Report: #725421

Complaint Review: WELLS FARGO

  • Submitted: Wed, May 04, 2011
  • Updated: Wed, May 04, 2011
  • Reported By: Hate WELLS FARGO — pacifica California United States of America
    4101 Wiseman Boulvard
    San Antonio, Texas
    United States of America

WELLS FARGO WELLS FARGO MORTGAGE WELLS FARGO does not have to modify the predatory loans give out by World/ Wachovia if they don't want to. San Antonio, Texas

*Consumer Comment: Hate WELLS FARGO, If you 'Google' this- INDYMAC BOYS GET SWEETHEART DEAL, and watch that video......

*Consumer Comment: Typical

Show customers why they should trust your business over your competitors...

 My sale date for my home is April 28th at 1pm.  I have tried every program offered and I have called so many people, lawyers and modification experts I feel I could be a mortgage broker/banker.
    We had a court date on March 24th but the judge postponed it allowing the bank to do another modification in attempt to keep it from going to court.  The judge ofcours either realizes it and does not give a s*** or was totally clueless, but the Sale date for my home is April 28th and the court extended the court date.  My attorney is tring to do a TRO (restrain order) but she said most judges turn them down because they have too many and just dont care.  If we get the restraining order that would be great if we dont I will be on the steps of the court house screaming my brains out.

Here is my outrage.  I have all the money for the back payments and I can make payments of 4k or less I even took on a  house mate to bring in more money. [continued below]....
.....  Yet the banks will NOT MODIFY my home loan.

Here is the kicker,  my home which was 900sf I started a addition a major addition is now over 3000sf.  The broker I used even though my credit was 660 told me I did not qualify for any loans because my credit was under 700.  She told me knowing my situation that I was going through a custody battle and needed money to finish the house said I found you a loan.  Yes she did the worst kind of loan!  She told me because the house was under construction that the only loan that she would find was this interest only for one year and after i completed some said items on the home World Savings would re-finance me with no penalty after one year as long as I made my payments with out being late and kept my credit up which she said would be over 700 at that time.

When I did finely get the loan I signed on Dec 28th  I did not receive the funds until Jan 17th due to some lack in paperwork.   Well I found out what the lack of paperwork was  3 years later.  She knew my X and I were having papers drawn up about our agreement of the splitting of the property.  I may have told the broker the dates I dont recall but she managed to get my X to sign the deed of trust while signing the sale agreement we were having drawn up.  My X had no idea she was signing the deed of trust and never would have if they had knowingly know what was going on.

When I finely get the money it is short 15k I call the broker she explains the bank did a hold back for the construction.  I sad how am I supposed to finish the house with out the money by the deadline?  She told me to get a credit card and put the materials on it and when the bank re-fiances me they will just add it to the amount.  I actually started reading the loan documents, wow there was all sorts of extra charges I had no clue about and when I called the broker back and told her this was not the loan I wanted she said sorry you missed the 3 day by a few weeks.  What was I to do well I did the best I could.  I tried to finish the house called every bank on this planet and of course not realizing every time some bank ran my credit my rating dropped a point.  I managed to bring it down close to 500.  I had 30k in credit card bills in 2007 and that is when the credit card companies started changing all the due dates and adding extra penalties for being late and then after giving back the late fee raise your percentage rate to god knows what.  I paid off all 30k in credit card debt which I discovered later hurt me because it is unsecured  I kept making my payments then March of 2008 came up and the bank started returning my payments.  I could not understand why.  I found out from a modification person who did a audit on my loan about a month to late said the loan was designed from the date I signed it to foreclose in year 3 knowing how much I actually made vs what the broker put on the application. Even if I kept making the payments listed on the Truth in Lending form they would foreclose on me. So much money had been added to the principal that the percentage reached the max of the npv so then sent the notice of default and we are off to making 100s of calls.

Bottom line is I have all them money but because I dont fit into the government box and with the allowances of change the government allows the banks to make in the modification process i do not qualify for any programs.
  I am beside myself   HUD because I was on time with my payments could not help me then when I had my payments returned and I said I was behind on my payments they said I didn't not make enough money to pay for the loan
well of course the original loan amount was 542k and I paid 80k over 2 years now my loan is 694k
how is that fair.  I qualified for the first loan so how about just modifying my loan to a 30 year fixed?  The bank would rather sell my home because they make more money!
I feel my home is worth way more than the bank if you look at the addition I have done and the view I have of course they want my home but that is not fair.  This has to be stopped our government is letting the banks take over and wrecking peoples lives!  I am glad they are trying to please their shareholders but this plan was in effect for a long time and the people need to stand up and say enough!!!

I have the money for all the back payments and penalties and I am NOT asking for a principal reduction I just want my loan modified to a fixed 30 year loan which if it was done today at the current rate 694k at 30 year fixed at 4.3% my payments would be $3434.41 a month which I can afford.  Why is the government allowing the banks to get away with not helping me?

SO while with a few seconds I stopped the sale with bankruptcy.  Hopefully things will work out but as I have discovered Wells fargo, Bank of America, Chase, and CIti bank do not have to modify if they want to foreclose on you they can there is NO law that says they have to do the right thing and when you go to court the JUDGES seem to think the same thing.  THEY ARE ABOVE THE LAW!
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This report was posted on Ripoff Report on 05/04/2011 04:10 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Hate WELLS FARGO, If you 'Google' this- INDYMAC BOYS GET SWEETHEART DEAL, and watch that video......

AUTHOR: Karl - (USA)

on the web, it might answer your question about why the government isn't helping you.

You see, it appears that the government of the United States of America is being controlled by a cartel of bankers, and these same bankers are at the root of most of the foreclosures in the USA.

It also appears that these bankers have structured a deal where they will PROFIT on every foreclosure in the USA. Rather than helping people like you, the bankers seem to be only interested in profits! It's that simple.

Make sure to 'Google' this- ELIZABETH WARREN GRILLS GEITHNER, CRITICIZES TREASURY'S FORECLOSURE PLAN, and watch that interview on the web. It's just more proof that the bankers are in control of the U.S. Government, wouldn't you agree?

Good luck to you!

P.S. Don't forget to 'Google' this- 9WANTS TO KNOW STARTS WEEK-LONG PUSH TO HELP HOMEOWNERS, and watch that video and read the article on the web. You might want to contact ALL of your Local T.V. Stations and get in touch with their Investigative Reporters. Maybe someone will help you and do what 9NEWS did, right

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#2 Consumer Comment


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

Here is the kicker,  my home which was 900sf I started a addition a major addition is now over 3000sf. 
- Your "problem" comes down to one thing GREED.   Yes some banks, mortgage brokers, real estate agents got greedy.   However, they were not the only ones.  YOU were as well, and need to take responsibility for YOUR actions.  It is YOUR responsibility to read and understand what you are signing.  You should have been able to look at the "numbers" to realize you couldn't afford it in the long run. 

I don't think you should expect much sympathy talking about your 3000 sq. ft. house with being able to afford a payment around $3,500 a month.  There are many people who would have been happy with a 900 sq. ft. house.  Where if you were happy with that, then you would not be in this situation now.

I feel my home is worth way more than the bank if you look at the addition I have done and the view I have of course they want my home but that is not fair. 
- It doesn't matter what YOU feel the house is worth.  You could think the house is worth 1 Million Dollars, but if they can only sell it for $400,000 then that is what you can get.  If your loan is close to 700K, then they loose almost 300K.  But if you really think it is worth more than the bank says then sell it on your own and downsize to a more affordable house.

I just want my loan modified to a fixed 30 year loan which if it was done today at the current rate 694k at 30 year fixed at 4.3% my payments would be $3434.41 a month which I can afford.
One factor in Interest Rates is your credit score.  First off rates do change daily, but they are hovering around 4.7% not 4.3% right now that alone is going to increase your payment.  If your credit score is under 720 you can forget the lowest rates.  Depending on your score you could be looking at the 5's or even low 6's.  There are people who pay their mortage and don't live beyond their means.  If they had similar scores they wouldn't get a lower rate.  So if they can't get a lower rate why should you be treated any differently?

One other factor for approval is your income.  It doesn't matter what you THINK you can afford it matters what the bank guidelines are.  Just as a simple number your mortagage payment needs to be no more than about 30%(give or take a few percentage points depending on the program).  So to qualify you need to have a GROSS monthly income of a little over 11.5K(and that is at that payment), with the higher interest rate you are probably looking at closer to 12-13K a month.  Again if everyone else has to follow these guidelines why should you be treated any differently?

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