• Report: #245188

Complaint Review: Wells Fargo Home Mortgage

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  • Submitted: Sat, April 21, 2007
  • Updated: Thu, April 21, 2011

  • Reported By:Ottumwa Iowa
Wells Fargo Home Mortgage
PO Box 10335 Des Moines, Iowa U.S.A.

Wells Fargo Home Mortgage Loan Modification Rip Off, No Reporting to Credit Agencies Des Moines Iowa

*Consumer Comment: liar? i think not . the evidence is clear. i have it on recorded tape of them lieing "send nothing ur fine"

*Consumer Comment: To the Loss Mitigation Employee of Wells Fargo-What do you think about my story????

*Consumer Suggestion: You are full of it and taking advantage of peoples time

*Consumer Comment: Make a copy of all modification paperwork

*Consumer Suggestion: Sorry, my site link wasn't included in my last post

*Consumer Suggestion: Sorry, my site link wasn't included in my last post

*Consumer Suggestion: Sorry, my site link wasn't included in my last post

*Consumer Suggestion: Sorry, my site link wasn't included in my last post

*Consumer Suggestion: Banks tend to do this to the individual consumer...

*Consumer Comment: Credit card companies are guilty of the same thing...

*Consumer Comment: Credit card companies are guilty of the same thing...

*Consumer Comment: Credit card companies are guilty of the same thing...

*Consumer Comment: Credit card companies are guilty of the same thing...

*Consumer Comment: the same but worse happened with us!

*UPDATE Employee: Possible Credit Fix

*Consumer Suggestion: Intentional Negligent Servicing Technique

*Author of original report: RESPONSE TO REBUTTAL 4/22/2007 "IS THIS A TYPO?"

*Consumer Suggestion: Predatory

*Consumer Suggestion: Predatory

*Consumer Suggestion: Predatory

*Consumer Suggestion: Predatory

*Consumer Comment: Is this a typo?

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In the summer of 2005, we had a baby and our subsequent medical bills were much higher than we had anticipated. Because of this, we got behind on some of our bills. We called Wells Fargo Home Mortgage in August of 2005 in order to work out a payment plan to get caught up on our mortgage.

Wells Fargo Home Mortgage was very good about working with us to set up an adjusted payment plan that worked for us. We agreed to do a loan modification, in which we would make an adjusted payment for September, October, and November of 2005, and then in December, Wells Fargo Home Mortgage would take the remaining balance due plus fees, etc., and add them back into the loan.

We would then have a new monthly payment based on the new mortgage loan balance. We were told by a number of Customer Service Specialists, that in December, we would not physically be making a payment. That was the month the modification would be done and finalized, and then in January, we would start making normal payments again based on the results of the modification. We asked if we could make just the normal payment that we had been making for December, and they said no, that we should not.

We called at the end of December 2005 to find out what our payments would be starting in January. We were told then that the modification had not been finalized yet, and that we actually probably would not have a payment until February, because the modification process takes some time.

Approximately a week later, we received a letter in the mail from Wells Fargo Home Mortgage stating that our request for modification had been denied because, while on the modification, we missed a payment. However, we had not missed a payment, nor were we ever late with a payment, so we called Wells Fargo Home Mortgage.

The Customer Service Specialist who we talked to confirmed for us that we had not missed a payment and said that the letter we received must have been a mistake. He informed us to ignore the letter, as it was a mistake and we should never have received it. At this point, we were still under the impression that the Wells Fargo Home Mortgage Customer Service Specialists knew what they were talking about, since this was their job, so we took his advice.

We thought everything was going fine, and we were calling every couple of weeks to find out the progress of our modification. Each time we called, we received the same answer; the modification had not yet been finalized, but when it was, we would receive a letter from Wells Fargo Home Mortgage in the mail letting us know the results, new payment, etc. Nothing more was ever said about missing a payment or about the modification being denied.

Then in February 2006, we were served with foreclosure papers. Of course we called to find out what was going on and were told that Wells Fargo Home Mortgage had sent the mortgage into foreclosure because we had missed so many consecutive payments. However, we had only missed the payments because they told us not to make them. It took a few weeks, but this was cleared up.

Wells Fargo Home Mortgage then quickly re-did the modification and, in March 2006, we received a letter stating that it was finished and what our new monthly payment would be. However, we were told that this would be our payment only until everything was finalized and we started receiving statements again. At that time, we would probably have a new payment as per the monthly statement.

In May 2006, two months later, we still had not received a statement, so we called and were told that because of paperwork and such, the process takes time, but we should expect to have one within the next month or so. In July 2006, another two months later, we still had not received a statement for our mortgage account, so we called again and were given the exact same answer.

At this point, realizing that we were getting nowhere by calling, we started writing a short note and mailing it with our payments each month. I sent these short notes with our payments, so I know that Wells Fargo Home Mortgage received them, because they received our checks every month and cashed them. I sent these notes with our payments for six months without a single response from Wells Fargo Home Mortgage. However, we were still under the impression that everything was okay with our account, because we had never heard anything from Wells Fargo Home Mortgage to the contrary, and also because we were making our monthly payments on time every month.

In February 2007, we were looking for a new home and wanted to get pre-approved for a new mortgage. It was at this time that we were informed that our Wells Fargo Home Mortgage account was past due. We then called Wells Fargo Home Mortgage to find out what was going on, because we had made every payment on time, and as far as we knew, our account was in good standing. The Customer Service Specialist who we talked to said that the modification on our account had never been finalized, and she proceeded to do that for us.

Now, what we do not understand is how our account was never finalized, especially after we had been in phone contact inquiring about our account at least two times after we were told that it was finalized and had sent at least six written inquiries about our account. We were also informed at this time, in February 2007, that in December 2006, our monthly payments had gone up. However, because we had never received statements for our account, we never were informed of this raise and, hence, did not know to make the higher payment.

However, we were still paying the original amount that we were told to make in March 2006 when we were told, erroneously, that our modification was complete. Even though this was definitely due error on the part of Wells Fargo Home Mortgage, we paid all of the late fees to get our mortgage caught back up in February 2007, because we did not want to have to go through this whole process again.

So, since March 2006, we have made every payment on time, but, according to our credit report, Wells Fargo has not reported a payment since August 2006, and according to our credit report, that payment was 120 days late, which it was not. Our credit report also says that our February 2007 payment was 150 days late, according to Wells Fargo, which it was not.

In fact, we have not made a late payment since our modification was complete (or so we thought) in March 2006! I also have a statement that Wells Fargo sent me, showing every single payment made in the last year, and they are still saying we that they are correctly reporting to the credit agencies!

Be assured, I will never do business with Wells Fargo again!

Sheri
Ottumwa, Iowa
U.S.A.

Click here to read other Rip Off Reports on Wells Fargo Bank

This report was posted on Ripoff Report on 04/21/2007 09:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Home-Mortgage/Des-Moines-Iowa-50306/Wells-Fargo-Home-Mortgage-Loan-Modification-Rip-Off-No-Reporting-to-Credit-Agencies-Des-M-245188. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

liar? i think not . the evidence is clear. i have it on recorded tape of them lieing "send nothing ur fine"

AUTHOR: Shoop4k - (U.S.A.)

wow gotta love how rude some people can be about sombody elses dire situation. i had wells fargo pull the same line of bullsh*t with my husband and i ! make the down paymen , then the next 3 payments . then they lie to you and tell you not to send anything in to them while under their review process . we fell behind due to my work injury . i serious disabling hip injury that required surgery and alot of therapy to recover to less than 100% for life until i have a replacement. they fed us the same line of horse crap the whole time so i believe you in every way ! and who has the audacity to tell you your a liar ??? that were all idiots and cant live on our own ? grow up your rude and inconsiderate to that one douche commenter. ha ! look at the amount of evidence mounting up on the shady practices of this co. our gov so kindly gave billions to just to turn their backs on us . we were forced into bankruptcy because of wells fargo to save our home from foreclosure. even after we had sent in 6k within 3 months . id like to know when somebody is going to step in and say enough is enough . we'll be the third world countries getting loans to survive at this rate .... i hope your situation works out for you . never believe a word wells fargo says. the only reason they say "dont send anything" is only to buy time to file those foreclosure papers !!! thats it. i learned the hard way . 
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#2 Consumer Comment

To the Loss Mitigation Employee of Wells Fargo-What do you think about my story????

AUTHOR: Anya Burnham - (United States Minor Outlying Islands)

I want to know what Jennifer Wier from Wells Fargo's Loss Mitigation Dept thinks about my experience with Wells Fargo.... Here's my story,..

In January of this year, we contacted our mortgage company, Wells Fargo in an attempt to lower our monthly mortgage payment via a loan modification. At that point our loan was current & up to date.

They first told us to freeze our payments & that a mod could not be approved if we made any payments within the 90 day period that our application was being processed. When I asked why, I was told that the loan had to be in default for a modification to be approved & that the past due amount would be applied back to the principal, therefore stretching out the terms of the loan, thus a modification.

They said to fax a profit & loss statement, along with proof of income/bank statements, & a hardship letter. 2 days later I faxed over 27 pages to their loss mitigation department & after several attempts, they finally confirmed that it was received. I inquired again about why we should freeze our payments, and was told the same thing & advised to call every couple of weeks to ‘check in'. I did this for 3 months & they continued to tell me the same thing-the application was being processed, to still not make a payment.

Finally, 3 months later, I received 2 letters from Wells Fargo.

1. The first one said ‘unfortunately' our application for a loan modification was ‘denied' & the decision was based on us not being able to ‘come to an agreement', continuing on, that there may be other options, but in our case there were ‘no other options'.

2. The other letter was a statement reflecting a balance of $17,000 due immediately, and if payment was not received in less than 2 weeks, ‘foreclosure proceedings will begin'.

I called wells fargo & was disconnected 3 different times after explaining my story. Finally, I spoke to a rep that informed me the reason for our request being denied was 'missing information'. Apparently they ‘left a message' requesting more ‘current documentation' the same day they denied our application.

I check the answering machine daily-they never left a message

They take 90 days to ‘process' our application & then decide on the 89th day that the information is out of date?

The representative advised me of the following 3 options;

1. Pay the delinquent balance of $17,000 in full. 2. Request a re-payment plan, which would require me to pay $8,000 up front & the rest I could pay off in addition to my monthly payment-actually making it higher 3. Re-apply for the modification, HOWEVER-the house will be in foreclosure, but they would ‘freeze the force sale' while my request was in review.

I asked if I could have a couple of hours to get all of the money together into 1 account & call back. Apparently there was 'no call back number', but the rep could call me back at 4:00 that day.

After transferring the money, and waiting for their call (which I never received), I noticed a woman taking pictures of our property (yes, the same day). I approached her only to find that she was a representative of Wells Fargo conducting a ‘property inspection'. This is when I started to realize that something was definetly going on.

The following business day, I called the loss mitigation department, explaining that I never received the call & that I wanted to pay the balance in full. To my surprise, I was informed that they (Wells Fargo) were unable to accept a payment from me at that time. I tried escalating it to a manager, and no one was available. I tried calling several different Wells Fargo Mortgage Phone numbers, trying to pay but every time I was re-directed to the Loss Mitigation Dept.

It was at that point I decided to hire a lawyer & since that time, wells Fargo has:

Continued to refuse payment from us (they return our checks back to us via US Mail).

Forced us to re-apply 3 times for the modification over a 7 month period, with a foreclosure date of August 22nd rapidly coming.

Sent men in black suits to our property, asking who occupies the house, what the condition of the interior is like, taking pictures, walking along the property lines, not answering any of our questions.

And continues to ‘not' receive our messages/faxes the first 3 or 4 times, making us wait 3 days each time for them to ‘process' –all in an effort to string us along while they are buying time.

In the past, prior to applying for a loan mod, If a payment wasn't received 2 days prior to the due date, they would call three times a day, demanding payment. I have not received one call from them since the day I called & requested the modification-7 months ago.

Wells Fargo has violated RESPA LAWS by completely ruining our credit, making it impossible for us to be able to re-finance. This has changed the terms on all of our other accounts, raising our interest rates, decreasing the available balance & affecting our credit significantly. My husband had a credit score of 875 last year. Now he is in the very low 600's.

As of today, July 14th 2008 my lawyer can only tell me that they have received all of the paperwork & they are waiting for our application to be assigned to an agent. He sounds hopeful, but he hasn't read that same exact sentence as many times as I have on the internet, from different people in the same situation. This is not a coincidence, and neither is the fact that there are over a hundred other families across the country that have stories that are identical to mine. Did I mention that I have a lot of equity in my house? Its worth $1.2m and we owe under $350k. My guess is that the other people who are going thru the same thing with Wells Fargo do too....

Anya Burnham Laguna Beach, ca

The following links should help paint the picture of Wells Fargo's predatory lending practices. Pay special attention to the overall consitency and repitition of every story. Funny how they are targeting the ones with a lot of equity in their homes.

All of the postings below are accessible via the following links: (((Redacted)))

If you have a lot of equity and it makes more sense to foreclose and recoup their fees, then they will. The will put you on a repayment plan 9 times out of 10 because they will get their money back much faster as opposed to allowing a loan modification.

lenders love to foreclose on properties with a lot of equity its a win for them. I am always highly leveraged on my mortgages (to the max) which puts me in better negotiating position, the lender doesnt want my house they cannot make any money on it.

We have been in Loss mitigation for 5 months now with no results. Our payment now is more than we can pay and still have living expenses (and I am talking about things like utilities and groceries). The only thing that qualifies us for this plan set forth is our credit score which has been trashed by all this. All we asked Wells to do was give us a fixed rate and add some years to mortgage which they refused to do. We could have kept house and they would still get their money. We really thought we could re-finance before the adjustment. We had almost perfect credit before all this drama.

1. Kelly Hansen Oct 17th, 2007 at 1:42 pm WELLS FARGO, dba, AMERICAS SERVICING COMPANY: TURNING THE AMERICAN DREAM INTO A NATIONWIDE NIGHTMARE

Wells Fargo dba American Servicing Company (ASC) hopes to take my home. The balance on my loan is very small, less than half of the home's appraised value 1. Katie O'neal Jan 31st, 2008 at 10:15 pm

Wells Fargo makes a fortune screwing people through their fraudulent servicing practices. Bogus late fees, not posting payments, lying through their teeth about everything, charging ungodly repayment plan downpayments, giving 10 day deadlines but you receive the letter on day 9, sending conflicting information in separate letters from 2 different departments on the same day, kicking people off of repayment plans for false made up reasons and then requiring the whole application downpayment process begin again for a new repayment plan only to be kicked off again for nonpayment when you are holding the canceled check in your hands……..

This was my life from 11/08/2004 until 3/13/06…I gathered up all my canceled checks, Wells Fargo letters and every other piece of evidence I had and hired an attorney. Wells Fargo fleeced over $25,000.00 out of me during their reign as financial terrorists. They ruined my credit and attempted to bleed me dry. They disabled my credit options so I couldn't refinance away from them. No matter how much I paid to make the foreclosure go away it never did. They just wanted more and more and more and dangled their foreclosure complaint over my head the whole time.

After months of going the legal route they finally realized we meant business and they were going to lose big time if a jury heard our story and looked at our proof. They offered a ridiculous settlement offer which did nothing but insult us. Finally as the trial date neared they offered to give us all of our money back, fix our credit, waive all fees and interest from 10/04 to now, rewrite our loan at a much lower fixed rate, dismiss their foreclosure complaint and pay our attorney fees. Have they ponied up on their promises?? Hell no. They are liars and cheats and swindlers. They have delayed the settlement for nearly 3 months and I've drawn the line. I informed my attorney to notify the court we are going foward with our case. Time's up you lying scumbags….see you in court.

Wells Fargo Mortgage Posted: 2008-05-25 by Jerry [send email] I was told to fax in a hardship letter, a budget, and income proof, I went the same day and faxed everything off as I was told. She also told me to call in every week to check on the status.

(((Redacted)))

(((Redacted)))

It would take 4-6 weeks for approval or denial and not to send in any payments. Wells Fargo Mortgage Ripoff! Fraud, Deception, Lies & Manipulation ending in Bankruptcy & Foreclosure. Charlotte North Carolina http://www.ripoffreport.com/reports/0/349/RipOff0349697.htm My house went into foreclosure with no warning from Wells Fargo. I then tried to pay the amount I owed and was told that Wells Fargo would not accept the payment. I then came home one day and found a note from wellsfargo (no name) in my door that said my house was appraised for foreclosure. That was the first I heard of that, I still thought I was trying to make payment arrangements. I then was served papers and told it would go in a sheriff's sale the next month. I still called Wellsfargo and actually http://www.ripoffreport.com/reports/0/307/RipOff0307578.htm Recently they refused to accept my November and December and even sent back my january payment then the next thing I know I find some papers on my front porch telling me I need to go to court for forced entry on my property. I was not contacted by phone or mail they just sold my house to themselves on january 1 a holiday for my bank.

Anya burnham laguna beach, California United States Minor Outlying Islands



CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#3 Consumer Suggestion

You are full of it and taking advantage of peoples time

AUTHOR: Jake - (U.S.A.)

I dont work for Wells Fargo I do however work in the loan business a fradulant modification company might tell you not to make your mortgage payment but not your mortgage company. And anyone that would listen to somone telling them not to pay there mortgage is not smart enough to live on there own. Shame on you people like you are the problem with this country they didn't tell you anything so you just stoped paying your mortgage. They don't have an obligation to modify your loan you agreed to those terms if they do or did they did you a favor but you still had to pay it until they approved a change. You are a liar and I dare you to show a shread of physical proof anyone told you not to make a mortgage payment. Oh and the fact that they report you 120 and 150 days down is probably correct it probabaly took you that long to catch up and they counted every payment you made late consecutive after the 1st. Congratulations you have a forclosure on your credit report now for the next 10yrs. And you think you are responsible enough to have a child I feel for that child I guess b/c you had him your job needs to pay you more b/c you have more expenses get a life. When you decide to reproduce prepare for how it will affect the bills you agreed to buy. Wells Fargo was nice enough to loan you a large amount of money for 30yrs at the agreed terms you owe them what you agreed to they did you the favor. Cry me a river Britney.
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#4 Consumer Comment

Make a copy of all modification paperwork

AUTHOR: Mimirayo - (U.S.A.)

Wells Fargo would do the same kind of thing to us. We make the 3 payments they ask and we agree to, but they never could modify the loan. Everytime you make a modification attempt you wind up getting further in the hole. I turned Wells Fargo over to the OCC because I was getting no help from them. In Wells Fargo response to my complaint, they spent one page not really answering my question and three pages on modifications I couldn't promise to fulfill. For some reason I copied, the last agreement we made with Wells Fargo.
I FINALLY figured out how they keep getting away with breaking their promise. Yea, they put it in writing, and you sign it, but you have to return the agreement to them! They don't tell you to make a copy so you have one for your records. They'll tell people trying to work with you that you didn't fulfill your modification, but if you are like me, they DON'T tell them the modifications you DID fufill and they rejected the promised modification.
If you deal with Wells Fargo, make a copy of EVERYTHING you send them!
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#5 Consumer Suggestion

Sorry, my site link wasn't included in my last post

AUTHOR: Mortgage Modification - (U.S.A.)

The site I put up is at http://www.loanmortgagemodification.com , sorry I didn't post it right the first time!
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#6 Consumer Suggestion

Sorry, my site link wasn't included in my last post

AUTHOR: Mortgage Modification - (U.S.A.)

The site I put up is at http://www.loanmortgagemodification.com , sorry I didn't post it right the first time!
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#7 Consumer Suggestion

Sorry, my site link wasn't included in my last post

AUTHOR: Mortgage Modification - (U.S.A.)

The site I put up is at http://www.loanmortgagemodification.com , sorry I didn't post it right the first time!
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#8 Consumer Suggestion

Sorry, my site link wasn't included in my last post

AUTHOR: Mortgage Modification - (U.S.A.)

The site I put up is at http://www.loanmortgagemodification.com , sorry I didn't post it right the first time!
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#9 Consumer Suggestion

Banks tend to do this to the individual consumer...

AUTHOR: Mortgage Modification - (U.S.A.)

I've began to notice this a lot since I'm in this line of work. We've been handling loan and mortgage modifications for individuals as a specialist on their behalf. We do charge, but it's generally well worth it because this is what the banks have been doing to their own clients over and over again. I've had so many people tell me on the phone they just want to do their modification on their own and a few months later they come back to us for help.

At this point, the banks have either given them some sort of temporary "fix", like fixing their rate for 3 months at something low and then kicking it back to a regular rate or (in most cases) they don't help them out at all! It baffles me the kind of customer service that they've been showing. It really is in their best interest to modify the loan as the banks will only lose even more money if the home forecloses.

If you haven't already considered using a professional company to handle this for you I would recommend doing so (whether it be my company or not, just make sure the company knows what it's doing). We actually have a legal team audit the bank and the history of your individual loan as legal leverage during our modification process. It adds a whole lot more pressure on the bank than simply asking them to modify because you have a hardship. I actually put up a website which goes into more detail of how this is all done (in the "Services" section) at Mortgage Modification if you want to read up on some ideas or methods that good modification companies use. Hope that helps, best of luck to you!
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#10 Consumer Comment

Credit card companies are guilty of the same thing...

AUTHOR: Tweensteeples - (U.S.A.)

Yes, the late payment trap is common for credit card companies, too. Late credit card payments, like late home mortgage payments or home equity loan payments are subject to big late fees.

Around Christmas time last year, in December, 2007, there was a talking head on CNBC who said that credit card companies were making 40% of their profits from late fees. He also said that some of the credit card companies would arbitrarily change your due date and set you up for a late payment.

I have over 30 credit cards for my business and personal life. I keep an Excel spreadsheet with all the monthly data to make sure I don't miss a payment. Several times I've seen my interest rates jump from 1.99 to as much as 30% after being accidentally late.

I've had two bad experiences with Wells-Fargo credit services and Wells-Fargo Mortgages. The first experience happened to my girlfriend who had one of those bogus adjustable rate mortgages with them. They goosed her payment up almost 20% and she was forced into a mortgage refinance with another lender. Thank goodness this mortgage refinance took place in late 2005 before the bottom fell out of the new home mortgage market and mortgage refinance business because she got a pretty good deal with Chase that was a fixed 30yr.

My second bad experience with Wells-Fargo credit services was when they used to own or manage "BillPoint" for eBay. This was before the days of PayPal and BillPoint was a prototype payment service to allow buyers and sellers to send and receive money on ebay...it eventually fell flat on its face due to the faux-pas' of its management whom I would assume was Wells-Fargo.

Billpoint and Wells-Fargo would randomly transfer money out of my bank account without any notice at all after it had determined that someone had paid for goods bought on eBay with a fraudulent credit card or stolen account. Okay, this was fine but they what wasn't okay was that they took the money out of my bank account first and then sent me an email the next day and if it was on a weekend it would be as many as 4 days before I realized they'd charged back my account. I got hit for about $1800 bucks because of this. Luckily, my bank, First Bank of Hermann, Missouri was able to transfer it back to my account at which time I closed that bank account and stopped doing business with BillPoint and Wells-Fargo.

Of course a phone number, email address was all a joke with Wells-Fargo and Billpoint. It was totally impossible to get a response to an email or get someone on the phone. Just like eBay still is...

These big boys hide behind their girth and make the little guys run for cover.

I would keep a very close eye on Wells-Fargo and eBay for that matter.

Paul , Hermann, Missouri
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#11 Consumer Comment

Credit card companies are guilty of the same thing...

AUTHOR: Tweensteeples - (U.S.A.)

Yes, the late payment trap is common for credit card companies, too. Late credit card payments, like late home mortgage payments or home equity loan payments are subject to big late fees.

Around Christmas time last year, in December, 2007, there was a talking head on CNBC who said that credit card companies were making 40% of their profits from late fees. He also said that some of the credit card companies would arbitrarily change your due date and set you up for a late payment.

I have over 30 credit cards for my business and personal life. I keep an Excel spreadsheet with all the monthly data to make sure I don't miss a payment. Several times I've seen my interest rates jump from 1.99 to as much as 30% after being accidentally late.

I've had two bad experiences with Wells-Fargo credit services and Wells-Fargo Mortgages. The first experience happened to my girlfriend who had one of those bogus adjustable rate mortgages with them. They goosed her payment up almost 20% and she was forced into a mortgage refinance with another lender. Thank goodness this mortgage refinance took place in late 2005 before the bottom fell out of the new home mortgage market and mortgage refinance business because she got a pretty good deal with Chase that was a fixed 30yr.

My second bad experience with Wells-Fargo credit services was when they used to own or manage "BillPoint" for eBay. This was before the days of PayPal and BillPoint was a prototype payment service to allow buyers and sellers to send and receive money on ebay...it eventually fell flat on its face due to the faux-pas' of its management whom I would assume was Wells-Fargo.

Billpoint and Wells-Fargo would randomly transfer money out of my bank account without any notice at all after it had determined that someone had paid for goods bought on eBay with a fraudulent credit card or stolen account. Okay, this was fine but they what wasn't okay was that they took the money out of my bank account first and then sent me an email the next day and if it was on a weekend it would be as many as 4 days before I realized they'd charged back my account. I got hit for about $1800 bucks because of this. Luckily, my bank, First Bank of Hermann, Missouri was able to transfer it back to my account at which time I closed that bank account and stopped doing business with BillPoint and Wells-Fargo.

Of course a phone number, email address was all a joke with Wells-Fargo and Billpoint. It was totally impossible to get a response to an email or get someone on the phone. Just like eBay still is...

These big boys hide behind their girth and make the little guys run for cover.

I would keep a very close eye on Wells-Fargo and eBay for that matter.

Paul , Hermann, Missouri
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#12 Consumer Comment

Credit card companies are guilty of the same thing...

AUTHOR: Tweensteeples - (U.S.A.)

Yes, the late payment trap is common for credit card companies, too. Late credit card payments, like late home mortgage payments or home equity loan payments are subject to big late fees.

Around Christmas time last year, in December, 2007, there was a talking head on CNBC who said that credit card companies were making 40% of their profits from late fees. He also said that some of the credit card companies would arbitrarily change your due date and set you up for a late payment.

I have over 30 credit cards for my business and personal life. I keep an Excel spreadsheet with all the monthly data to make sure I don't miss a payment. Several times I've seen my interest rates jump from 1.99 to as much as 30% after being accidentally late.

I've had two bad experiences with Wells-Fargo credit services and Wells-Fargo Mortgages. The first experience happened to my girlfriend who had one of those bogus adjustable rate mortgages with them. They goosed her payment up almost 20% and she was forced into a mortgage refinance with another lender. Thank goodness this mortgage refinance took place in late 2005 before the bottom fell out of the new home mortgage market and mortgage refinance business because she got a pretty good deal with Chase that was a fixed 30yr.

My second bad experience with Wells-Fargo credit services was when they used to own or manage "BillPoint" for eBay. This was before the days of PayPal and BillPoint was a prototype payment service to allow buyers and sellers to send and receive money on ebay...it eventually fell flat on its face due to the faux-pas' of its management whom I would assume was Wells-Fargo.

Billpoint and Wells-Fargo would randomly transfer money out of my bank account without any notice at all after it had determined that someone had paid for goods bought on eBay with a fraudulent credit card or stolen account. Okay, this was fine but they what wasn't okay was that they took the money out of my bank account first and then sent me an email the next day and if it was on a weekend it would be as many as 4 days before I realized they'd charged back my account. I got hit for about $1800 bucks because of this. Luckily, my bank, First Bank of Hermann, Missouri was able to transfer it back to my account at which time I closed that bank account and stopped doing business with BillPoint and Wells-Fargo.

Of course a phone number, email address was all a joke with Wells-Fargo and Billpoint. It was totally impossible to get a response to an email or get someone on the phone. Just like eBay still is...

These big boys hide behind their girth and make the little guys run for cover.

I would keep a very close eye on Wells-Fargo and eBay for that matter.

Paul , Hermann, Missouri
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#13 Consumer Comment

Credit card companies are guilty of the same thing...

AUTHOR: Tweensteeples - (U.S.A.)

Yes, the late payment trap is common for credit card companies, too. Late credit card payments, like late home mortgage payments or home equity loan payments are subject to big late fees.

Around Christmas time last year, in December, 2007, there was a talking head on CNBC who said that credit card companies were making 40% of their profits from late fees. He also said that some of the credit card companies would arbitrarily change your due date and set you up for a late payment.

I have over 30 credit cards for my business and personal life. I keep an Excel spreadsheet with all the monthly data to make sure I don't miss a payment. Several times I've seen my interest rates jump from 1.99 to as much as 30% after being accidentally late.

I've had two bad experiences with Wells-Fargo credit services and Wells-Fargo Mortgages. The first experience happened to my girlfriend who had one of those bogus adjustable rate mortgages with them. They goosed her payment up almost 20% and she was forced into a mortgage refinance with another lender. Thank goodness this mortgage refinance took place in late 2005 before the bottom fell out of the new home mortgage market and mortgage refinance business because she got a pretty good deal with Chase that was a fixed 30yr.

My second bad experience with Wells-Fargo credit services was when they used to own or manage "BillPoint" for eBay. This was before the days of PayPal and BillPoint was a prototype payment service to allow buyers and sellers to send and receive money on ebay...it eventually fell flat on its face due to the faux-pas' of its management whom I would assume was Wells-Fargo.

Billpoint and Wells-Fargo would randomly transfer money out of my bank account without any notice at all after it had determined that someone had paid for goods bought on eBay with a fraudulent credit card or stolen account. Okay, this was fine but they what wasn't okay was that they took the money out of my bank account first and then sent me an email the next day and if it was on a weekend it would be as many as 4 days before I realized they'd charged back my account. I got hit for about $1800 bucks because of this. Luckily, my bank, First Bank of Hermann, Missouri was able to transfer it back to my account at which time I closed that bank account and stopped doing business with BillPoint and Wells-Fargo.

Of course a phone number, email address was all a joke with Wells-Fargo and Billpoint. It was totally impossible to get a response to an email or get someone on the phone. Just like eBay still is...

These big boys hide behind their girth and make the little guys run for cover.

I would keep a very close eye on Wells-Fargo and eBay for that matter.

Paul , Hermann, Missouri
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#14 Consumer Comment

the same but worse happened with us!

AUTHOR: Michelle - (U.S.A.)

We went through the same big mess you did but we lost our home. WE didnt even know it was in forclosure. Everytime we spoke to anyone at wells fargo it was "suspended" and we also were told that they were working on a pay agrement for us and never did. It went to sheriff sale and thats exactly how we found out how evil wells fargo is. Theres been a few articles about this in the mt plesant paper we are tryign to get ahold of.
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#15 UPDATE Employee

Possible Credit Fix

AUTHOR: Jennifer - (U.S.A.)

Sheri-

Sometimes when you are on a repayment plan the payment you are on may be for the current month but what you are actually paying for are previous months.

For example your making your repayment plan payment for $750 as agreed in August. If your payment is $500.00 and your actually due for June, we could apply $500.00 to your June payment and we may report that your 60+ days behind. Then the balance $250.00 would be applied to suspense until we can get a total of $500.00 for a July payment or your funds may be applied to fee's.

This is just a guess based on what you've conveyed in your post. If this is not the case and your modification went through and we have made credit mistakes I would be more than happy to draft a letter to assist you with your refinancing as well as make certain that we correct any credit mistakes, if we made an error.

I want to apologize if it wasn't clearly explained to you that if you are on a repayment plan even if you stick to that plan your still actually paying us back payments and it may be reported as such.

Please let me know if you would like me to take a look at your account. If there's been a mistake, I would like to assist you in fixing it.

Thanks so much,
Jennifer.Weir@Wellsfargo.com
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#16 Consumer Suggestion

Intentional Negligent Servicing Technique

AUTHOR: Joyce - (U.S.A.)

Let me first of all say that I do not believe that Wells Fargo is intentionally trying to harm you with this kind of service. Needless to say, the servicing people simply have not been trained sufficiently to properly service an account and, as a result, I believe some homeowners may be losing their homes. There are numerous examples of this kind of activity going on in the servicer's office. Absolutely, they have no respect for the homeowner and lack the discipline to complete a request that is so vitally needed by the homeowner.

Having said that, I believe that most loan servicers are "negligent" and as such should pay big big penalties for inflicting this kind of servicing activity on the homeowners who are trying to save their homes or are simply trying to handle a mortgage issue that may have arisen on their account.

Auditing there servicing divisions of lenders should result in the lender losing his servicing rights which can, by the way, be very costly. Once the performance of the servicers has been graded, future investors will know not to utilize any servicer that cannot respectfully and adequately service their accounts.

In the l980's when foreclosures and other mortgage issues were a big problem, it took only a message from FNMA AND FHLMC to let them know that they would not longer tolerate servicing in this manner and should an audit find that it is happening, those servicing rights would be cancelled.

Now, in 2000's, we find that FNMA AND FHLMC appear to be paying bonuses and incentives to loan servicers to work on the homeowner's account with most of this work being done in the foreclosure area.

I recently worked for a 75 year old lady who had been the object of predatory lending and was talked into doing a home equity loan on a subprime basis. This lady had lost her husband two years before and now could no longer make the increased payment as she was living solely on Social security.

When she called me she had been trying to get the servicer to modify her loan but they never called her back and when they did, she did what they told her and then never called her back. In the meantime, her loan went into foreclosure.

Thank goodness in Texas, there is a law that says a judge has to sign off before they allow a home equity loan to foreclose. After receiving her phone call and listening to her story I placed a call on her behalf and guess what, they nevery called me back either. So then, I placed a call to FNMA (it was not their loan, but this servicer did service loans for FNMA) and told them what was going on.

I guess I beat them down so, they finally said, "what would you have me do"? I was also told about paying bonuses to servicing personnel. Well, that did it. Because I believe that the servicing people in loss mitigation were handling the loans that were the easiest to get done.

In this case, my 75 year old client was not going to be easy because she lacked the income. But still, after three months, she deserved better treatment. I explained that to others in my office that this type of practice could be considered discrimatory, particularly, because this was a senior citizen who was, like everyone else, trying to save her home.

I told the representative at FNMA that they needed to get up and come down to Houston and walk through the servicers office and just listen to how some of the borrowers were being treated. They said they were doing the best they could. Wrong. the could have audited and paid attention to reports I know they must be getting, but they didn't and people were suffering.

As it turned out I told them I was making a report to the Senate for the hearings in June and July and they put a manager on the phone and had the loan modification drawn and signed and the loan removed from foreclosure. Enough is enough. You have to be tough and knowledgeable and I wish I could help some of the people writing in as their are some real good answers for these types of situations.

Again, audit and let the servicer know that the investors are watching. This clearly is a negligent servicing technique. FNMAN AND FHLMIC CAN DO BETTER, i JUST WISH THEY WOULD DO WHAT THEY KNOW THEY MUST.

Joyce
Houston
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#17 Author of original report

RESPONSE TO REBUTTAL 4/22/2007 "IS THIS A TYPO?"

AUTHOR: Sheri - (U.S.A.)

Thanks for pointing this out. I had not even considered that it was not possible for the February 2007 payment to be that late. I looked it up, and on my credit report it says over 150 days for the February 2007 payment. This is not a typo, but is definately something I am going to be checking into. Thanks!
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#18 Consumer Suggestion

Predatory

AUTHOR: Mike - (U.S.A.)

It seems they're using the old trick of telling you that you don't have to make a payment, then penalizing you for not making the payment. This is stuff that your state's Attorney General would be interested in.

There is no reason for it to take any time at all to "finalize" a modified payment plan. Any reputable company would recompute the payments immediately and send you the new schedule in writing.
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#19 Consumer Suggestion

Predatory

AUTHOR: Mike - (U.S.A.)

It seems they're using the old trick of telling you that you don't have to make a payment, then penalizing you for not making the payment. This is stuff that your state's Attorney General would be interested in.

There is no reason for it to take any time at all to "finalize" a modified payment plan. Any reputable company would recompute the payments immediately and send you the new schedule in writing.
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#20 Consumer Suggestion

Predatory

AUTHOR: Mike - (U.S.A.)

It seems they're using the old trick of telling you that you don't have to make a payment, then penalizing you for not making the payment. This is stuff that your state's Attorney General would be interested in.

There is no reason for it to take any time at all to "finalize" a modified payment plan. Any reputable company would recompute the payments immediately and send you the new schedule in writing.
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#21 Consumer Suggestion

Predatory

AUTHOR: Mike - (U.S.A.)

It seems they're using the old trick of telling you that you don't have to make a payment, then penalizing you for not making the payment. This is stuff that your state's Attorney General would be interested in.

There is no reason for it to take any time at all to "finalize" a modified payment plan. Any reputable company would recompute the payments immediately and send you the new schedule in writing.
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#22 Consumer Comment

Is this a typo?

AUTHOR: John - (U.S.A.)

"Our credit report also says that our February 2007 payment was 150 days late, according to Wells Fargo, which it was not."

Because it hasn't even been 150 days since the 1st of Feb. which would be a false reporting to your credit. You should probably get an attorney.
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