In 2014 I went through a hard time financially.I managed to keep all my payments on time.I asked Wells Fargo if I could get a “loan modification” to help me out.They said they couldn’t because I have been paying on time.The modifications are only for those that haven’t paid.BUT, the person told me that if I missed at least TWO payments I could qualify.I hated doing it, but I figured I could make the two payments later and clean up my credit.So I skipped two payments and applied.I was accepted and had to give them TONS of paperwork – which I diligently and quickly did.Another month went by and then they wanted more paperwork, even stuff I had already sent.They said it had been over 30 days and was no longer valid.I did it immediately.BUT then I started my monthly mortgage payments again.Right away I got a call from Wells Fargo and they informed me I couldn’t make ANY payments on my mortgage while it was in modification.HOWEVER, they assured me that the modification would be done “very quickly” and then I could start my mortgage payments again.
“Very quickly” went into month after month after month.Each month or so they would ask for more paperwork as it had either expired OR was MISPLACED.I documented EVERY thing sent to them and they KEPT LOSING DOCUMENTS – over and over again.I even had confirmation dates on the faxes as I sent them with an ONLINE service to PROVE I was sending them WHEN REQUESTED.
This same “ground hog day” went on for OVER A YEAR.They kept changing people handling my account and I would have to explain to them over and over and over again that they have my paperwork.I even had to fill out the ORIGINAL APPLICATION over again.Their tactic was to delay, delay, delay.
A little over a year later I received a certified letter from Wells Fargo.It said that due to my not providing them with requested information they were FORECLOSING on my home.I contacted my newest representative again to protest and said I had documentation and fax records that EVERYTHING they requested was done on time.She said she was sorry, but that was their decision.
I was desperate.All I wanted to do was get a modification to help me with my financial difficulty OVER a year ago.They lied and lied and lied to me.”Just miss two months”; “it will only take a little while”.NOW I was about to lose my home which had hundreds of thousands of dollars in equity.I was told by a lawyer that Wells Fargo had so many “upside down” foreclosures that when they saw a home with positive cash, they would do anything they could to foreclose on it to help offset their books.I was a victim of having too much equity.
I finally managed to work with “Keep Your Home California” and stave off the foreclosure.The back payments and penalties were paid and I literally was able to save my home from the brink of foreclosure.
I still had my loan with Wells Fargo at an outrageous 6.8%, but now I had bad credit and hadn’t been working.For the next few years I had a steady well paying job and worked diligently on improving my credit score (over 780 today!).But the nightmare with Wells Fargo wasn’t over.I applied at a couple of different places for a refi around 3.8%.BUT, they said that Wells Fargo indicates their records show that I was foreclosed on and the rate would be close to twice as much now – if even approved.
I contacted a lender with Wells Fargo and she said the best she could do is “maybe” 5.58% with the foreclosure.
There is no foreclosure on my credit report.Additionally, Wells Fargo NEVER FORECLOSED.They started the process, but it was never completed as I (with the help of a loan from Keep Your Home California) paid it off completely and brought it back to good standing.In the years to follow I never missed a single mortgage payment to them.In fact, I have NEVER missed a single payment since I purchased the home in 2000.EXCEPT, for when Wells Fargo TOLD ME to MISS two payments with the promise of a modification.
What would you like the company to do to fix the problem? (optional)
First:I want Wells Fargo to let me refinance my FIRST and SECOND loan at 3.8% — the loan I would have got when applied with my GOOD CREDIT and GOOD WORK HISTORY.The ONLY thing that prevented it was their saying they foreclosed on me.
Second:I want $10,000 cash.$5,000 as a reimbursement for legal fees.And $5,000 for personal stress (that really should be 10x that, but if they refinance my loan as requested, I will settle for this amount)