I tried for the past two years to get my mortgage company, Wells fargo Home Loans, to do a Refi but they gave me one lame excuse after another. I had perfect FICOs and had never been late, made good income, etc. It became clear that It serves their financial goals to NOT refi me, because the interest rates continually dropped, and they'd prefer to leave me paying higher interest.
When I lost my job last fall I called and requested mortgage assistance information. I was told to wait until December. I called back in December and was told they were waiting for Obama to issue instructions in January. I called back in January and was told not to call them - that WFHM would call all mortgage holders with info in February. I called in February and was told they'd mail the assistance package to fill out. -Nothing came. I called three times in the next few weeks - no package, and no one seemed to know what to do with the calls. They referred me to the collection department, even though I was not behind, in collections, or even late, yet. Collections insisted there is no assistance plans or any way to lower my interest rate.
In March, I was informed that only those with a Fannie Mae or a Freddie mac gauranteed mortgage would get help; the WFHM customer service person again connected me to the collections department, saying she has no directives for assisting customers who need assistance. The collections department said to send a letter to the main post office box for correspondenece, stating what my income and expenses are, and why I need assistance.
I sent a letter, since no forms or "packet" ever arrived, (although my bill has no trouble reaching me!) explaining my income and expenses, and about the loss of my job. It is May in 2 days... Nothing has happened. No assistance, no help, no response from WFHM.
When you Google WFHM, there are numerous links that come up where Wells Fargo is touting their "assistance" to mortgage holders, and when you call WFHM, the recording says to inquire with the rep or to go on line to their web site to get information about assistance. There IS no help - its all a facade.
I did read in the newspaper about a month ago that Wells fargo didn't take any bail-out money from the governement because if they did, they'd have to help mortgage holders. If they take the aid from the govt, they have to abide by the strings attached. This means that Wells fargo is not interested in helping the mortgage holders - it means they're just greedy - and they WILL end up with more houses than they know what to do with - and more and more families will file bankruptcy. Why not, once they lose their credit and their house?
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