Wells Fargo Home Mortgage Home Loan Modification is an empty promise. Des Moines Iowa

I want to tell you and others with a Wells Fargo issue (they ARE such liars) to please, please, please, contact NACA (Neighborhood Assistance Corporation of America), and they will fight for you! It is a not-for-profit organization and they seem to have some clout with the banks and mortgage industry... I am using them now, too, and I have been waiting on Bank of America (don't get ME started...) for nine months now, but I am still in my home!

Call them at 1-800-302-NACA or go to www.NACA.com asap!!! Good luck!

Our local economy has been hit hard and in the local economy, about half of the homes for sale are being sold as foreclosures or bank owned. We bought another home a year ago, we put our home up for sale at a price about 30% lower than what it was worth 3 years ago in order to move it.

Unfortunately, the only homes that appear to selling are either Company Owned or Bank Owned. The Banks are dumping homes on the market and the Corporate owned homes are going for about 50% of what homes in a neighborhood are going for or appraised at by the tax man. In other words, the Bank Fraud in Mortgages is having an effect on us to sell our home today unless we want to sell it for 50% of what it was, three years ago and a year later, the tax man appraised and raised our taxes 50% to the same level as what the price was three years ago.

We are trying to sell, but there is no movement, mainly our large tract, over 5 acres, even though appraised at a high level for taxes is not moving. There is no market as the developers have defaulted on loans and the market is glutted. Lots of homes are being sold on the steps of courthouses by the thousands.

So the dilemma is can't sell the existing home to payoff the new home. The foreclosures and glut on the market from the banks and Corporations has dried up demand right now.

So contacted Wells Fargo who has the loan on the new home we bought. After 90 days they sent a two page document expressing sympathy about the economic conditions and are willing to help, for six months.

It looked pretty good, but then I looked at the details.

They would reduce the mortgage by $1000 a month for six months, then after six months, $20,000 lump size payment was due with strong words of "If you do not pay the $20,000 in six months, we will immediately Foreclose". (paraphrased).

After adding the numbers together verses making payments for seven months, there was a "charge" or "uplift" equal to the present monthly payment added at the end of the six months of relief plus 15% or at an annual rate of 30%.

A charge that was about 15% interest over a six month period. THIRTY per cent annual rate of the money that was included in the $20,000 that was due after six months. This is "Loan Modification"?

I called Wells Fargo and asked about it. Mainly, was this the Loan Modification program of Obama to keep people in their homes as result of Bank Fraud?

Oh, the person from Wells Fargo said, "This is not the Federal Loan Modification program, this is Wells Fargo's."

When I said, you are charging over 15% interest in six months(at a 30% annual rate) for allowing me to lower my payments, with a balloon payment of $20,000. How is this helping me?

They said, OK, just send the letter back we sent you.

How about the Federal Home Loan Modification program I asked? She replied, "we are still working on it?" I asked if they needed anything else from me, she said no, we have all we need".

I read the terms, page two of the Wells Fargo phony Loan Modification wording, the words were loud and clear, "If you are one day late, we will foreclose".

Beware of Wells Fargo, the 30% annual interest rate charge plus a balloon payment of almost 3 months of mortgage payments in one month due at the end of their "good heartedness", if one day late, will result in Wells Fargo getting your house easier to get your equity.

I have had Wells Fargo in the past, I did NOT apply for the home mortgage with Wells Fargo, but the "Broker" sold my contract to Wells Fargo without me knowing who they were selling the mortgage to when I went through my credit union. I thought they were doing the Mortgage. All they did was put the numbers together and work silently, with Wells Fargo to meet their demands, like a "Wells Fargo employee or contract employee". I guess Wells Fargo has to resort to this clandestine method of servicing home loans.

I am ticked at the credit Union broker who put me with Wells Fargo even though the loan was approved by Fannie Mae.

I have heard from Wells Fargo, with letters telling me that "I must make the payments or my credit will be damaged and they will foreclosed" monthly, threatening letters every month.

Reminds me of my US Senator who thinks people who declare bankruptcy are deadbeats even though, 100,000 college kids declare bankruptcy because of predatory credit card promotion at Colleges.

I remind Well Fargo that the reason most people are in trouble is because of the laws pushed by banks and the bank Fraud.

Banks, like Wells Fargo, are not your friend.

In this case, Wells Fargo are using the plight of others to "Make Money" at the rate of 30% interest annually and an impossible balloon payment for most at the end of a six month period that more than likely, will result in foreclosure under the ruse that it is the "Federal Home Loan Modification" program.

I could uses my credit card that is 9% annually and save the difference 0f 21% annual interest at a cheaper rate verses the Money making scheme of Wells Fargo to bilk me out of money, endangering my home at the rate of 30% annual interest tacked onto my mortgage payments.

So, when you get an offer from Wells Fargo, offering relief under the Loan Modification program. compare your monthly mortgage, say if it is $2000 a month, and in 7 months, you would pay $14,000 total.

Now look at their offer of $1000 a month reduction in monthly mortgage payments with a $16,000 total payments. With the $6,000 not paid over the 6 months plus $2000 in interest tacked on to you due at the end of six months for their "Understanding of your plight".

Beware, is it worth $2000 or about $333 a month, in this case, of additional interest Wells Fargo charges to reduce your mortgage by $1000 a month over six months?

Wells Fargo is using the Loan Modification program of the US Government to scam their Mortgage Holders who are in need of some relief. Shame on them.

This just adds gasoline to the fire and promotes foreclosure and misery to people in trouble that was started to begin with, by the Banks and the laws they "paid our politicians to pass" that led to Fraud in Home Mortgages.

I don't know who I can get a loan through that does not have this predatory lending practice like Wells Fargo as they are one of three "Mortgage Service Banks" of all Mortgage loans but believe me, I would recommend to anyone, to get the heck out of Wells Fargo loans as soon as you can.

Still waiting, since March, to hear from that "negotiator". I should have taken advantage of re-financing when the mortgage interest rates were 1% lower.

Wells Fargo? Run as fast as you can away from them.