• Report: #1161991

Complaint Review: Wells Fargo

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  • Submitted: Mon, July 14, 2014
  • Updated: Mon, July 14, 2014

  • Reported By: csg — Kirkland Illinois
Wells Fargo
420 Montgomery Street San Francisco, California USA

Wells Fargo Wells Fargo Home Mortgage, Wells Fargo Bank N.A. Corporate Trust Services, Wells Fargo Bank Will not approve modification of any type nor short sale until you are 90 days late San Francisco California

*Consumer Comment: Not a RipOff

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I tried to do a modification to my mortgage since 2009. The property values had dropped significantly because we all are/were the victims of residential real estate assessment fraud (this is a process where the assessor and county intentionally over assess your house so that you pay higher taxes - in our case over 100%).

The mortgage and servicing were sold several times. Wells Fargo holds the loan and Ocwen holds the servicing. I tried to do a modification numerous times. The modification was turned down each time. I went to the Attorney General. I went to the Consumer Finance Protection Bureau (don't waste your time). The modification was continuously turned down.

I was told by Bank of America (who I had tried to do several modifications with - again don't waste your time) that every modification that was submitted to the investor was turned down. I asked who was the investor - Wells Fargo.

When the servicing was sold from Bank of America to Ocwen, I tried to do a modification; again, and again turned down.

Then I tried to do a short sale, the house sold, but the short sale was denied 10 times.

Why? Because, I wasn't 90 days delinquent on the payments! Who turned it down - Wells Fargo (Des Moines, IA).

I have a choice: 1. stop making payments until I am 3 months behind for Wells Fago; 2. be unemployed living in my house that has sold - but the short sale hasn't been approved (and become a prisoner).

It doesn't matter if you qualify for any of the HAMP, HARP, or Hardships (relocation, more bills than income, sick relative). Until you are 90 days dlinquent Wells Fargo will not approve the sale (another one of their checklists).

My recommendation, don't get a mortgage with Wells Fargo and make sure they never own your mortgage.


This report was posted on Ripoff Report on 07/14/2014 05:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo/San-Francisco-California-94104/Wells-Fargo-Wells-Fargo-Home-Mortgage-Wells-Fargo-Bank-NA-Corporate-Trust-Services-We-1161991. 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

Not a RipOff

AUTHOR: Robert - ()

Refinancing and Short Sales are for Homeowners in NEED.  That is ones who can not make their payments.

If you are making your payments, then you do not have this need.  Oh but you say "but it is a struggle to do this".  Well guess what...when you got the loan there was NOTHING in any document you signed that said it was guaranteed to be easy.   Yep..life sucks sometimes but responsible adults do what they need to do to get through it.

So yes, you are right if you want to take advantage of these programs such as a Short Sale, then yes you must be deliqnuent.  However, even if you are delinquent it is NO Guarantee it would be approved.  This is why it is a gamble if you do this and don't really need to.

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