Wells Fargo Bank
Loan Modification Runaround and Unexpected Life Insurance Mailings

Started Loan Modification Efforts 2 months ago.

I'm getting the run around as described by many others in their reports with the addition that after the first month, Wells Fargo started sending me "Life Insurance" direct mail indicating that in the event of an untimely death that my mortgage would be paid in full.

I could not believe this. It shocked me that they would be so brazen!

Their Loan Modification efforts are a scheme for them to capitalize on the opportunity. They third party out these services to a company called Early Resolution to work out data collection in the event they need to go after the debt. Early Resolution is so disorganized that they can't even track the communication process they have with an individual, often calling about the same issue twice in one day, or sending the same letter in triplicate. Just imagine all the cost associated with the duplicate, triplicate mailings they send out.

I went into the local WF consumer branch and could not believe how fragmented this organization is. The rep. Started trying to sell me all of these consumer WF products, requesting all of my contact details to get me set up in their system, etc. It was clear to me that their organization is not connected on a micro level.

Very scary, that the bank I've entrusted to run the loan modification process can't even tell what banking instruments I have in place with them.

Company: Wells Fargo Bank
Country: USA
State: Minnesota
City: Minneapolis

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