Is ANYONE Policing these Mortgage Companies?

[Just_Frustrated]

I am really frustrated with the way my Mortgage Company (Wells Fargo) is handling my loan modification. Whenever I call the customer service line, I truly feel that I am given the run around. Is anyone policing the loan modification process? When you have a complaint, who can you turn to?

I know my situation may be different because I've never been late on my mortgage and I'm not going into foreclosure, but in order to stay on top of my payments I AM robbing Peter to pay Paul.

Here's my story:

On 3/31/09 I applied for the Home Loan Modification program. At that time, I faxed in the required docs (hardship letter, proof of income, and monthly expense report). I was told on 4/22/09 by a customer service rep that my application was assigned to a negotiator on 4/20/09, everything needed had been received and it normally takes 30 days for a determination to be made.

On 5/20/09 a customer service rep told me that my application was being considered for the Home Owner Affordability Plan and that they were waiting for an outdoor appraisal (BPO) to come in. Once received, the loan docs would be sent via UPS and it normally takes two weeks for a response after the BPO comes in.

On 6/22/09 a customer service rep told me that the BPO finally came back on 6/20/09 and I was no longer being considered for the Home Loan Modification, but they were now considering me for the Home Affordability Refinance Plan (HARP) and I was transferred to the refinance department.

When the customer service rep in the refinance department answered the line, she stated that I did not qualify for HARP because I pay private mortgage insurance (PMI) on my loan and asked if I would like to refinance my loan. Why was I transferred to the refinance dept if I do not qualify for HARP?

I hang up from the refinance dept rep and immediately call Wells Fargo back. This time the customer service rep states that she isn't sure why the agents would tell me that I was being considered for HARP, it clearly states that my application is still under review. When I tell her that I was originally told the application process would take 30 days, her response was: "I'm not sure why the agents would give you a date. The review process could take 90 days."

HELLO.. If the agents can't give me a date, why is this agent now telling me that the process can take 90 days? Is this not a date?

Each time I call Wells Fargo I'm asked "are you planning on staying and keeping your home?" HELLO.. Yes, that is my intent, but if I keep getting the run around and I keep having to rob Peter to pay Paul, then NO I'm not going to be able to keep my home.

Is anyone policing the Mortgage Companies?

Here it is 7/15/09 and I'm told again that I wasn't approved for the Loan Modification and my file is currently being reviewed for the Home Affordability Refinance Plan (HARP) and would I like to be transferred to the refinance department. When I explained to the rep that I was told I couldn't qualify for HARP, she explains that she'll make a note on my file and request that the negotiator upate the record. I then ask "why, wasn't I qualified" and I'm told the notes do not indicate why, but the file is still under review and I should call back.

HELLO?

[Calli09]

Wow.......just Wow..........OMG

[mbmullen]

I don't know if this will give you hope, but a good friend of mine tried for months to modify her loan with WF and was given the run-around, too. She finally told them where to go and started the short sale process. A month later, she received a complete loan package from them with a great deal. She is moving back into her home this weekend and is sleeping for the first time in months.

It seems as though the people who play hardball with the banks end up getting what they want. Unfortunately you may have to stop paying your mortgage to get them to take notice. At least that's what I've seen. If you can avoid that and still get them to help you that would be wonderful - but they don't seem to believe that you need a mod if you're managing to pay. They don't care that we're out here skipping meals to come up with the money to pay them every month.

Good luck and hang in there. I'm sure things will work out for you.

[Lola8]

My parents wer told the same thing. We filed out the loan mod application, and sent (faxed, no way we'll give them originals) the papers required at the beginning of June. Our process was speeded up only after I called someone at the Excutive offices mid-June. However, this resulted on the negotiator we were assigned telling us that since we had a SURPLUS, we can make the payments; thus, we don't qualify for loan mod.

Guess what? he sent us to refinance dept.
Of course, I immediately called Ref Dept, only to be told we don't qualify because our townhouse has lost value (as if I did not know THIS)

Grrrrrr..... >:-(

Heck, seriously, how they expect us to stop paying without damaging our credit.

I keep telling my mom to stop paying, leave this S*it abandoned, and go back to renting. We're now 3 grown up children who can rent for them if their credit is damaged.

Let's see if WELLS FARGO would help us then

[faith]

Originally Posted by Lola8

My parents wer told the same thing. We filed out the loan mod application, and sent (faxed, no way we'll give them originals) the papers required at the beginning of June. Our process was speeded up only after I called someone at the Excutive offices mid-June. However, this resulted on the negotiator we were assigned telling us that since we had a SURPLUS, we can make the payments; thus, we don't qualify for loan mod.

Guess what? he sent us to refinance dept.
Of course, I immediately called Ref Dept, only to be told we don't qualify because our townhouse has lost value (as if I did not know THIS)

Grrrrrr..... >:-(

Heck, seriously, how they expect us to stop paying without damaging our credit.

I keep telling my mom to stop paying, leave this S*it abandoned, and go back to renting. We're now 3 grown up children who can rent for them if their credit is damaged.

Let's see if WELLS FARGO would help us then

Welcome to this forum,
Don' lose hope, keep calling, emailing the CEO, President and higher ups of Wells Fargo, call, email, fax, send letters certified, don't stop until you get the result that you want, as Moe always says, "the squeaky wheels get the greese." Don't accept NO for an answer. Maybe you should also try calling NACA to see if they can help your mom.

Here's the link for successful stories of all lenders, they are stories of frustrated homeowners who joined this forum and Thank God for Moe, *** and Prof Shays that they were successful because of the informations, email, phone numbers of their lunders that was provided in this forum. There's also help on how to write financial hardship letters in this forum.

Hope this helps.

http://www.loansafe.org/forum/succes...ught-back-won/

Take care and God bless

[Lola8]

@Faith: thanks for the words of encouragement. Yes, I still haven't called back that lady at the Exec Office. I have to let her know what happened, even if she says she do anything.

What I find horrifying is that even those who qualify for the gov't program are not being helped (!!!!!!!). The banks are doing the run around with these people as well, so no surprise they could care less about those who have PMI and their houses are underwater, like the HUGE majority of homeowners in America.

Also, I think what Just Frustrated is talking about should be in another subforum, with a title like "Wells Fargo giving the run around with those with PMI and underwater"

[madresmustang]

Lola8 welcome aboard what I call the WF confusion express. For me I started the process on the 19th of and now here we sit on the 18th of July and I still don't know what's happening except that WF sent me into foreclosure and then suspended it.

3/19 called WF was 1 payment behind and knew I was late with March payment (my client wf loan officer didn't receive full commission). They sent me to website which sent me to HopeNow Consumer Credit Collection site. Filled out online hardship letter and financial docs.

4/15 received packet from HopeNow which told me to work with my mortgage lender and cut down my grocery spending by going to the Angel Network. during this time WF wouldn't accept payment unless it was for the Feb/March pay plus now April.

4/15 call customer service they couldn't find any record of me filling out anything. Took information over phone said they'd be sending me out info to fill out and to write hardship letter explaining business slow down.

4/22 call customer service "no paperwork came". customer service tells me it's in review. Review for what I didn't know and they couldn't tell me.
4/22 talk with client about what's going on. she does some checking and says they're putting together a repayment plan should take only 30 days from the March 19 start. Okay so I did 30 business days. still nothing

Long story short thanks to this website I contacted the Office of the Presidents for WF in June thought all good the promises of it all getting worked out. I argue the fees for the lawyer who did the foreclosure for them as this was done with no communication or notification that they were going to do this.

Finally after a lot of calls and complaints I found out they were using my credit report and last yrs. tax return to figure out a payment plan. Ok got that agreed to 15yr loan interest loan, would be all caught up with WF. He's sending docs UPS call if they didn't arrive 2days later. Didn't arrive call him and he's out of office for vaca. He gets back calls and sends overnight UPS now I received the packet had 2 questions before I'd sign, one being is information still correct I got docs at 4:30 Pacific time the day they were to be signed sealed and delivered to WF. Now my calls start getting ignored.

It is recorded on their computer system the calls where I constantly asked if I was to send financial docs starting back in March. My client was now mad at what was happening she works for WF and did my refi a while back and now they are putting me into a financial hole and I have a subprime loan now. Well I'm upside down due to value drop.

My client faxed them my financial docs and told them she knows I qualify for the Modification programs and she want's them to get moving on this now. She was very abrupt with them and how they handled this. Now it's been with Investors since the 22 of June they have until the 22nd of July to get it figured out.

So I'm praying on it. I don't think it is being watched over the HARP is from the stimulus funds and supposed to be working the way the President setup the plan with the Head of the Treas. I have been tempted to email the Head of Treas. and tell him it's not working and that's why we haven't seen the change in economy yet. I have also thought about contacting an attorney and a possible class action suit. The lack of communication the run around and my further loss of income from not being able to advertise openings I have in my child care, don't want to start anyone new just to lose the house and have to close my business down.

Keep up the faith I will pray for you as I have been for myself and many others. This has been an eye opener to me and I'm taking steps with Dave Ramsey's Financial Peace and Total Money MakeOver to protect myself from it happening again. Check him out he's got great advice www.daveramsey.com

[madresmustang]

Well for anyone who read my July 18 post here's an update.

THERE STILL SCREWING WITH ME

I have submitted so much paperwork, I have preschool/childcare in home I cannot enroll any new children when I don't know what they are doing. I have lost 4 clients do to this which would have been an increase in income by 2400 a month. Wow I could be out of this program issue then. It's annoying they sent me some loan docs for 15yr low interest 2nd on home no change to first. I had 2 questions I wanted answered before signing and no communication. I called, emailed, called, emailed, had a WF local loan officer call, no answer. So now they say review ended cause I didn't send back the executed docs.

I'm close to done with this. I was initially 1 payment behind and going to be 2 payments so I contacted them my business was picking back up. I wanted a payment plan.

Truthfully I've been looking to see if there's a Class Action Lawsuit against them 6 months time, forcing me into foreclosure, what about the Due Proccess law protection?

I believe that all those I've read on this site are being so poorly treated with lack of communication, paperwork issues, put into foreclosure and then once their over 10k back due they decline the review or mod. They told me I couldn't make any payment and I've read that a lot. Now 10k behind and they say we're here to collect or move forward with Foreclosure or Short Sale.

There has to be some legal help for us who can prove they've followed the steps they set forth. I'm tired of the "There are so many having same problem so it's taking a longer time". I was told 30 days then 90, then another 30, 22, 15 and still I wait and have a destroyed credit score with higher interest rate credit cards.

REVOLUTION We Need to REVOLT some way. I've been in my home for 18.5yrs. It's my home and my livelyhood and I'm a single parent so no other income source.

[cajunbell]

I will tell you what First Franklin or Home Loan Services told me just last Thursday when pressed for answers on how these programs are working:

If you are in an adjustable rate mortgage and the original rate is lower that what you are at now then you can get your rate lowered for 24 months back to the original rate. You will not get a lower than original rate.

If you are behind and did not suffer a rate increase then everyone qualifies to have all their back payments plus current payment plus next payment coming due rolled back into their mortgage at a new payment. Example - This is August so you can have all back payments, Aug and Sept payment rolled in along with any outstanding taxes and insurance. No payment would be due until Oct 1, BUT you have to agree to an escrow account for future taxes and insurance.

This is all First Franklin/Home Loan Servicing says that they have available right now.

And what is really interesting, at least to me, is they make their web site look like they have different programs BUT all the applications and paperwork is the exact same.

[Just_Frustrated]

UPDATE

Just giving everyone an update. Per several suggestions from this site I e-mailed the top executives on July 20, 2009 a very detailed letter explaining how frustrated I was with the entire process. I also called WF on July 31, 2009 and told them that I would not be making any more payments because I simply could not afford to and would like to get more info about a short sale. Well, the short sale request back fired on me because according to them "WF can not consider my loan for modification and send me info about short sale so they closed my loan mod on July 31, 2009. WF could only do one or the other". On August 5, 2009 I immediately requested that they reopen my loan mod and refaxed all the necessary docs. After calling them three days in a row to find out if my loan mod was reopened, I was finally told on August 10, 2009 that my loan mod had been reopened and another appraisal (BPO) had to be done. Well, on August 17, 2009 I get a call from someone in WF executive office. She stated that she received my e-mailed complaint, apologized for the poor customer service and stated that my loan mod was APPROVED. Well sort-of. I was told that I would be receiving some paperwork in the mail and may need to turn in some more documentation, but I was approved for the Mod on a 3 month trial basis. She said this was standard and my loan payment will be reduced from $2211 to $1956.

Now, according to the Home Loan Mod's government site. Loans should be reduced to 31% of your income. I currently bring home $4423 a month (after taxes and deductions), so if my calculations are right - shouldn't my loan payment be reduced to $1371? I'm going to post this question on another forum, but I just wanted to give everyone an update.

E-mail the executives.. E-mail the executives.. E-mail the executives. I got results only after e-mailing the executives.

[ugh_2009]

its 31% of your gross income not your take home. sounds like things are moving forward for you!

[Just_Frustrated]

FYI.. Here are the e-mail addresses I sent my Wells Fargo complaint to: John.G.Stumpf@wellsfargo.com, Howard.I.Atkins@wellsfargo.com, James.M.Strother@wellsfargo.com, Richard.D.Levy@wellsfargo.com, Mark.C.Oman@wellsfargo.com, David.A.Hoyt@wellsfargo.com,

Note: Some of the e-mails bounced back, but someone above looked into my complaint.

[Just_Frustrated]

Originally Posted by ugh_2009

its 31% of your gross income not your take home. sounds like things are moving forward for you!

Thanks for the info.. If I use my gross income of $5824 (before taxes and deductions) my payment should be reduced to $1805. I haven't gotten the paperwork from WF yet, but I did get a letter from the lady who represented WF executives stating everything she said on the phone.