National Mortgage Settlement - what to do

[khrios]

Hi,

I have a 1st and 2nd, both current, and underwater, with Wells Fargo. Both are owned by Wells Fargo Home Mortgage. I contacted Wells Fargo in March and was told that if I qualified for the National Mortgage Settlement, I would be notified.

They have not notified me, and I believe they never will... Everything I read about the program seems to fit our situation exactly. So, I believe we should qualify for this.

What can I do?

[Jeffrey L. Shurtliff]

Hi,

I have a 1st and 2nd, both current, and underwater, with Wells Fargo. Both are owned by Wells Fargo Home Mortgage. I contacted Wells Fargo in March and was told that if I qualified for the National Mortgage Settlement, I would be notified.

They have not notified me, and I believe they never will... Everything I read about the program seems to fit our situation exactly. So, I believe we should qualify for this.

What can I do?

mary.coffin@wellsfargo.com email this lady with your concern.

[khrios]

Okay. I just did. Has anyone been successful using that method?

[Jeffrey L. Shurtliff]

Okay. I just did. Has anyone been successful using that method?

They will respond probably sometime tomorrow and assign you a specialist. hopefully you left a contact and telephone number.

[khrios]

They will respond probably sometime tomorrow and assign you a specialist. hopefully you left a contact and telephone number.

Yes. I included my contact information. Keeping my fingers crossed...

[Evan Bedard]

Since the settlement is fairly new I have not seen anyone yet receive any assistance under the program.. From my understanding the participating banks should be sending letters to those who qualify as you stated..

[khrios]

Since the settlement is fairly new I have not seen anyone yet receive any assistance under the program.. From my understanding the participating banks should be sending letters to those who qualify as you stated..

I have little trust in Banking Institutions making good on any promise unless compelled to do so. Therefore, I will press-on, insisting they comply.

[Evan Bedard]

I have little trust in Banking Institutions making good on any promise unless compelled to do so. Therefore, I will press-on, insisting they comply.

That is your best bet to stay on top of this.. There have been similar settlements in the past and they did not assist nearly as many homeowners as expected.. I wish you the best of luck and hopefully you are one of the lucky few who receive assistance under the settlement!

[khrios]

That is your best bet to stay on top of this.. There have been similar settlements in the past and they did not assist nearly as many homeowners as expected.. I wish you the best of luck and hopefully you are one of the lucky few who receive assistance under the settlement!

I agree. I have read the horror stories. Thank you for the good wishes, I will need the luck.

[Evan Bedard]

Here are some good threads with other members here who have been inquiring about the settlement as well..

National Mortgage Settlement

National Mortgage Settlement Information and FAQs

National Mortgage Settlement - My experience

[AZhelpneeded]

Any luck/updates on your end? We have WF too. I called back in April and was told they were rolling out programs and as soon as my loan fit into one of their programs (probably late May) I would be notified. The said at first glance, we seemed to qualify. I think we do too after looking at WF qualifications on-line (for the refi program). In the meantime they said they will call me every 2 weeks with updates. They actually do call. All have gone to voicemail, so I have yet to speak to someone. They do leave a number to call back with questions, I just haven't called back yet. All voicemails say something like they are still rolling out new programs and as soon as our loan fits into one we will be notified. Then they say they will call back in 2 weeks.

[khrios]

Any luck/updates on your end? We have WF too. I called back in April and was told they were rolling out programs and as soon as my loan fit into one of their programs (probably late May) I would be notified. The said at first glance, we seemed to qualify. I think we do too after looking at WF qualifications on-line (for the refi program). In the meantime they said they will call me every 2 weeks with updates. They actually do call. All have gone to voicemail, so I have yet to speak to someone. They do leave a number to call back with questions, I just haven't called back yet. All voicemails say something like they are still rolling out new programs and as soon as our loan fits into one we will be notified. Then they say they will call back in 2 weeks.

I was contacted by the Office of Executive Complaints. They were very nice and said they were looking into the matter. I just received a written response today. Their response says that they were the original investors on our loan, but part of our loan was sold as a Mortgage Backed Security. Although they retain part-ownership of the loan, our loan no longer qualifies for the Attorney General's program.

I asked the person I was dealing with whether they had found a single loan which qualified, the answer was NO! What good is a settlement if they leave a huge loophole? Once again, they win, they will not pay or forgive a dime!

[khrios]

Which leaves me with a big question, what do I do now?

[Evan Bedard]

I was contacted by the Office of Executive Complaints. They were very nice and said they were looking into the matter. I just received a written response today. Their response says that they were the original investors on our loan, but part of our loan was sold as a Mortgage Backed Security. Although they retain part-ownership of the loan, our loan no longer qualifies for the Attorney General's program.

I'm very sorry to hear that because your mortgage must be owned and serviced by Wells Fargo to qualify for the settlement. However, this does not rule out the possibility of a loan modification which can help you lower your monthly payments if that is what you are trying to accomplish.

[khrios]

The loan was owned by Wells Fargo. They say they sold it on the secondary market. However, they do not provide any verification of this. When I requested this, they said they have to check with legal. Now that smells fishy to me.

[khrios]

1. ARM..it will remain fixed until
2. Wells Fargo
3. Wells Fargo
4. No
5. Yes...no mortgage assignments
6. CA
7. underwater only, current on payments
8. 150,000
9. I may consider walking away
10. In closing costs?

[khrios]

1. It remains fixed until 2022

[khrios]

wowser...Well since we believe we qualify for remedy under the Attorney General's settlement, we need to fight the bastards. What is a QWR? Would having an attorney send them a letter help? Basically stating, they are the owner of record, we believe we qualify for remedy, and that they should comply with the judgment, otherwise we will pursue legal action as they are acting in bad faith. Or maybe, contact the Attorney General's office.

[khrios]

I will make the request. And see where that takes me. I work for our local County and have access to County Recorder information. I am going to triple check on the mortgage assignment.

On the issue of retaining a real estate attorney, do you think that helps? It seems this is a legally convoluted issue.

[Jeffrey L. Shurtliff]

At this particular point I would not retain an attorney as it is a waste of money. Do the QWR ask about the modification again and keep any correspondence from them. Checking the mortgage assignment with the recorder is a thing to do but if it is not up to date, again it does not affect you as you still are to make the payments pursuant to your contract. Follow the moderator's suggestions here as it is the most solid advice in this thread.

[khrios]

Do you know of a contact at the Attorney General's office? I am thinking of contacting them and inquiring about the legal interpretation of the judgement. If Wells assign the loan to anyone, if they continue to own the loan (at least partially), do they have an obligation.

I just want to make sure. I would trust the interpretation of the judgement as made by the Attorney General. The bank will say whatever benefits them.

And finally, the fact that the bank refused to provide proof of the sale of the loan...why not? I was just told that is not public information and they refused.

[Evan Bedard]

Hello Khrios,

You can use the following link to contact CA's attorney general's office:

Home | State of California - Department of Justice - Kamala D. Harris Attorney General

[anansi]

I was told something similar when I inquired two days ago...My conditions were right for the loan but a lady at the Office of Executive Complaints indicated that i dont qualify because although they "service" my mortgage now they dont own it. I originally worked with World Savings Finance ...but that was then bought by wachovia then wells fargo....so yes...a loop hole for the banks. However, I have noticed increasingly in the last week that more posts are appearing from successful outcomes with Bank of America. In one case an agent of BOA said they would be pushing people towards the Justice Department Modification because it was a better deal for the consumer.....it was also mentioned on my call that each bank has the flexibility to respond to the settlement as they saw fit as long as they modify some loans...she end the converations saying that things may and will change....and they have every other week. So it may be this is how Wells Fargo is responding and phasing in their adjustment..thats my best guess...I am waiting on my appointed case manager to call me now...will update later.

[Evan Bedard]

Hello anansi,

Unfortunately this is a stipulation for Bank of America as well in which your loan must be owned and serviced by the same bank to qualify for the settlement. This settlement would be much more beneficial to many homeowners if it allowed other investors including Fannie Mae and Freddie Mac-backed mortgages to be eligible.