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
Buy gold and silver and bring down the banks.
I have been going back and forth with her for 3 months and everytime I call her get nothing but her voicemail and she takes 2 days to call back and when she does, they must have a way to show in their system they are calling you but she lets it rings for 2 rings and then hangs up and don't leave a message or call back.
I think they are all telemarketing non caring people and the lady Jennifer is lucky i was near her becasue I would have slapped the mess out of her...
They really do need better customer SERVICE!!!!!!!!!!!!!!!!!!!!!!!!!!
My situation, while not rosy, is not completely bleak either and it is a bit different than what I believe, historically, required the WF Home Preservation to get involved. Regardless, I am a bit frustrated and stressed and would appreciate anyone's perspective, thanks in advance...
Here is my story:
I've been with WF since my home was built 12 years ago, did a refi about 6 years ago and was preparing to do another refi (for debt consolidation and to leverage, of course, ever falling interest rates) and was waiting for my job to move from a consultancy role to a full-time VP Sales role for about 6 months before applying. Income is solid, pay bills on time but credit cards have been tapped more heavily than normal and Home Equity - this is the key, the HE piece - was tapped very heavily with 2 kids in college and a major adjustment to my earnings (was scrambling with consulting for about 6 months to get back into solid pay range where I was). So - basically - I was waiting for my job to become more "permanent", pay down some my cards to below the 50% level (2 are very minor 1. owe 1k on 3k limit 2. I owe 2k on 5k limit with the other owe 20k on 45k limit) so both credit and loan approval would be better and I'd get a better rate.
The big bad piece was I got my HE loan (which is through Wells Fargo with a line of $67k and which was up to about 30k when I did my first refi where it got subordinated/paid off and re-opened as part of the transaction) all the way up to $65k. Ouch. So just about a month ago, I pull the trigger on doing the Loan App - credit was hit, not due to cards but Student Loan Co-Signing !! Please do not get me started on that!! I am told that for calculation purposes you are hit with a 1% of outstanding balance per month if the loans are not in repayment mode - so that added about another $850 to my income obligation (or my "perceieved" obligation) which made my proportions tighter.
I should mention in here somewhere my loan has a balance of $300k on a home worth about $475 (down from $600k - like everyone else) and have NEVER been late for a payment with WF, either mortgage or HE.
But - so, with credit score at 680, income to debt tighter than I wanted and assuming a reasonable Assessment on my property (still outstanding) and job "fully vested" now for a solid 6 months - I GOT APPROVED!! Huge relief.
We are going Fannie Mae - can switch to FHA if needed for limit help on appraisal - and are doing a $360k loan (300k first and 60k second/HE). I locked in the rate, got a loan # and a closing date (12/20). All is good, right??
Wait a minute. I get a letter 2 days later that says my HE balance is due IN FULL on 10/20/12 as my orginal arrangment had a 10 YEAR BALLOON. I was stunned as I would have NEVER signed up for something so crazy (I wouldn't have had to, those loans were everywhere - somebody took advantage of my carelessness - so I AM responsible I get that but stunned - and pissed - are good words).
So, I am just starting the process of working this out with HE Dept but told my contacts handling my Mortgage that I am better going right to Preservation for, basically, a 60 day "grace period" since I am closing 2 months later on a pre-aproved loan with same bank after being a 12 year client who has never been late with a payment and is preparing to re-up for another 30 years and finance 360k.
What can I expect? Is it realistic to think somoene will "get it" and say, this is a no-brainer, in 2 months we get all our dough and a re-up customer. Or will I get some type of "re-fi" on the 2nd mortgage, pay 2 payments and then pay that off with the mortgage and essentially burn through a little bit of dough for the paperwork on the short-lived refi? Or is there a chance they will play hardball with me and screw this whole thing up?
I know this question does not apply but, for those in the know, I have been told that foreclosure CANNOT occur on 2nd Mortgages, teh home cannot be touched on those debts or defaults. Just curious to understand full picture.
Respectfully, I realize I am lucky and still in decent shape here, making some solid money, able to pay bills and just in debt way more than I expected with very little savings after 53 years, no retirment in sight etc. But with all that I am grateful as I recognize full well that so many of the stories here find families in much tougher plights. I seriously pray for those folks as I know but for an extra bad bounce or two I could have been -or could still be! - right there. I say that only to point out I recognize the desparation situation can be far worse.
Regardless, any thoughts or comments are most appreciated. Major questions are around - especially for WF employees or long time customers - better to talk to HE or Preservation? Worth fighting to get simple extension and wait for refi to go in 2 months or is that pie in sky? Prepare - or beware - of bad bridge solution? Impact, if necessary, of defaulting/delaying the 2nd mortgage reconciliation?
THANK YOU very much. I wish all of you well.
I have spent 2 1/2 years in the modification process and 3 Special Forbearance Agreement and 5 inch file of paperwork faxed over and over. Just finished final payment and now after 13 months my contact Home Preservation Specialist has been promoted and I have received 3 letters with different helpers I am supposed to talk to? Really, I am screwed they have kept my higher payments in a SUSPENSE account and have reported me late every month even thought we have paid for 2 1/2 years dont make my mistake keep your money hire an attorney!!!!!!!!!!!!!!!! I am this week.
Next, The rep was changed. All she did was ask for paperwork 20 times. I finally was fed up and filed compliants with the OCC, FDIC and State AG. My file was given to the WF Office of Pres in Des Moines, IA. After talking with 3 different people, my file was given to one person. During this time I sent 2 different QWR letters to them. All they did was tell me the information requested needed to be subpoenaed. After 3-4 months of going back and forth with WHOP, the rep told me to accept a verbal temporary modification with a new mortgage payment...needing payment in 5 days or they would put the house up for a sheriff's sale and then after 3 payments they would submit my file to the investor for a permanent modification. I told the rep unless I get a written agreement in writing, I will not pay a dime. If you do send me the written agreement, I will remit all three payments at once back with my signature on the agreement.
She called me 5 times in 3 days asking when I was goingto send payment. I then filed a lawsuit against WF and other entities in the chain of title. The suit went on for a year. Fannie Mae owns the loan. WF was claiming they owned the loan and provided fabricated docs to prove it. The attorney for WF removed the case from state court to federal court and the federal district judge dismissed the suit for failiure to state a claim.
Now, WF is back to threatening foreclosure if I do not come up with the past due balance. I filed a compliant with the CFPB stating the state laws that WF and their attorney have broke. The next day I received a call from WF Off. of Pres wanting to discuss the complaint.
I told the person at WF if they ever watched the movie Taken with Liam Neilsen? I said remember the line that goes something like this, "I have acquired skills over a long career, skills that make me a nightmare for someone like you, if you agree to let me daughter go, I will not look for you, but if you dont, I will hunt you, I will find you and I will kill you".
She said "Good Luck".
I told her it's WF own death wish!!