Wells Fargo Home Mortgage
Modification Offer Would Put a Current Loan Into Default

Like many, I suffered a job loss in a field destroyed by the current economic crisis. I am now a middle-aged college student learning skills for a new trade. I needed a loan modification to assist my wife and I in keeping our home.

Wells Fargo Home Mortgage gave me the runaround for months, the only assistance that they would offer was 1) Deed in lieu of foreclosure 2) A short sale. Apparently Wells Fargo's idea of "assistance" is to relieve you of your property. Upon further pushing of the issue, Wells Fargo stated that they can't provide assistance unless the loan is in default. Completely unacceptable. Although it is a severe struggle, we have managed to keep our mortgage current, and our credit salvaged, much to the chagrin of our predatory lender.

Finally after months and months of uncooperation my wife contacted our U.S. Senator Harry Reid, and the bank was on the phone immediately. They sent us a packet to ascertain our life history which we dutifully, and hopefully filled out, and then they offered us this wonderful plan of assistance...

They would reduce our payment by a marginal amount each month for six months, tacking on the difference at the end of our loan with interest and penalty, and our partial payment would be reported as late, also it would put our loan six months into a default status, and Wells Fargo stipulates that the reduction could be cancelled by them at any time, without notice, with collection proceedings up to and including foreclosure.

Are you kidding me??? Wells Fargo's idea of assistance is taking my loan which is current, and placing it in a position of default??? This whole modification deal, the banks, and the feds included is nothing more than a scam.

Company: Wells Fargo Home Mortgage
Country: USA
State: Nevada
City: Reno

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