Home Preservation is bull shit
Complaint
Anonym
Country: United States
I just want to inform everyone that Wells Fargo's Home Preservation department is useless and very deceiving. In the last few years I have faced numerous hardships due to medical conditions, unemployment, and salary cuts, in which I had used all my savings and 401k, because "Wells Fargo's Home Preservation Program", failed to provide any help and I was denied any help every time. A common phrases I heard numerously were “we can’t do anything for you Sir”, “we’ll have one of our specialist call you back”, and “this call is an attempt to collect a debt”. This program will not work, but influence the buyer to continue paying their mortgage thinking help is on the way, “NOT TRUE”, while Wells Fargo is receiving money and continuing foreclosure on your house. If you noticed that every department from Wells Fargo, when they call the 1st thing out of their mouth is, “this call is an attempt to collect a debt”, which advice you to pay immediately. In the same day Wells Fargo inform me that my home had trigger the initial proceedings for foreclosure and notify you that you have 34 days for repayment (this was more like a threat than a notification) and later that day I was contact by this department and was told different, which recommended to continue payments and my loan will be reviewed by an underwriter within 30-60 days. Wells Fargo is full of s***, they don’t care about you; because the loans are insured and they will get paid no matter what. Their goal is to squeeze your money while they’re following the state foreclosure guidelines. This is why the government is currently auditing the bank’s foreclosures in search of foul play. Im in my last proceeding and I trying to borrow money from family members to repay the passed due amount…..”Why you may ask?” This is my roof over my head and all my money has been invested in this home, I don’t want to lose it for just $8K. I recommend that if your facing this situation it’s better to make a decision early and decide to either stop paying mortgage and save your money (live free for 6 to 18 months free) or borrow money and make your account current only if you believe you can continue paying your mortgage for at least another 1-1.5yr. Don’t depend on Wells Fargo to provide any help or alleviated your situation. Avoid working with Kevin Finnen and Zanarda Johnson Home Preservation Specialist.
They don't want you to qualify and they ask for the same documents numerous times, change process, change forms, and change personnel in the process to start all over, and missing information, which was never requested.
Check this websites:
https://www.wellsfargo.com/press/2010/20100115_HAMP
http://www.johnmschwarzlaw.com/wells-fargo-analysis-50-fail-hamp-eligibility/
They don't want you to qualify and they ask for the same documents numerous times, change process, change forms, and change personnel in the process to start all over, and missing information, which was never requested.
Check this websites:
https://www.wellsfargo.com/press/2010/20100115_HAMP
http://www.johnmschwarzlaw.com/wells-fargo-analysis-50-fail-hamp-eligibility/
Comments
What kind of business practice is that!???
I love how the banks cried for help from the taxpayers in 08', but when the people need help they call it a "moral hazard" - WOW! I didn't know banksters could say the word "moral" without burning their mouth. I just want to thank you banksters for educating me and opening my eyes to the real state of the union.
Sara, just so you know, my wife and I are professionals who take fiscal responsibility seriously. We bought an affordable house at the time. We paid our mortgage in good faith until My wife lost her job as a teacher and I had trouble keeping steady contracts in tech - why? - because we're slackers? Noooo. Because we're dead-beats? Nooo. Because of the economy that your beloved institutions helped create! I was doing fine before that and so was my wife.
But now we were always riding the edge until finally my wife lost her good stable job. We were so stressed out we had to make a hard decision and decide to default. Do you have any idea how humiliating that is for people like us who work and don't look for hand outs!!! I don't expect the banks to give me a free ride but gotta say it's a little fishy when they get help and we don't - just sayin'
I didn't attempt a loan modification because I learned that it was all pretty much a sham - and that I'd be talking to uncaring moron's like Sara - no thanks. Nevertheless, in an effort to work with the bank I did try to short sale but Wells Fargo turned us down because I happened to fortunately land a job the month I defaulted. That job put us barely over the top according to the bank calculations so they were unwilling to help. But under duress I had already made the decision and could take the stress so I decided to bail myself out - get it? Bail out - Ahhahahaha! Besides, if I or my wife got sick or the car broke down or anything big happened in the next 25 years our house mortgage would again be in jeopardy not to mention we would be spending the next 25 years paying for a house that was worth half what I paid. Yeah right.
After realizing the bank was more interested in collecting the mortgage insurance money, gov bennies, and then reselling to the next Joe Shmoe I decided I wasn't going to play their game. I did some research and talked to a lawyer. It turns out that I have a no recourse loan which means they can't chase me for the mortgage the rest of my life. Oh how sweet it is! So I am doing a loan modification of my own. It's called I live in Wells Fargo's house for free until they can legally toss me out. Thanks Wells Fraudo for the free rent!!! I would've worked with you but "your as cold as ice willing to sacrifice our love" Oh and make sure you call me everyday to say hello! LOL I love this country! Keep it up banksters and see what happens. I don't feel sorry for you. I know you'll make double when it's all said and done.
People if you have a no-recourse loan, been in the house less than 10 years and you're underwater %40-50 - WALK AWAY!!! The bank isn't loosing believe me or they'd be helping you stay in your house. You won't recover that value for 20 - 30 years. Go rent and save your money. Your credit will only be down for a few years because the banks are like heroin addicts. They make so much off of us they can't wait to lend us more money. I am still getting credit card offers form Wells Fargo.
Hey look at it this way collect some of that tax bail out money back from them by living in their house for a couple years till they throw you out...YeeeeeeHaaaaaw! Merica!!!
First they sent me referrals to some organization that helps people budget their money. Well normally I don't mind that kind of thing. I think its good when people who need it go get it. But I find it a bit offensive Wells Fargo sent it to me as if the reason I can't make my mortgage is because I don't know how to budget. The gall is unbelievable that in an economy that the banks are partially responsible for creating they send me a referral to a budget counselor. Really Wells Fargo? Is that why America is defaulting because we're all a bunch of irresponsible adults who can't figure out how to make a mortgage payment? It's not a budget issue - it's a CASH FLOW ISSUE!!! That's what happens when people loose their jobs due to YOUR irresponsible behavior you hypocrites! Oh and by the way I do know how to budget that's why I stopped making my mortgage payment - Ahhhahahaha!!!
Second thing we got was a document that said we had the option to modify our loan. I thought hmmmm, why are they sending me a notice that we have the option to do a modification? I mean, in this day and age the bank practically knows my DNA sequence so why are they making me come to them and ASK for a modification after months of non-payment. Isn't it obvious I need a modification? Aren't' the red lights on the lonely data server in the basement that stores my account indicating that I need a modification by blinking furiously into the dark? I mean, their databases have everything except my sperm count so that means they know that I haven't paid for months and that in order to get me back they need to do something drastic. And yet they seem to be so nonchalant about it by sending me a notice that I have the option to modify if I would just give them a ring-dingy. Seriously? Sending me a notice that I could poop by checking a box if I felt like it would've been way more helpful - and fun.
Why do they waste all this time and money sending useless mailings, and then when you bite they waste more time loosing and denying your paper work pretending to do a loan modification? Look folks if the bank REALLY wanted to help they could. They could just send an offer right off the bat with either reduced interest or reduced loan amount awaiting your signature but they don't do that do they? Why not I wonder?
It's real simple people. If they really wanted to help they could and they'd still make money. But the name of the game isn't just to make money it's to make as much money as you possibly can until your eyes pop out of your head. The Gekko creed, "Greed is good", regardless of the legal, moral, or ethical implications.
So here's the game people...if they can put you on a double track of "loan modification" and then secretly ( shhhh don't tell mom and dad ) a foreclosure track they can get YOU ( not them) to cover the mortgage till the foreclosure. Theeeeennnn they can collect the insurance, the government hand outs, and sell your house to the next fool. Gotta admit folks, they're magically delicious. Silly rabbit, trix are for kids!