Here is what I sent to Wells Fargo Executives, Congressman, Senators AND the White House. WF will DESTROY your credit!
Dear Sirs,
Being executives with Wells Fargo Bank, I would like to enlighten you with the absolute nightmare we have endured over the past six months trying to implement a Home Load Modification of our loan with Wells Fargo Home Mortgage under President Obama’s Home Loan Modification Plan.
We started the process back in July. We sent Wells Fargo all of our financial records (We’ve had to send financials 4 times) and were told we qualified for the Loan Modification Program. At the time, we had NEVER missed, nor were we ever late on a payment. We decided to request the modification due to the fact Preston and I had our work hours reduced. (I’m a travel agent and the travel industry has been hit especially hard by the recession. Preston was laid off in July.) Wells Fargo explained to us that we were to make six payments of $814.76 per month, reduced from $1510.32. These payments were to be made ON TIME and if even one payment was late, the arrangement would be null and void. For the past six months, we have sent our payments via FedEx to make sure Wells Fargo received them on time. We have never been late. The most frustrating part of this whole process is all the differing information we get from one customer service rep to another. It seems none of them know what YOUR policies are and no one can give us answers to the status of our loan modification request. We have called many times to get the status because we are coming up on our seventh payment and we were to have our loan modified after our sixth payment; or so we were once told.
Now here is the scary part of this whole thing. Last Monday, December 14th, I received a call from Citibank that my credit card accounts have been closed because there are “Delinquencies” showing on my credit report. I explained to them I had no idea what they were seeing because in 25 years, I have never been late or missed a payment on any account. My credit was perfect! I went online and ordered my Experian credit report. Imagine my HORROR when I saw since July when this whole process started, it showed my account delinquent every month with Wells Fargo Home Mortgage. I called Wells Fargo and they said the difference between my adjusted monthly amount of $814.00 and the $1510.00 I was paying for my mortgage ($696.00 per month) is being reported to the credit agencies as late. I was NEVER told this would happen. If I had been told this in the beginning, I can assure you I would have never agreed to this program. My credit rating was too important to me to risk it on a Loan Modification. Not only did the credit card companies close my accounts, my APR’s on all 3 cards were changed from 6.99% to 10.99%! I find it ironic we came to Wells Fargo to save our credit, only to have you, in six months, DESTROY what took me 25 years to build. We are devastated. Even if, and I say IF, Wells Fargo does modify our loan, it will never make up for the irreparable damage you have done to our credit rating. Wells Fargo, YOU SHOULD BE ASHAMED! You are ruining people’s lives with all the misinformation you are providing people desperate to keep their homes.
I have been online all this week looking at websites of people who are having many of the same problems we are having. There are HUNDREDS of them. Here is just one website you may want to take a look at. As executives of a large bank American taxpayers gave money to bail you out of possible ruin, one would think you would be more appreciative and do something meaningful to help us.
Http://usashameboard.com/complaints/wells-fargo-home-mortgage-c189658.html? Sort=datea&page=1
By the way, I will be sending a copy of this email to the White House. I’m sure they would be very interested in seeing what’s really going on out here.
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