Anyone out there interested in joining with me on a class action suit against Wells Fargo? Have you had a similar experience? Please email me at
[email protected].
My husband and I had a mortgage with Wachovia. In fact we had more than one mortgage with Wachovia and we also bank with Wachovia and have had a very pleasant experience since they first took over my husband's First Union account more than 8 years ago.
Then Wells Fargo bought Wachovia and two of our mortgages got transferred to Wells Fargo. Last year we ran into some financial problems which I won't go into here but we called Wachovia and they offered us a 2-month forbearance on the one mortgage they still held, which we accepted, and have since resumed payment on and everything is ok. They suggested we call Wells Fargo about one of the mortgages that was, at the time, one to two months behind, depending on the time of the month. :)
We called in November, were told they did not have a forbearance program (though it was mandated for this to be offered by all banks) but that we did not qualify for a modification which was the only program they had. I hung up pretty upset because they had been rude and condescending and not at all pleasant.
In December I tried to make a payment on the Wells Fargo mortgage and we had been blocked from making a payment online. So I called their customer service number. After speaking with a very pleasant helpful rep who suggested we apply for a modification and telling her about my previous experience with Wells Fargo she suggested we try it again with her. We were on the phone for over 45 minutes, she took me through our financial info and then told me we in fact qualified for a modification and proceded to tell me the terms of the modification. One payment had to be made by a date in January, a contract would be mailed to us which had to be signed and notarized immediately and sent back, and we would not pay instalments until June 2010, at which time our monthly payment would increase by approximately $24. I agreed, she outlined and recorded my agreement and I rejoiced!
Hah! No contract ever came and when I started calling Wells Fargo I got a different answer each time I called. They were waiting on documents from us, the contract had been sent, they would send a new one, our file was under review, etc. They danced me around for several more weeks. I finally spoke to a young lady who took my "one more payment" over the phone and gave me a list of documents to fax in.
Then, it was, one thing and another and more time passed.
One day when I called I was told that my husband and I had applied for a short sale on the property and the file had been transferred to the short sale department. THAT WAS NOT TRUE.
I had to go through a series of phone calls to their short sale department, requesting the file be sent back to loss mitigation, then wait a couple days, then call in again and formerly request the modification all over again, have that reinstated, then fax in the documents all over again.
Finally in April 2010, I got a phone call from Wells Fargo saying they needed additional documents. They wanted those documents by 1:45 pm the next day. I asked for more time since that deadline was unrealistic. They gave us until the following Tuesday at COB. I got them everything they asked for by the Friday BEFORE the Tuesday deadline. I was told everything was ok and the file is under review.
The next day, Saturday, my husband and I were served with foreclosure documents by a process server, who delivered the paperwork to my house and gave them to my son.
Each day I called in for the next two weeks, they asked for a new document. At one point they wanted me to include my son on the documents and I refused because I found out that they had reported us as being late and in foreclosure to the credit bureaus, totally messing us up with everyone else, in spite of the fact that we were supposed to have had the modification in place and we were supplying them with every document they asked us for.
They danced me around and stringed me along for almost three weeks, they stopped taking my phone calls, just around the time when my 20 days to file a response to the foreclosure paperwork were about due.
I have had one returned phone call from them since telling me I am only allowed to call once a week to check the status and that our file is still under review.
I have read literally hundreds of other and very similar stories on this and other websites.
My pastor recently told me that he had read an article which said that they had insured all their mortgage loans when they were being packaged as an investment and in fact the more loans that go "bad" or into foreclosure, the more insurance money Wells Fargo will collect. Plus they will still own the foreclosed property and can sell for additional profit.
So I don't think Wells Fargo is trying to save our properties. Seems like they are pushing some of us into foreclosure.
When this all started we were one to two months behind and trying to catch up with all of our other debts. Now we have caught up with most of our other debts or made arrangements with them but we are now several months behind in this particular mortgage. Which never would have happened if they had not told us we had been approved and NOT TO PAY until June.
Please let's get together and stop the lying and stealing of properties all for profit.
