• Report: #261982
Complaint Review:

Americas Servicing - Wells Fargo Mortgage

  • Submitted: Thu, July 19, 2007
  • Updated: Fri, July 20, 2007

  • Reported By:West Chester Ohio
Americas Servicing - Wells Fargo Mortgage
PO Box 10388 Des Moines, Iowa U.S.A.

Americas Servicing Co - Wells Fargo Mortgage How I lost my Home due poor service and my unhelpful reps at Servicer and Bank ripoff Des Moines Iowa

*Consumer Comment: Gloria made a good point: Buy a house that costs less than the max amount you can afford....

*Author of original report: Update on situation and it is For REAl NOt BS

*Consumer Suggestion: thanx gloria!

*Consumer Suggestion: Wells Fargo has been great with us!

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Ok here goes on one,my husband and I in October 2005 purchased our first home. We were not able to do any down payment so were talked into doing 100% financing. Our real estate agent also had a mortgage loan experience.
We talked about payment range could stay in etc, well our payments were higher then wanted but were told, you could refinance in a Year.
Well the org Bank under Loan was National City but due was under mortage servicers didnt know was under Wells Fargo till my loan went into default.

So somehow as of last year Wells Fargo took over loan but they handled collecting payments and customer service. That was handled by the most
ruthless uncaring customer service people that are part of Americas Servicing Co. I started having problems as of last Summer was doing best to pay mortgage and all my bills was a struggle. I tired to ask for repayment or lower rate last Summer but was told due to finances couldnt help us***red flag payments were too high that way needed help. As of last fall I went into
default of a few months

I worked a payment play to pay a payment and half
I wired money thru Moneygram. I was told that would get sent a new payment statement as of either October or Nov 2006 with new payment be $50 difference to help catch on payments. I wrote and called for new payment
statement which never got. Well guess what i got behind on 2 payments so they sent me notice that denied workout program. I tried to explain needed refinancing or lower payments or push some payments back. Over phone get pushed to different people saying well maybe if was behind on utilies could go without etc. Um no this is unreasonable. I tried to refinance with other
banks but due to default no bank could help me.

As of February 2007 was service motion to start foreclosure procedures
I had some options: come up with $6000 or so was behind
File Bankrupty or do Short Sale on Home
Due was distressed about this decided was hard decision being we have only owed house as at that time of over a year 1/2(To sell)

As of March 2007 I listed my home with real estate agent that speicialized in short sales really felt we been dealt wrong with mortgage etc. Even advised to keep trying to see if could keep it

As of end of June 2007 I was informed of inpending auction with only 3 wks notice. So I did some more price drops and open houses.

As of 2 wks ago got a good offer with enough time to get to bank (Wells Fargo) but had to send our paystubs, financial worksheet tax returns, along with buyers purchase contact.

Well due to poor handling last week reps over at Wells Fargo had to be faxed paperwork by my realtor lost part of sales contract and a hud statement as of 7/12 were refaxed.

Then this past Monday were told by realtor they denied offer saying didnt get to review info in time. (7/19 this am was auction but more to come on that)I called customer service with Mortgage Services Loss Migration dept and found they did have paperwork in time they
for some reason could till this on screen. You can't even get past the screeners regarding this. They told me would escalate to supervisor since seems info was there to call back 7/17 Tuesday.

I took half day off work . Wasted my time by calling twice to find out still reviewing or were they? I finally thought was going to get past screener but was put in negotiater's voicemail"when stated
my auction is in few days. My realtor even called later in evening was told maybe be update on 7/18.

Got in mail denial for workout repayment program (I never asked for that I just asked for them to accept offer of short sale)
Then my realtor called to say they told her another 30 days.

As of today home went for auction. Now due to mishandling
of this I will have to move on in month or so to rental place.
I would love to see if could take legal action on this . But don't now were to start. I just stressed and upset that now this is worst then bankrupty to me now if we want to get another home etc.
Sorry so Long but thanks for reading if got though it my long drama!

Ohio former homeowner
West Chester, Ohio

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This report was posted on Ripoff Report on 07/19/2007 08:03 PM and is a permanent record located here: http://www.ripoffreport.com/reports/americas-servicing-wells-fargo-mortgage/des-moines-iowa-50306/americas-servicing-co-wells-fargo-mortgage-how-i-lost-my-home-due-poor-service-and-my-un-261982. 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

Gloria made a good point: Buy a house that costs less than the max amount you can afford....

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

The larger your financial safety margin, the better off you will be. Most recommendations about 'how much house you can afford' are wildly optimistic- and financially dangerous to you.

Understand that if you rely on two incomes to keep your head above [financial] water, you will be statistically more likely to have a problem than if you were relying on only one income. It is far better to live on the larger income and save the smaller income for 'rainy days'.

I would suggest that the next time you obtain a mortgage, get it from a local bank that DOES NOT sell its mortgages off to other financial institutions and/or investors. You can ask a bank what % of the mortgages they write that they then keep. Look for a mortgage retention rate better than 99%, which is a bank's way of saying that they do not sell their mortgages.
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#2 Author of original report

Update on situation and it is For REAl NOt BS

AUTHOR: Ohio former homeowner - (U.S.A.)

I am glad Gloria had a good experience. But John sorry you think it is made up but its not. I have so much stress from this and have worked
more on my end then Bank to do what was need to try to save house. But as of today my Auction was stopped. So got another 30 days..
I find out another realtor been working all week that took over trying to sell my home and he got hold of bank yesterday afternoon to put auction on hold and like us do best try to ger more offers.

I just wish would have known this Yesterday due that was date of Auction. Thought thats it House not mean no more.

I work in customer service I feel I treat my customers with respect. Since now they have all paperwork just all hassle to keep calling and
calling. I sent all I could in that was needed. But now have to get more offers on home because potential buyers cant get financing to buy house. I still don't trust the reps over at Wells Fargo.

They misplaced paperwork then by some miracle found out they had it. That is not good. I sent in my financials and now we are both
(husband and I) making better money but are told too late to refinance. I just thought could have worked with me better so could have been able to keep my home. Thats all I am saying.

Just see that some have been in same situation. Have talked to people in person that have know someone that been mishandled by diff mortgage companies and Wells Fargo also. This is real for me and my husband. We both are hard working people etc.
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#3 Consumer Suggestion

thanx gloria!

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

Lets all thank Gloria
I'm sure she isn't some company shill. and that the well over 200 complaints concerning Wells Fargo here at ripoff report are bullshit.

Don't bother, Wells Fargo is well represented here.

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#4 Consumer Suggestion

Wells Fargo has been great with us!

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

We have several Wells Fargo accounts now for 10 years. Our home mortgage, business account, personal account, our son's car loan and a business credit card with them. We have not had 1 problem with them.

1.) We pay all of our bills online and keep records.
2.) We pay several weeks before the due date online including our mortgage.
3.) Have direct deposits into our accounts.
4.) We have never been late on a payment. Thus no late fees.
5.) We always pay more than the amount due.
6.) Haven't had any NSF's.

We plan to get a Home Equity Loan with them so we can put some new flooring into our home.

To us Wells Fargo has been great! I am so sorry that you have had all these problems.

Anyone with credit cards I would suggest paying them online and keeping a record of your transaction number with date and amount paid. It is difficult to refute that you made your payment on time and they won't hold your checks to force you to pay late fees like other companies have done. Never pay just the amount due. Pay a little more if you can.

When we bought our house they told us we could afford a home that was about $200K more than the one we ended up buying. We knew we would be stretching it. No one can force you to buy a house beyond your means. You just have to say NO! We are thankful we stood by our decision and bought one $200K less with 2000 sq. ft. It made life so much more easier for us.

We lost our first house in the early 90's from mismanagement (Not Wells Fargo but Ocwen) so we know how you feel. My husband was let go of work from a major aerospace company after 17 years due to massive lay-offs. There was no way to catch up so we let the house go. Once you get burned you protect yourself.

I wish you well!

Tuscon, AZ
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