Wells Fargo Mortgage Corporate Advance?? what is that? DES MOINES Iowa

The best way to handle this is to send a letter and specify how you want the mortgage overpayment to be applied. Also, tell them they need to dump the funds out of the Corporate Advance and apply it against the mortgage. My guess is a Corporate Advance is a scheme they came up with to apply the additional money how they see fit. It is probably sitting in some account (not drawing interest), so I would, as I said tell them to apply the "Corporate Advance" to the principal. Unless there is something specific in the Agreement, I doubt they could refuse your request. You need to look at the agreement and see if there is anything there. Still your future payments can be directed as you wish, but you need to tell them that, specifically. Good luck!

The issue is that we did not sign any agreements with WF at all anything signed by us was with our previous Mortgage Comp., but never had heard about that verbiage before and just confused; I don't want them to pull one over on us.

Corporate advances fees are usually for legal cost.
Is Wells Fargo trying to again collect for legal fees that you may have already paid.
Request a line item account history from the conception date of the loan to present date for the principal account and the escrow account if applicable. Compare tour BR information against the account history that needs to be requested.

Refer to my posting here on Ripoffreport http://www.ripoffreport.com/view.asp?id=193782 , James Euless,Texas

Also check out Jennifer's Springfield,Missouri posting here on this site. Jennifer's emails add an interesting side to what Wells Fargo is doing in liying, cheating and stealing.

James, thank you for somewhat clearifying what the meaning of Corporate Advance is. I am not sure what "Legal Fees" they would be charging us for, since we filed in 2002 and were discharged in 2006 with Chapter 13, our Mortgage was never included in this nor was WF our Mortage Company then.

What scam are they trying to pull on us?
So we request a Line Itemization from the date they bought up our Morgage, then what was your suggestion? Maybe write a letter requesting all the money to be applied to principal? We are never late on our Mortgage, we have our Bank send out the bills for us, so it will be easy to track from the time we started this.

I appreciate all comments and help. Amazing that not even Google can pull that information up, isn't it?

Check your BR filing and verify that Wells Fargo submitted a Proof of Claim to the BR Court. If your loan was with Wells Fargo at the time of filing the BR then they should have filed a POC even if you were current. The POC usually includes attorney, filing and possibly other fees. My opinion is that if you were current with your mortgage payments then these fees probably were not included in the BR but Wells Fargo had to pay their lawfirm and when the lawfirm billed Wells Fargo the law firm fees were applied to your mortgage. Not very hard for Wells Fargo to carry these cost on their books, they are just waiting on you to get out of BR to try to collect. Since you no longer have an attorney to represent you since the BR has been discharged Wells Fargo goes back to it's normal game of deception and lies.

Go check out the BR Rules and it roughly states that no action, procedure, etc can be maintained during the course of the BR and if such is down then it might be a violation of the Automatic Stay and in your case possible violation of the Discharge Order. It also maybe a violation of the Fair Dept Collection Act and the DTPA.

Run this past the BR attorney that represented you in the BR, most likely he will say it just standard pratice and want to dismiss the issue. Darn right he wants to dismiss it because it will cost him money to go back and open up the BR to file a complaint with the BR court for possible violation by Wells Fargo in the BR Court.

Note, my comments are not legal advice, you need to consult an appropriate attorney to handle your issues if you can find one. My comments are based on my procedure of legally pursing Wells Fargo personally through the courts and all cases are different.

Hope this additional infomation helps.

And the mighty wealthy evil giant stomps on the people again.

James

Yeah - I am wondering if WF can go on the contract of the Mortgage Company we had during BK - as I mentioned, they did not get involved until after discharged. We will go through our Paperwork and pull out what we have to proof that Mortgage was never included and mail that in, with the request to have the Money posted to Principal. That makes sense, although what does not make sense is how they expect to be involved. I will post update once issue resolved if ever. (Unfortunatelly we can't involve our Attorney that handled the case he passed on before we were discharged)

you probably have a loan in a mortgage backed security. In the pooling and servicing agreement, they can give "corporate advances" This means they give the investor a portion of money that they reasonably believe they will get back form you. They are getting an advance on monies they should or might get from you and make you responsible for it, but god knows where it goes when you pay it.