Wells Fargo
Remodification Delinquency Notice Threatens Credit Despite Reduced Payments

After receiving a delinquent notice 30 days after initiating a remodification, I called to find out what is going on. Learned that someone had removed my phone number from my file and Wells could not get a hold of me. Though I was requested to make 3 monthly payments at a reduced amount and pay them on time my loan which until now had never been late would now be considered delinquent and if I pay the amount shown as late, to bring my status current I would no longer be considered for the remodification. Catch 22, was not explained at the onset and I am now 30 days into the process and would have to wait another 90 days to be considered manually as they put it, in order to save my good credit standing. This company has found a way to profit from the Obama plan to help the citizens and ruin our credit at the same time. After 30 minutes of conversation with by the way a very nice consultant these were the only two options available to me. Moral of the story, there is none, I only know now that my so called late payment that Wells Fargo set up, will now be reported to the credit bureau until the remodification is finalized. It almost seems to me that they have made it go out 90 days so they can foreclose if they choose at that point. As of this time there are no promise that I will be given new payments or lower interest just three months of reduced payments that puts me deeper and deeper into arrearage. How is that working for the consumer, Mr. President? Is the government keeping tabs on how these institutions are conducting business? If not perhaps they need enlightenment. Please forgive the miss-spellings.

Company: Wells Fargo
Country: USA
State: Washington
City: Seattle
Phone: 8038358537
Site: wellsfargo.com

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