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
God bless you, it took courage to say what you did, and it is refreshing to know that one person at Wells Fargo, is human and not afraid of the truth. Thank you and good luck.
The homeowners who were fortunate enough to have you assigned to assist them must count their blessings. Personally, I have spent over a year, and 3 different preservation representatives, only to be in a worse situation now than I was then. I was actually told by a Wells Fargo employee that your company would move with lightning speed to foreclose on my home due to it's location and value! Now, I cannot even get a return phone call (I think my specialist is not an actual person).
At the advice of Wells Fargo Preservation Specialists, we were told in order to qualify for one program, needed to not pay the mortgage... we did that... then we were told we had to bring our mortgage current (I have been unemployed since 2009).. we emptied our savings and 401(k) did as we we were told, and our Preservation Specialist then told us we did not qualify for that program since we were not in foreclosure. A different Specialist then told us we qualified for yet another program, however, once we emptied our 401(k) we then exceeded the income limitations, and did not qualify there either. The last remaining option (Refinance) was closed to us as well, since we were late on our mortgage payments while trying to get assistance from our Preservation Specialist and refinance was not an option because we had been late in making our payments!
From my perspective, Wells Fargo has no interest in assisting any of it's customers - God Bless you - you are probably one of the poor souls on the receiving end of frustrated people who are exhausted by the misinformation.
See, even though I'm a no good, un-American loser who doesn't know how to budget their money like the rest of these people here (according to the good and winning American banksters), I've actually run a couple small businesses and the first thing that comes to my mind is that your department generates zero dollars for the bank. That means your department is actually an overhead expense to Wells Fargo. Which not sure if you're aware most businesses hate that kind of thing, especially big banks. So then we must ask the the shrewd, lizard portion of our brains...where's the value in what you do for Wells Fargo? The only value you can possibly offer them is to mitigate their losses. Wait a minute I sense a conflict. How can you mitigate the banks losses AND reduce homeowner's debt. You can't because if you reduce a homeowners debt the bank's investors loose ( well [snicker, snicker] they don't lose in the fullest sense of the word - not like you and I lose) and we all know investor's are not in the business of losing. DING, DING, DING. Am I right? Do I win a teddy bear or a gold fish or something?
I've been reading about people going through this non-sense for years so when my number came up I just accepted it. I am not fighting for a house that's 100k under water just so the bank can loose my paper work, etc, etc. The bank can have it back after I'm done living in it for free - Ahhhahahah! According to you I don't know how to budget my money but I know how to get out of debt on your dime, thanks Wells Fargo!
I've been unemployed for a year and was working with a specialist on an unemployment plan. The plan ends this month. I was told that I need to reapply for a new unemployment plan. Do you know anything about this? What are the chances that I'll get another plan?
So irritated w/them. I didnt recieve my complete set of documents the 1st time they were overnighted, called them back was told by Georgia Wetzel they were overnighted once, more never even received those, called back a third time spoke w/someelse who got them to me overnight. Georgia Wetzel informed me when I orginally spoke with her not to make any payments until I had received the documents was received back to Wells Fargo. After a week later speaking w/her she told me that she never told me no such thing, as well as the fact that I was more or less lying about not receiving the 2nd set of documents. Then she proceeded to tell me "I failed the trial period of the program, because I did not make the payment or submit the documents. I said well its kind of hard when you do not received everything and then receveive nothing @ all. Then as I was about to ask her some more questions regarding my paperwork, she hung up the phone on me! Unbelievable that a company of this size will treat their customers this way. I have called and left her 6 voicemails over the past 5 days and she will not call me back. It is am, let alone have represenatives treat customers this way!! azing when they want their $$$$ their automated number calls multiple times a day, but when you try and get in touch w/them they will not return your calls.
Good Luck and do not give up. Eventually they will be exposed for the mistreatment of consumers like you and me.
list of docs you will need
1)profit and loss or 30 days most recent paystubs
2)the 5 page 710 form
3)4506t , make sure you check box 6a and add the year 2011 on line 9
4)2011 tax returns signed and dated on page 2 of 1040 (send all pages)
5)also if you own a business they may need your k1s and 1120s signed and dated
6)if you have any rental income you will need rental agreements
7)3 months bank statements to show deposits for rental income
8)if you have soc sec or any other retirement income you will need
the award letter and 3 months bank statements showing those deposits
9)if there is any other income showing on the tax returns be prepared to
write out a letter of explantion signed and dated if it was a one time draw or
send in statments and bank statements for proof of that income
its a lot of work but if you want your home then try it. you can call the office of the
president but in all reality only you have access to your own documents
all banks require the same paperwork, this is what is expected if we want to be considered for any workout option . also all documents must be most recent or they will become expired and last but not least
10)write out a fully detailed hardship letter signed and dated
hope this helps
you may also need other things such as tax and insurance info if you have other mortgages with other banks and also you may need those mortgage statements . if you dont escrow you must agree to do so as part of the mod review and you may need to send in HOA statement if applies :)
Liqudate whatever you can. Do not let them win. You are in my prayers.