We are writing this letter for assistance with the problems we have been facing with Wells Fargo Home Mortgage. We contacted Wells Fargo Home Mortgage on July 1 for assistance with our monthly mortgage payment. My wife had just lost her job of six years when her real estate brokerage was forced to shut down, and we were facing financial hardship. We had forced to become a one income family, and our monthly medical expenses had drastically increased due to a recent Autism Spectrum Disorder diagnosis for our son. Although my wife had been granted Unemployment payments, her income was less then half of her normal salary, and we were struggling just to make ends meet. I am a police officer for a local county. I often could depend on additional income from secondary employment. However, with the struggling economy many of those secondary employment opportunities became few and far between. We were suddenly faced with the possibility of losing our home, that we had worked so hard to have. Over the past ten years we have been homeowners, we had NEVER been late or missed ANY payments. We had been doing some research on the programs available to homeowners that President Obama had developed, and decided to reach out for assistance. That is when we contacted our mortgage lender, Wells Fargo, and inquired about any available programs. It has always been our best intentions to work towards fixing the challenges we were faced with, and getting back on our feet as soon as possible. We simply didn't want to lose our home without trying everything possible.
We spoke with a Wells Fargo Representative who explained there was indeed programs that would help us with our sudden hardship. We were given instructions on starting the process of obtaining a loan modification. We were told this process could take 90-120 days, but most likely 45-60 days. We were told as long as we were in this program our credit would not be effected. We prepared all the necessary paperwork and documentation and faxed it to Wells Fargo. Shortly after submitting necessary documents we received a letter congratulating us on a reduction of monthly mortgage payments from just over $1700 to $862.41 for the next three months. When those three months had expired we contacted Wells Fargo and were told to keep making those same payments until our loan modification had been granted. This was just the beginning of our nightmare. After faxing documents, mailing letters, submitting income verifications, eleven months later, we just received notification that we do not qualify for a loan modification. We were told investor guidelines was the reason. Apparently, they believe our debt to income ration is too high. Isn't that ironic? That is exactly why we were asking for assistance in the first place! Wells Fargo has informed us we must pay $11,914.61 in back mortgage payments by 6/15, or face foreclosure. If we had $12,000 sitting in an account, why would we have asked for assistance in the first place? How can Wells Fargo do this? We are now in worse shape then we were back in July! Had we known that this sort of baiting and switching could happen, we would have sold our house a year ago! Not only do we now face foreclosure, our credit is destroyed, something that Wells Fargo said would be prevented by being in this program. We were in a bad place, and faced with providing medical necessities for our Autistic son, or a roof over his head! Wells Fargo did the exact opposite of what they said they would do. They took advantage of hard working homeowners who were trying everything in their power to make ends meet! According to our research online, Wells Fargo is taking advantage of millions of people. How can a bank that was given millions of dollars to help homeowners in our situation not be responsible for their actions? They are promising solutions and brainwashing you the entire time.
We, along with thousands of others, believe Wells Fargo is violating the TILA, Fair Debt and Collections Act, RICO, along with many other fraudulent activities. We need assistance in making sure Wells Fargo does not get away with causing so many families to lose their homes, while they sit back and collect their bonuses.
We have filed the same complaint with Wells Fargo, The Better Business Bureau, The Comptroller of The Currency, The Federal Reserve, and even forwarded a copy to President Obama himself. We need to make sure Wells Fargo doesn't continue taking advantage of people who simply were strong enough at one of their weakest moments and asked for the only help they knew.
0 comments