This is just the latest development that followed a year of unsuccesfull attempts to work out a mortgage restructuring plan with Wells Fargo, which included a series of unfair treatments.
On May 14 I faxed to Wells Fargo my financial worksheet, harship letter, copies of proof of income, as requested by the phone representative. The main themes that put me in financial hardship were numerous, arrival of a new baby, increased utility bills, and start payments on student loans. I called back many times to verify my paperwork is received.
I received many calls following in March and April requesting my updated financial information. When reminded I faxed all the information already, the representatives act they don't have it. At one point I repeated all the same information on the phone so that the data is entered into Wells Fargo's system.
During one of the conversations after 45 days from March 14 a rep told me there's a modification option in process. This was not a call initiated by Wells Fargo, but by myself, and this information came up seemingly 'coincidentally' after me mentioning my desire to go on 'short sale'. After that, I was told I'll receive a package to sign and continue the plan. The plan sounded attractive, so I waited for the paperwork. Another mentioned was the name of "Obama's plan" which proposes the mortgage payment cannot exceed 31% of household income.
After 10 days later, I receive a package that is significantly different than the details explained to me over the phone. The plan proposed a 'trial period' of payments and indication the future payments would be in similar amounts in the event the loan is modified. The proposed payments far exceed the 31% of my income, and represent 42%. When followed up to ask about this, reps told me it is 31%!
Please remember this is just the latest installment of unfair treatments I received by Wells Fargo, have an entire year of similar stories, which I would be happy to share if anyone is interested for any reason.
At this point I'm way frustrated with Wells Fargo to continue any proceedings, and seeking for legal help. Records of all phone conversations should be available by Wells Fargo, and I have all copies of fax communications.
I am willing to go any distance to highlight and advertise the details of these unfairness treatments, and to work with any law professional so that Wells Fargo's unfair treatments are heard, and Wells Fargo does not continue treating hard working individuals and families unfairly, as I know of cases where Wells Fargo actually lowered payments for other individuals.
Sincerely,
Ekin S. Cem.
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