I have been working with Wells Fargo since about July 2009 to get a Home Loan Modification, as outlined in the federal program (www.makinghomesaffordable.gov). I finally received my paperwork this week, and it is as if they "rewrote" the modification the way THEY WANTED TO, not following the federal guidelines, which are clearly written in a 17-page memo to lenders.

Also, they did not offer me the $1000 per year "incentive" that i am eligible for, for up to 5 years, if I enter into the agreement and make my payments on time. This helps "pay down" part of your principal... they totally ignored that ... probably since the guidelines (to lenders), states, "borrowers are eligible for (the $1000 a year incentive) ..." instead of saying "(Lenders), you MUST include this in your loan modification agreement."

Here is what has happened with my loan modification, so right now I am wondering whether to sign or not to sign... and they gave me only 10 days to sign and return... while it took them almost 8 months to get my loan modification through a trial period. !
But here is what happened with my modification:
my mortgage should have been reduced by about $250 - $280 ... but was only reduced by about $98! Borrowers are supposed to bring your payment down to 31% of your Gross Income, and are supposed to reduce your interest rate (as a first step in something the Gov.'t calls the "Waterfall Procedures", which are specific steps Lenders are to take to reduce the mortgage so the CORRECT AMOUNT OF modification agreement can be determined... This is NOT what was offered in my case.

I have been trying to get my home loan modification with them for about 6-7 months... I did EVERYTHING THEY ASKED, sent all forms, resent forms, resent proof of income, the signed affidavit. about 4 months ago, they sent the amount of my trial payments, which was encouraging because the payment dropped from about $1250 (which I can no longer afford, due to a sharp decrease in my income.; my payment for the trial period was reduced to about $980.

I also want to note that i did not have a sub-prime mortgage, that i have always been current on the mortgage, and that my home in Austin TX is worth about what I owe on it. Also, I do pay Private mortgage insurance (PMI), and I'm reading from many with problems, that some banks are not working with them... preferring their home to go into foreclosure, since the home has PMI.

The "making home affordable" gov. website calculators show that I'm eligible, and that $980 (trial payment) was actually somewhat more than the 31% of my income. I thought i was "good to go..." and made every trial payment.
Now... this week, i get a letter from Wells Fargo that offers me something they call a "Home Affordable Modification Agreement", and they only gave me until 3/23/10 (less than 10 days), to sign and return it to them. THE TERMS ARE NOT AS outlined on the Gov't site at ALL! To reduce my mortgage, they offer to EXTEND THE TERM OF THE MORTGAGE, and only to lower the interest rate by about one-half percent. This is NOT how the Gov't site said as to mortgages being modified. My total monthly payment only went down $98, if I sign this, and again... this payment is MUCH more than the approx. $960 that my loan modification should be (according to the calculator on the fedeeral "making homes affordable.gov" site and other federal web sites.). Do they think we don't read or multiply ??? Also... they didn't make my escrow payment with my trial payments, and so they informed me i now owe escrow of $1876 ! (this is something the government guidelines to lenders ALSO tells lenders, that they MUST make the escrow, if the funds are there ... which mine were, as part of my $980 trial period payment.!

They did write in something they call a "borrower incentive" that if i make payments on time, i will "accrue " a "benefit" equal to $54.58, which is 1/2 of the reduction in the monthly mortgage payment. There is nothing that i can find about this being in the government program -- it reads that with a home modification you no longer have to pay the PMI. (because the government is in effect insuring your mortgage, at least that is my understanding of why you no longer have to pay PMI).
I feel WFargo has "rewritten" that program benefit more to THEIR benefit, in their legal terms ... saying, "if your modified mortgage loan ever becomes 90 days delinquent, you will lose all accrued but unapplied principal reduction benefits (the $54.58)... and will no longer be eligible to accrue additional principal reduction benefits..." THAT is NOT in the government guidelines at all.

I don't know what i am going to do at this point, because it seems as if WFargo is really trying to screw me. That is not a word I ever use, but it fits with this situation. In my opinion, they are purposefully ignoring the government guidelines on how the FEDERAL home loan modification program was written, and have written their terms... much more favorable to them.
If anyone has any suggestion, please contact me at my email:
[email protected]. Thank you... and good luck. We need it.

Yours truly,
LSB / Austin TX


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Wachovia Bank now a part of Wells Fargo is using an unethical and boderline illegal activity to take my biggest printing customer. When my customer of 13 years asked for a bigger loan to expand their business, Wachovia came by to check on their operation. They discovered that all 60, 000 of their customers pay by check or credit card. Two days later the loan officer came back with a proposal to do everything including printing over 5000 books a month. They will use equipment that they use to run bank statements on to do any book for a flat price of $2.00 regardless of the number of pages. On many of the books it will be below my cost. I'm confident it is also below their cost. Paper prices only go so low. A former Wachovia employee told me that they will lose money on the printing if they can increase traditional bank products with the customer. They can borrow money from the FED at almost 0% and then compete with me in my printing business by doing things at a loss! This is a total abuse of their power. I can't understand how they can mix loan approval with printing.

Wells Fargo repossessed our vehicle after we have paid SIX years on the vehicle after they forced a payment through my checking account before they were authorized and bounced several of my checks, then began running it through 2-3 times per week, causing one fee after another without asking me and this happened on a weekly basis. Then I tried to tell them I had so much money taken because of this, this made me late on my payment and then they repossessed my car and now are trying to charge me to get my personal items out of my vehicle. I was not given my tag either. They took the car so far off that myself and my husband are going to have to take off from work to go 2.5 hours one way to get the personal items. They refused to let me pay the late payment and late fees to get the car. They knew we were almost paid off.

I spoke to 3 or 4 Wells Fargo representative throughout this ordeal. All of them sans a Lee from Minneapolis(?) was not only unhelpful but seemed gleeful that I was getting screwed over. Anyways I never got the name of this guy but this is the best example of Wells Fargo customer service:

As I tried to get my questions answered, the Wells Fargo employee (we'll call him Mr. Idiot) hung-up the phone on me as I tried to get information to dispute a claim; Literally said Good Bye and hung up before all my questions were answered.

To be fair, that was probably the best treatment I had the entire conversation. The Mr. Idiot spoke to me like I had down syndrome and proceeded to repeat everything I just said explained to him as if he were explaining the best course of action that I should embark on (as if I'm retarded). For example:

I say: I need to know the date I closed my checking account. I need that date so that I can find the check I used to pay off my savings account. (notice that one is a checking account and the other is a savings account)

Mr. Idiot (and I paraphrase): You should get a copy of the check to prove you already payed off your savings account and present it to our bank.

Well thank you Captain Obvious.

Being the extremely intelligent man that I am, I ask him for the date that I closed the checking account (again) and he informs me he can't provide me with the information because it isn't related to my savings account; and since I am not longer a Wells Fargo Customer, Wells Fargo will "no longer service me." Not only will he not provide me with the information that I need, but apparently I can't go to a branch to get that information.

So here's the situation I'm in: Wells Fargo claims I owe them money. They won't provide me with the information to prove to them that I don't owe them money. To top it off they've forwarded everything to a collection agency which is threatening to put a ding on my credit scores if I don't pay up. Gotta say, I'm the luckiest guy on the planet. Thanks Wells Fargo, you guys are not criminal at all.

And now for a rant.
Finally to the people who work at Wells Fargo. I know everybody has to put food on the table and everything but how do you rationalize your jobs. You throw people out of their houses so that you can get that 5 million dollar bonus. Is the 12 million dollar salary such pittance these days? (especially since some 12% of Americans don't have a job) What about the people who listen to their corporate bosses and gleefully help steal from other people's savings? Are you so numb that you can't empathize with the anxiety you cause in other people when you're condescending to them? The anxiety that you put me through is not something I would wish on anyone. In any case, F*** you! May I never hear from you again.

Wells Fargo is a horrible company. They would not work with anyone. The whole world is going through rough times. This is a time were we are facing life changing events. Unfortunately, this company has all the business but do not care about their customers. Customers are the reason that Wells Fargo is in business. Hello!! Help your customers. The customer needs a bail out! All we are asking that you work with us!