My husband and I were so excited to have finally cleaned up our credit and purchase our first home. We were both Active duty Military. I was in the U.S. Navy and he was in the U.S. Marines. We were stationed in different duty stations and had one child together. We had two different sets of bills because of two separate households. We also acquired two sets of debt as well. I got out of the Navy in 2002 and was misdiagnosed after the birth of our son with tendinitis. We were unable to purchase a home because of our low credit scores and outstanding debt. We worked with a Mortgage lender who was awesome in my opinion, Fidelity Investments and Trust.
The lender helped us get a copy of our credit report after we were denied for a home loan. She worked with us for over a year to clean up our report and provide explanation letters to the underwriters for consideration.
Finally in 2006 our credit was much improved and all outstanding dept was either paid in full or settled and cleared. We were qualified to get a VA loan. We got pre approval for an amount and decided that we wanted to live near the base where i worked as a government contractor.
We found a brand new subdivision with homes just being built right outside the back gate of the base. We decided on an unbuilt home based on a drawing and the fact that the builder would allow us to choose everything we wanted inside within the allotted budget. How perfect!
We made an offer on the house and it was accepted. The loan was negotiated, written, and approved. We moved into our brand new house in Sept, 2006. Our monthly payment was $1450 a month
We made our first two payments and received a packet in the mail from Wells Fargo. We were "Informed" that Wells Fargo had "Bought out" our loan and we now had to comply with their loan requirements. I was like "what the crap". How can a company "buy out" your loan without your permission and force you to abide by their New rules? We made all payments on time and without delay for the better part of two years.
The Tendinitis the Navy diagnosed me with actually turned out to be Rheumatoid Arthritis which was correctly diagnosed at the birth of our second son in 2003. I had been seeing an RA doctor and driving back an forth every few weeks for treatments and they were successful until the medicine stopped working in early 2008.
At a doctors visit i found out that i was almost four weeks pregnant. The doctor told us that the medicine i was taking could cause birth defects in unborn children and asked us if we wanted to "Terminate" the pregnancy. My husband and I discussed all options with our doctor and decided we wanted to Keep our baby. The catch was that i could no longer take the Medicine i needed to control the RA. We decided that our babys life was worth the price of pain. We did numerous tests and could not find any kind of abnormalities with our baby. We were ecstatic for two reasons, one we were gonna have a healthy baby and two we finally got a girl.
As i progressed through my pregnancy so did my RA. It became so bad that i could no longer function at my job and was forced to stay at home. my company offered short term disability but that took weeks for the paper work to make its rounds and by that time we ended up missing a mortgage payment.
We had all of our regular bills and also had two different car notes. One of which was a loan my husband had for his Mazda RX-8 with Wells Fargo, the same company that had "Assumed" our mortgage loan. Before now we had never missed a payment.
We contacted Wells Fargo to try and make up our missed payment or possibly move it to the end of our loan. We got a letter in the mail the next month and it stated the terms of our "Repayment Plan" What i read next INFURIATED me. My new Proposed monthly payment for the next twelve months was $1930. That's $480 more that my original note and did not calculate how one missed payment, supposedly spread out over 12 months could equal this ridiculous b.s. they were proposing. I contacted Wells Fargo and told them once again about my disability and that i was not working and insurance had not yet kicked in. I stated to them that their new proposal was way more than what we actually owed them and this amount was unfair.
The next months bill came in and some how with penalties or interest or whatever we now owed $2100. My husband was working as much overtime as he possibly could and volunteering for weekend jobs and had come up with the $2100. We began juggling bills month after month to try and pay this ridiculous note when it finally caught up with us. We had to make a decision. We were gonna have to give up a vehicle to try and make things work. We had to decide, either the sports car my husband loves, or the family suv, which was more practical for our new addition and our family. My husband reluctantly decided to give up his RX-8. He called Wells Fargo Auto Division and explained our situation and that we could no longer afford the extra car at the expense of losing our home. They stated there was NOTHING they could do and after 90 days of non payment they would repossess the car. My husband parked his beloved car in our two car garage and maintained full coverage insurance on it.
He decided to buy a cheap car in the mean time to get to work so that i would not be without a vehicle, just in case i needed to go anywhere or needed to pick up the kids before he came home from work. Every now and again i would see him just sit in the RX-8 in the garage. I could tell he was upset about the whole deal but didn't talk much about it. A few more months had passed, Wells Fargo came and repossessed the car, but medical bills were starting to pile up on top of regular bills. With all the overtime my husband was working, it was still not enough. We missed another payment and Wells Fargo began Foreclosure proceedings.
No matter what we tried to work out with Wells Fargo they were unwilling to negotiate. They knew we had a VA loan and that should we default on it, the loan was guaranteed. My husband came home from work one day and i had an RA attack and was laying on the floor for about an hour, unable to get up, unable to call for help. He took me to the doctor, got me a cortizone injection and carried me home. We talked and he was worried about me being home alone and not able to get help if i needed it. My sister offered for us to come stay with her through the pregnancy and to help with the baby while my husband went to work. Wells Fargo Foreclosed on our home in December, 2008 After the Congress had passed the Foreclosure Prevention Act of 2008 on July 26, 2008. In conclusion i would just like to say that i hope the top decision makers at Wells Fargo are sleeping good at night knowing that they are Anti-American Communists who would rather make a fast buck than support the Disabled American Veterans who gave up there freedom to defend the "rights" that they so outwardly abuse.