In October of after my small business was subject to phishing, web site hacking, and fraud.in my opinion, the most likely individuals were an x-contracted employee aided by others including near by businessses and greedy competitors. I was financially compromised and late on 2 payments to Wells Fargo Bank N.A. Who was both my Mortgage Company and where I had opened a Business Checking Account in June.
I was not comfortable with the individual who opened my account as she asked me to sign a form several times scanned it into the computer system and asked me to do this again as she claimed that something went wrong. I was concerned about the extra signatures lost in cyberspace but I was assured that I should not worry.
The person opening the account was aware that I also have my mortgage with Wells Fargo Bank N.A.
From the time I went to this Branch (Chatsworth, L.A. County), the tellers were customer friendly but the Service Manager never greeted me or smiled and she was always asked to verify/approve all deposits I made even when they were cashed.
Wells Fargo Mortgage is a Division of Wells Fargo Bank, N.A. The legal name of the servicer of my Mortgage for $540,000.00 I obtained in January at 8.5% with payments of over $4,100.00/month was also Wells Fargo Bank N.A..
I was granted a Forebearance agreement for which I had to pay in excess of $8,000.00 per month to make up for now three missed payments of $4,100.00 each plus penalties and fees.
I had a problem with this because if one is not quite capable of coming up with $4,100.00/month due to fraud, how can they come up with double that for a three month period?
My payment was due in early October when I Borrowed $8,000.00 from a friend of the family, and I also received an Insurance Claim Check From Farmers. To my amazement The name Wells Fargo Bank N.A. Appeared above my name and my address to which this check was sent to. On October 6th I went to my Branch and Deposited the $8,000.00 Cashiers Check, and proceeded with the deposit of the $8,626.00 check. Now this is a claim check for my home from the insurance company I and I alone pay premium to. I found out later that Wells Fargo, in their Mortgage Agreement That I signed deceptively include a clause that names Wells Fargo Bank N.A. As the loss Payee.
This very important information is fraudulantly, skillfully, deceptively, and illegally kept away from the Home Owner on Title by Both the Mortgage company, and the Insurance company who does not put Wells Fargo Bank, N.A., name on the policy decleration page next to my name but states it on the back of the page under the title Mortage Company and their address and below it indicates several modifications to their policies and terms such as a) 1 Loss Payee b-2)... Etc. No clear disclosure is given to the insured by either the insurance company or the mortgage company. The goal is to get the Home Owner to pay insurance premium but to steal and freeze the Claim checks, possibly showing it as additional revenue to the also betrayed investors.
My Home Owners' Policy Insurance adjustor was somewhat new to the job and failed to put the word AND between Wells Fargo Bank, N.A. And my name as he should. According to Wells Fargo's 24 hour Bankers on call representative a missing "AND" implies "OR" requiring only one endorsement.
Farmers Insurance absolutely refused to make this check to their premium paying insured and customer and cited that Wells Fargo's Collateral and security is more important to protect, and that it was Really Wells Fargo who owned the Home not the Borrower on the Title.
The teller paused and said that these checks had to be endorsed by Wells Fargo Home Mortgage. I replied that the nmae on the check is "Wells Fargo Bank, N.A." not Wells Fargo Home Mortgage and I will await their manager or other authorized individual to endorse this check. SInce I had already signed the check It should be O.K. To deposit. An Assistant Manager directed by the service manager approached the teller who was just about to deposit the check and said that "you just can't deposit this check" it must be signed by Wells Fargo Mortgage in another State. I spent 4 hours that day at the Branch and a couple of hours the next day. They absolutely refused to have it deposited and I knew I had to have enough to cover the Mortgage payment and other expenses.
One of the Wells Fargo Home Mortgage Representatives on the Telephone Falt Out told me that You must bring your loan current before we endorse this claim check, and another asked me a lot of specifics about the nature of the damage and repairs and if they were completed already. When I asked why does she need this information she replied: " you either answer or we are going to foreclose your home on you".
I realized that my checking account balance was already a public knowledge and they all openly discussed the fact that without the claim check I will receive a notice of default.
The Branch Manager just before the close of the Bank at 6:00 P.M. When I briefly apprised him of the situation said why don't you ATM deposit this check.
I had the check endorsed and put my account information including the Bank Name, Bank Account Number, Date, and My signature all with the same pen above the line where permitted on the back of the check.
Having been frustrated with the Bank Employees knowingly causing loss of my home, already pressured with the situation at my warehouse and needing to pay rent there as well I took the check to a nearby Branch of Wells Fargo and ATM deposited it. It posted to my account on the 10th and I obtained the "CLeared Check Legal Document " from Farmers indicating that the funds had cleared my account on the 12th. The Service Manager indicated that the first 5000 will be available in approximately 10 days and the rest in approximately 18 days.
The mortgage division had already received my payment when I obtained the cleared check document knowing that the funds are in my account and cleared. However, the service Manager at the Chatsworth Branch now verbally and never in writing began to fraudulently claim that I forged this check when I wrote the Bank's Name on the back of my check as part of account info. I had written the name of the bank in capital letters so that if the check is lost or misplaced one would be able to return it to Wells Fargo.
Wells Fargo and Farmers in coordination with one another agreed to the bogus claim of someone Forging their own check which is comical yet illegal.
I am yet to understand why would my bank go out of their way and lie to see to it that a person already financially compromised failes financially.
Wells Fargos CEO in a speach indicates three corner stones of Wells Fargo to be:
1.integrity
2. Customer service
3. A commitment to help customers succeed financially
All three were severely violated in this case.
My bank account that I had deposited $17,200.00 into in the Month Of October of and I have kept all the documentation and the statements, shows a "Bank Initiated Withdrawal" of $8,620.00 after a hold of approximately 37 days when the Service Manager would continue renewing a hold of 10 days at a time several times then they take these funds and return it to Farmers. I finally cashed the check 6 months after it had cleared my account.
They charged me return item fees as my checks were bouncing due to the fraudulant hold, was evicted from my warehouse, could not hire laborers to help with the move, and had my home go into foreclosure.
To cut this short I filed Chapter 13and the initial sale of my home was avoided. I submitted documents and spoke with Wells Fargo Bank and Mortgage with no results. The Substituted trustee, Loan Start did acknowledge my documentation as valid grounds for dispute and forwarded it to Wells Fargo but they never even responded.
Without the word "AND" on that origial check which I have a copy of the front and the back, only my endorsement was sufficient.
They have caused a lot of damage to my credit, folded my place of business and my $720,000.00 home sunject to mortgage fraud and wrongful foreclosure has destroyed all I have accumulated.
They finally received a relief from the Banklruptcy court which was based on incorrect information namely non-payment of my mortgage (the bank was holding cleared funds and making up a bogus claim that I had forged my own check!).
My home mortgage was transferred to EMC Mortgage which first welcomed me with the new loan and then forwarded an eviction letter.
I have thirty more days left and am desperate for assistance. The damages are clearly more than 2 million due to causing potential loss of income, the price of the home, etc.
We need to seek compensation to discourage such fraudulent behavior.
My bank should safe keep my money not hold it back and take my home wrongfully.
Pete
Reseda, California
U.S.A.
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