Bureau of Investigations on Corporate or Mortgage Fraud. Somewhere down the line, this will be brought to the media's attention and stopped. Thank your for your valuable time.

Brian and Kelli


2 Comments

f4384cd9, 2010-12-02, 10:47AM CST

Thank you! We just found out we have had charges added to our mortgage that we were never billed for. My husband learned about them over the phone when they kept a half a payment. All they could say was "other fees." We finally talked to someone that gave us a list of charges stemming back to 2005 that we were never billed for or informed of until they kept almost $400. We also got NO HELP filing for hardship and never did get an answer. I wondered where to complain to! So I appreciate the info! BTW, we live in Columbus NE.

7335d930, 2011-01-01, 01:21PM CST

I'm so glad to read you just didnt give up, you filed with teh agencies that need to know, if more people would make a stink, then maybe things would change, they are doing things that anyone else were to do would be illegal.

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