Wells Fargo
Modification is a rip off, increased payment to over half my income

I was off work for a back surgery for many months, was only getting 80% of my income, but I still made all my payments on time. I then went to work for a company who fired me because I was sick, and they didn't want to have to pay out disability.

At this time, I had NO income, so I missed 2 payments. They contacted me, and I agreed to a loan modification. I had gotten another job a few months later.

I made all the requested payments ontime, and sent in my pay stubs and monthly bills as they required. I got a call last night that the modification was 'approved', but now the payment is higher than it was, and they want 1300 plus dollars for doing the modification!

The new payment is more than half of my income. They said I don't qualify for the Hope program because I was approved for a modification. They won't budge on the 'terms', and expect my first payment Feb. 1st.

Now because I have all these lates showing on my credit, I can't go with anyone else because my credit score is now too low to qualify. I am SO pissed at this company!

The loan modifications are a rip off! I was paying 10.5% on my loan to begin with. Before I got sick and couldn't pay off the bad credit on my credit report, the plan was to pay it off to get my score up to get an FHA loan.

Now I have to pay this increased amount in order for them to adjust what the credit report says and get it 'up to date'. I really want to find a lawyer to sue them.

Company: Wells Fargo
Country: USA
State: Iowa
City: Des Moines
Site: www.wellsfargo.com

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