The government banking bail out gave many financial institutions tax payor money. Money that was used by the banks to purchase other banks. Recently wells fargo bought the wachovia bank. I am sure this was done with tax payor money.in order to appease the public's fury when seeing their hard earned money float to these financial fat cats, wells fargo began a public relations campaign.
The campaign was to pretend to assist homeowners with their loans. Senior executives were quoted as saying wells would rather lower interest by 2 or 3 points or extending the terms from 30 to 40 years. Grass root efforts were made by local wells reps by attending hud sponsored workshops. These workshops were for the public to assist them with loan modification plans. Wells fargo even took their laptops and interviewed those who attended giving the picture that they are there to help the individual.
Those who had wells home loans were asked to write hardship letters and submit financial/budget statements. So we did... Each week i would call only to hear from some telephone customer service rep that they still had not received my fax (yes they did not receive my fax until 2 weeks later, well at least that is when they acknowledged logging in my fax documents). It took them 2 weeks to log my request and then another 2-3 weeks to send me their reply. Their reply was this..."request for loan modification was denied because it was not in the best interest of their invenstor".
So i asked a few more questions but did not really get good answers... I did learn from one of the phone reps (because you never get to speak to a loan mitigation agent handling your request, only the phone rep). The phone rep did make a comment that this investor holding my loan just does not make loan modifications period. I also did learn by speaking with another rep that an appraisal was ordered on my home. I wrote to wells fargo asking for a copy of the appraisal. I also asked for the investor's name and mailing address. These requests were ignored.
I did receive a second letter from wells... This letter gave instructions on how to get a short sale approved... Well funny, i never asked for a short sale and have no intention on having a short sale so i am wondering "whose best interest" are looking out for here? My home is underwater as they say at least by $200k so i am not sure what that investor is thinking. One of the points noted in the short sale letter was that a short sale is less embarassing than a foreclosure.
I guess that is wells way of trying to say one way of losing your life's dream is better than another way of losing your life's dream??? I guess what wells really means that a short sale is less costly for them because losing your home in a short sale or a foreclosure really has no difference to homeowner who is losing it. Honestly, does wells really think we are that stupid??? In a short sale, the investor may lose some money on the principle of the loan but really the only costs will be sales commissions and title fees. But in a foreclosure the investor will rack up attorney fees, trustee fees etc etc, eviction fees etc etc.
Wells, you need to rethink your process here and stop trying to take people's homes and start really working with people and stop that posturing!!! As your execs are saying in the press releases and other media, drop the loans 2 to 3 points and extend the terms to 40 years!!! Practice what you preach!!!
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