1 – Induced breach of contract
2 – Unjust enrichment
3 – Unlawful, unfair, unjust, or fraudulent violation of California Business & Professional Code 17200
The list goes on. Wells Fargo Home Mortgage continues to administer this Loan Modification Scam despite the public outburst that has broken out across our country.
I have been working on getting a Loan Modification for over a year. My hardships have included a lay off on the grounds of an unstable economy, unemployment, divorce, a custody dispute, and single parenthood with primary physical custody of my seven year old daughter. I've already sold my soul to the corporations i've worked for throughout my ten year career. Now they take all my savings and force me into foreclosure?
I invested $100,000 down payment in my home which has decreased in value by nearly 50% since 2005.
After over a year of applying and re-applying for a Loan Modification Wells Fargo required me to make three Trial Period payments of $4165 the last three months of 2010 (HAMP). After completing this Trial Period successfully they gave me a Loan Modification Agreement with a stipulation. I had to come up an additional $5079 within 10 days for accrued and unexplained "fees". It was an impossible request given my documented financials and the unreasonable deadline. I paid as much as I could toward the $5079, as well I made my first modified mortgage payment on February 1st. I was not able to come up with the "unpaid balance" within the time period enforced. I made total payments of $14,656 over four months during this extended Trial Period, more than what my unaffordable mortgage was in the first place. I received a letter on February 26 dated February 16 stating that my home was back in foreclosure and an auction date was set for March 4 (tomorrow).
I managed to get the required documentation together to "re-apply" (again) and I faxed it all in this morning. I was told, "it takes 24-48 hours, so we can't guarantee you that your auction date will be extended". And further, "if it does get extended, it will get extended until March 15". I cannot get through to anyone senior in rank to the customer service representative(s) on the phone. I called NDEX West, the company who has the power to postpone the auction, and learned that senior representatives at Wells Fargo can make a phone call and they will extend the auction date. No wonder they can't be reached.
Therefore, I will be standing at the court house with a video camera in hand ready to confront anyone who attempts to buy my home at auction. They will have to look me dead in the eye when they place their bid. No decent human being would capitalize on the oppression of those that are victimized by a corrupt corporation. That is, unless they are affiliated with Wells Fargo.
These corporate executives (charming, well versed, and smart) people with zero integrity must be stopped. They are pocketing billions of dollars of Federal stimulus money with a smile on their face (wearing a suit that costs as much as my monthly payment for a loan that's is twice the value of my home), shaking my hand to "the bank".
After collecting on the Federal insurance that protects them from foreclosures, they are writing off their losses as tax deductible, double dipping into the American peoples' pockets. Meanwhile, good hard working people who have better, more important things to do with their lives than screw people over are going homeless with a shot credit score, no job, and not a dime to their name. Wells Fargo has foreclosed on the disabled, cancer patients, much less the struggling tax paying citizens who are fighting to keep their modest homes.
Multi billions of dollars in Federal tax dollars have been allocated to the housing crisis in monies that are "de-regulated". If this stimulus money is not going toward helping people stay in their homes, where is it going?
All this as congress passes a bill to cut taxes for the wealthy and refuses extension of unemployment benefits for the jobless. All this after two trillion dollars of tax payer dollars have been invested into Iraq. Enron, Bank of America, AIG, and war profiting companies (the rich) in bed with politicians sending the youth of America (my friends) into war zones from behind their desks; it's disturbing. I support the honorable soldiers who risk and give their lives for me and my daughter. Further, for these corporate executives who oppress the middle class and poverty stricken populations of the world so they can have their secretaries, drink their coffee, tap their computers, and stamp their non-approval of Loan Modifications.
I am no politician, and I acknowledge that the issues of the world economy are complex and beyond my limited knowledge. I'm a construction manager, musician, and a single father. And yes, we are all a part of this economic crisis together. Well, I take that back. The wealthy don't have the same challenges now do they? That said, when will the peoples' justice system intervene and issue a "cease and desist of all foreclosures" to Wells Fargo?
Next stop, Wells Fargo corporate headquarters. Who is the CEO? I've got a bone to pick. And who are these mysterious "investors" who are unlawfully forcing people into foreclosure? The customer service representatives at Wells Fargo don't seem to know either. Are these the same entities who are benefiting from the tax cuts for the wealthy? Let me think about this obvious question for half a second.
And my last question, and back to my issue at hand, the Wells Fargo Home Mortgage Loan Modification Scam. Should I include the cost of re-faxing my documentation to Wells Fargo in the expense column of my monthly income-expense statement? I don't have a fax machine at home and it costs $1 per sheet at my local copy store. I'm happy to pay it to Joan (the owner) of Copy Express. She is the sweetest woman and times have been tough for her too. 15 sheets, 3-4 re-faxes a month, this expense is straining my already stressed budget. The cheap fax machines I could buy at Office Depot are not dependable and the future livelihood of my child rests on these sheets of paper that I have been faxing and re-faxing to Wells Fargo tri-monthly for over a year.
If nobody with Federal power is going to do anything more than give Wells Fargo a pep talk I will take matters into my own hands.