My home is underwater and my spouse has lost 2 jobs since we purchased the home in Dec '03. Imagine my happiness when appeared as if Wells Fargo in March of this year was going to offer assistance to someone in my predicament. I applied over the phone for the Fed program as well as WF loan modification, was told to fax over 2 check stubs and a hardship letter, wait for an affidavit to sign and return and call back in a few days. Just as many others have reported, when I called back about 6 days later, no fax had been receieved. Faxed again, told to wait a few days as it takes time for the docs to be imaged to my file.
Called back and was told that those docs actually had been received previously (the dae of my first follow up). I start to get nervous as I smell a rat that wants to delay/make difficult this process so maybe i'll give up? Naw not me, so I call again to follow up, yes they received my affidavit, but are still waiting on my check stubs and hardship letter. WTH??? How is that missing AGAIN?! Anyway after ranting to the rep about why isnt someone contacting me re: "missing" docs and faxing for the 3rd time, I wait a couple of days and I realize a couple of things - there is never going to be a time when someone calls me in an effort to further things along, I have to make this my 2nd job and call every other day, i have to send all supporting docs certified mail, I have to try and keep my blood pressure down and be prepared for whatever obstacle that is thrown my way next. And even after I have climbed the last WF mountain they may still deny my request
I keep a log of all my contact/correspondence along this journey, so I can keep it straight with all the new developments. So 26 days later on 3/30/09 finally all docs had been made part of my file, home had been appraised and a negotiator had been assigned to my request. File under review - called back on the 31st, April 1, April 6, - file still under review. Ok, sounds like things are ready to start rolling, right? No! Rep on April 9th that my file was still outstanding - my 2 check stubs and hardship letter still outstanding!!!
I lost it, explained to rep that i needed to speak to a manager, that this was getting crazy, and becoming obvious that someone was playing games, I was getting the run around. Spoke with a manager that confirmed the incomplete status of my file. I requested that he take some ownership of my file, atleast until it is assured that the docs that I was getting ready to fax AGAIN (I carry them around with me everyday) were imaged correctly to my file. He agreed, gave me his direct line and a fax number. I faxed the info again, and followed up the the supervisor that the docs had been recieved and walked over to Loss Mitigation and imaged to my file. Dorothy, the original rep I spoke with) called me the following weekto inform me that the info had been made part of my file.
On April 30 talked to rep who stated that request was still under review - negotiator had up to 15 days to respond. May 7th, spoke with Dannie, a rep who stated that my modifcation had been approved on the 6th and that docs were being sent via UPS. Called back on on the 12 and 13th of May responding to messages that had been left for me at work. Ont he 13th I actually spoke to a young lady to follow up wherer the docs were - I had yet to receive them and wanted a tracking number. She couldnt provide me with that but summarized the terms of the new modification - rate was the same, ap ortion of my principal had been set aside and my interest only was now a 30 year fixed. I inquired about why interest hadnt been reduced as well, was sent to a senior level rep. Who told me the principal deferrment was offered to me because my financial statement showed that i made a little over 9000 a month and have a surplus of 3200 after all my bills are paid. I informed him that this was incorrect, I am in the negative every month, hence the reason for me trying to take advantage of this program. The rep corrected my finacial info as he could not see from the file (info I submitted) where they could have gotten that info - not my fault - their error. He sent an email to the negotiator to see if he would be willing to re-review my modification based on the correct information to see if I would be eligible for a rate reduction as well as the modification as it stands only reduces my mortgage by 200 a month.
I am not ungrateful and the other terms are what i requested. But I was looking for a little more relief. Rep didnt guarantee anything but submitted info on my behalf and asked me to follow up in a few days. I did on the 15th - no answer as of yet and advised to hold on to the loan modification docs which I receieved on the 14th of May (dont sign or return until I received an answer re: revieiwing of current modification). On the 18th called back to follow up and was told that loss mitigation was trying to phone me. Advised rep to update my file with work and cell #s for contact as I dont get home until after 7pm and they have long been closed so I cant return the call. I think that is by design, so they can prolong the process and give the impression that I am unresponsive and they cant get a hold of me. On the 19th I spoke with another rep. Charles who was going to send an email to a sup re: request for review.By now my legs but not my spirit is tired of the run around. On my way put the door from work I get a call from Ronald on my cell phone, who gives me a direct contact and fax number and the assurance he was goign to aide me in getting an answer in the next 24hrs and to call him if I had any additional information to provide or if I hd not heard from him. I did not so I phoned him the following day almost exactly 24hrs later.
Well I had to reintroduce myself to Ronald, who put me on hold several times under the guise of "reviewing my file" before he put Paul, I presume the 'bad cop' of the duo. This is 5/20/09. Paul went over my file and told me to interject at anytime duing his summary if I had any questions or problems with his description of the scenario. This was one of the most infuriating, stressful, upsetting conversations I have had to date with Wells Fargo Home Mortgage. Paul was rude and very condescending and he informed me that he was actually the one who reviewed my file and put together my loan modification.in his opinion it was the best deal he could give me, he has no idea what i was speaking of in regards to the incorrect information that I was basing the review of the modification on, they only deal with getting me in between 31 and 38% of my gross nothing else. Taking or leave it, see if another bank would do better for me, not WF fault that my invest lost value, and on and on and on. I was livid, told Paul I didnt appreciate his tone, he wasnt talking to some loser who was trying to get WF to absolve me of my financial obligations. Me asking a question about an interest rate reduction did not warrant him speaking to me that way and I wanted to speak to his sup. His toned changed but overall for the rest of the converstation his position was that I should take the deal, doesnt preclude me from persuing other options (claimed they only do loan mods every 5 yrs!) told me about the HAMP program, that WF would never offer me below the prime rate (they would have to! I am above it now!)
At this point I feel very much like I have been lied to, given the run around, at the whim of whomever answers the phone, no recourse or accountability for who says what - over all I feel as if I have unethically treated. Yes there had been success in that fact that I have gotten this far with Wells, an actual approval which i am grateful for. But if it still doesnt put me in a position where i can afford to pay my mortgage and I have to go through this crap all over again, due to there own 'mistake' and now denial there of, well, its crystal clear that the whole process is to discourage you and after all the drama, if you do get a loan mod that maybe is not as aggressive as lets say the Fed plan (which I have never heard about where that application went) they are counting on the fact that you will take it without question or negotiation, even a call to see if those terms actually do aide you in any significant way. I
I called the President's office, spoke with an executive team rep the following day to complain and he basically put me back in the 1 800 # pipeline, where i was told I could accept the terms or deny it and try again. Or accept it and try in 5 months ask for another modification, specifically of my interest. I have until the 31st to do so.
What frustrates the hell out me more than anything is that I hear similar stories over and over and wonder where is the oversight for this? What recourse do consumers have? You are literally at the whim of whomever picks up your call. What to do, what to do - that is where I am as of 5/27/09. I really feel for those whom situation is more dire than my own and have been at this a lot longer - really ridiculous process.
Leslie
Anticoh, California
U.S.A.
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