At the end of last summer we went through some pay period changes and loss of 2 weeks income due to payroll date changes. At that time we knew we were going to be late on our mortgage payment. I called Wells Fargo Mortgage to let them know and they suggested a loan modification. I already had heard about that however because I had seen it on the news that a lot of people were doing it. I thought that it would be a great idea. We had tried consolidating the credit cards and our mortgage last summer but were turned down due to too high a debt ratio even thorugh our credit was perfect; we do have a 5.5% fixed rate however on the mortgage.
Well when the pay dates changed so did our interest rates on our cards ; from 4% to 32.99%!!. In trying to keep up with everything to be on time it was looking good to do the loan mod. So October 20th we sent in all the documentation needed by fax and were told that it could take up to 45 days to complete. They said to keep checking back every few days which I did.
One day I called to check in and they said we were denied because we had failed to send in a document with a new date because the date had exceeded the 45 days! This was the 46th DAY! I said WHAT!! They said they left messages. THEY LEFT NO MESSAGES ever!! I have an answering machine! I told them I never received a message. She even told me we had been qualified and it looks like it went through they just needed a redated hardship letter. I NEVER KNEW THIS!! I explained that if I got the call why wouldn't I send in what they needed!!! She just gave me the runaround and she said that I had to resubmit the papers and re-date them.
I was really mad but decided to do it so I resent everything and then in the meantime was checking in and kept being told "hold on and you should get a answer soon". We were not paying our payments either because we thought they would tack this onto the loan mod. This was then December 19th.
I kept asking will we be foreclosed on if we are applying for the loan mod because we don't want it to get to that point. They kept saying no. SO after submitting the paperwork by fax I called every other day as usual and then one time called on a Friday and was told that it should be approved soon because all the appraisal and titlework had been done. It was just a matter of numbers now.
So I was very happy THEN......NOT NOW because then on Monday after that I called in and was told we were in SHORT SALE!!! I again said WHAT!!!! I said WE DO NOT WANT TO SELL OUR HOUSE!! WHY IS IT IN SHORT SALE! I was getting so mad I told the guy to put me in touch with Loss Mitigation Manager. I wanted to find out what the heck happened. So he said "Oh you want to go out of Short Sale? I will transfer you". I could not believe my ears! I was transfered and immediately told the woman to take us out of short sale. I said I wanted to talk to a manager. She said a supervisor may be available to talk to. Then she said that she may be able to help. I then asked her why were we put into Short Sale? She said "You are automatically put into Short Sale when you are denied for a loan mod.". I asked her "when were we denied?" and she said "It looks like December 13th". I said WE HAVE REAPPLIED AND YOU HAVE ALL THE DOCUMENTS. That was the first time we applied! You didn't have a dated document so Wells closed the file". She then told me "Ok you have to wait then". I said 'SO ARE WE IN SHORT SALE OR WHAT?". She said she would take us out of Short Sale and to wait 48 hours then we could reapply!!! I said Ok this is rediculous I want to know what our balance oweing is right now. She said she did not know she would transfer me! I said fine then was going to have to wait so I hung up.
I called back and talked to another woman who said she would send me out a 401K letter because we would need to take a hardship loan. She said she would send it out right away. That was on Friday. I told her to make a note that we would pay off once we get her letter. I went online to look at my account this past Saturday and my home loan was not on there. I thought something was fishy so I called them today and they told me it was in "active Foreclosure" I almost had a heart attack!! I said WHY! She said she would have to transfer me to their attorneys!!! I could not believe my ears once again! I waited and got a recording from their attorneys "please leave information after the beeps..... if you want a reistatement amount press 1.......so I did that. That letter will take 5-10 days to get. She also said to disregard that amount from their (Wells) 401K letter because that one will not be accurate. THEY ARE ADDING ATTORNEY FEES I AM SURE!!!!
WHAT A SCAM this company is! They act like they will help you and they don't give a darn what you do. It is all a big raquet. Really I wish I could tell them to stick it where the sun doesn't shine. When this gets straightened out I am going to look for a different company somehow, someway. I did hear that WACHOVIA bought them out recently. GREAT...Any comments would be welcome!
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