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 Wells Fargo's Hostile Takeover Attempt of Family Home Motivated by Greed
Posted Tue February 2, 2010 12:00 pm, by James P. written to Wells Fargo
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My wife and I bought our first house on 32nd street in Davenport, Iowa with the help of Wells Fargo and moved to 43rd street after our kids grew up with the help of Wells Fargo. But now we are absolutely disturbed by the hostile treatment and lack of response Wells Fargo have demonstrated. Below is a summary of events over the last year.
10 Jan 09, 1305, contacted WFHM regarding point of contact for Loss Mitigation
27 Feb 09, 1203, forwarded all requested information to WFHM
27 Feb 09, 1206, contacted number regarding receipt/Told to call back
27 Feb 09, 1204, direct line to Loss Mitigation /call back
6 Mar 09, 1735, signed into Loan Modification Program and Debt Consolidation portion of the Home Recovery Program, WFHM
1 May 09, 1530, received call from
4 May 09, 0824, couldn’t find any status reflected in the system/at 1027, acknowledged receipt of the paperwork
5 May 09, 1159, spoke with checking on call on 1 May 09, and left additional contact numbers (cell and work)
5 May 09, 1233, transferred to team handling my documents and loan modification with still no action!
6 May 09, 0825, spoke with and she left message
8 May 09, 1712, fax documentation again to
8 May 09, 1138, call from and he provided direct fax number
12 May 09, 0902, telephoned spoke with , regarding receipt/nothing uploaded
14 May 09, 0930, left message to call him back , credit report questions. He assured me that the investors would have to give a darn good reason to not accept my modification. He promised to obtain a reduced interest rate, reduced payment plus make the interest rate fixed from the current adjustable rate/ documents sent again at
18 May 09, 1500, reviewed with financial documentation received/ criticized our gas use & mother’s prescription help
4 Jun 09, 1016, disliked $100 weekly for two cars gas/ stated must be in default to offer a modification to a fixed rate/ allow months deferment pay down bills/balloon payment/mentioned forbearance with no acts.
9 Jun 09, 2100, requested debt consolidation with WFB!
9 Jun 09, 0820, contacted Wells Fargo requested refinancing/ that someone will contact/no contact made!
9 Jun 09, 1122, package from WFHM/UPS that demanded we sign/ half payments with credit report note that we are avoiding foreclosure
11 Jun 09, 1500, telephoned , request for consolidation/ forwarded me to local specialist (.
12 Jun 09, 1713, voicemail WFHM/female/no name/told to sign & return immediately or no deal/ sent copies of document back/ refusing/ destroy my credit worthiness/never addressed what I asked/loan modification of rate with debt consolidation/ economic suicide!/signs of hostile takeover
12 Jun 09, 1721, never received a call from as promised
16 Jun 09, 1719, updated online WFB account information
17 Jun 09, 1513, forwarded insurance card to Kyle/consolidation effort
18 Jun 09, 1759, sent again insurance card/declarations page/drivers’ license
19 Jun 09, 1218, Met with /paperwork incorrect
23 Jun 09, 1621, advised exception received via district manager/Gap Insurance/ Both vehicle mileage
24 Jun 09, 1216, checked Wells Fargo Assist status/IN PROCESS, no longer reflecting MODIFICATION IS COMPLETE.
25 Jun 09, 1306, continued making copies of Assist website
25 Jul 09, 1606, WFHM/August statement not sent/inquired status/ this is sabotage to create default of mortgage loan
27 Jul 09, 1124, response/letter received online/encrypted with password/accused us of being 2 cents short/directed to collections specialist,
27 Jul 09, 1732, rebuttal to WFHM/ check exact payment/ was shocked and considered action absurd/spoke with who made changes
30 Jul 09, 1040, document received encrypted/password/ indicating their failure/unjustifiable loss payments.
1 Aug 09, 1704, spoke with other agencies> rate changed
29 Nov 09, 1958, again refinance assistance requested/WFHM online/again no responses/ Advertised no closing costs/coworkers took advantage of no closing costs/letters sent to many other people offering refinance/account online note/refinance not being offered to me.
10 Jan 10, 1400, check credit reports and Wells Fargo has data on Equifax listed as if we are missing payments to our mortgage as promised.
29 Jan 10, 1300, suddenly the games began again when I received a voicemail from advising he wanted to touch base with me and make sure that I had all of my refinance questions answered. He apologized for any inconvenience in getting back with me - (6 months)
1 Feb 10, 1535, returned call to and advised him that I was never contacted – confirmed my identity, property address & never asked for my account number perhaps the (June & November request were enough. He called me back on his cell number for more data and promised to call me back. never called me back!
2 Feb 10, 1600, I telephoned instead and he spoke about my home being valued at $104,000. I told him I was from the night before - he apologized that he thought I was a . Reminded him of his missed call the night before, he accidently called instead then went over my home phone number, work number and asked a cell number. He read me current interest rates, promised to send me data through email for a decision, gave email address and he promised to have available by 6pm. Did not receive a thing!
2 Feb 10, 2100, appealing to Wells Fargo/starting once more for a fixed rate to our mortgage.
We would like a fixed rate provided at our current interest rate of the ARM and the paperwork sent to us overnight with no closing costs, as has been offered to many but never responded to our continual request. We prefer a modification of the loan to take advantage of the years we have already paid, but again seek a fixed rate as the main objective with the current interest rate we now are paying and no closing costs.
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This is an example of why I dont agree with mortgages, or any debt for
that matter.
Good Day
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by Donno Posted Wed February 3, 2010 @ 11:02 AM
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I agree with Nathan below. The way the letter is written, it sounds
like you are entitled to a change in the terms of your mortgage. The
bottom line is you agreed to the terms, and now find yourself unable
(evidently) to satisfy the agreement.
If I were the bank and you were requesting such a change, I would also
raise my eyebrows at $420 a month in gasoline. For a $104,000 house
even half of that would really help with the payments.
I would never accept a mortgage with variable rate terms. I see that
you reference what "has been offered to others." Every case is
independent, and I am sure there are many reasons they could deny a
request.
Based on what you presented, it appears the process could be a lot
more communicative, and what Wells Fargo owes you is an answer one way
of the other as to whether you can modify your mortgage. Good luck.
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by NathanG Posted Wed February 3, 2010 @ 10:45 AM
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Just because they offer it to other people doesnt ENTITLE you to it as
well. Nine times out of ten there are provisions to those special
rates. Now you want your closing costs back YEARS after you bought
the house??? Thats like someone who bought a blue ray player when
they first came out for $1,500 wanting money back because now 2 years
later they are $200.00.
It looks like you signed up and agreed to a variable interest rate and
now want a fixed rate. If you didnt like the variable why agree to
it? I know some people will say well they had no choice, sure you did,
rent dont buy. The bank is under no obligation to change your rate to
a fixed unless they agree to it.
When me and my wife bought a house we applied for a couple of offers
and only got 1 out of 3 because we didnt qualify for the other 2.
Course we tried that when we bought the house not years after.
If WF says no to your request then you will just have to live with the
deal you agreed to.
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by Mnemosyne Posted Wed February 3, 2010 @ 9:56 AM
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I really feel for you, what an ordeal. I live in an area where the
unemployment rate is 20%, the highest in the state of Virginia. These
companies have no real incentive to help homeowners, it's a disgrace.
I hope they work to resolve this, good luck to you.
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