The Mortgage Modification Scam Still Alive and Well at Wells Fargo

Lest you harbor hopeful thoughts that a series of much-publicized no-wrongdoing-admitted settlements with the banksters means they’ve stopped cheating on mortgage loan modifications and other foreclosure-related transactions, consider the following. (They’re still cheating.)

These search phrases that brought readers to my blog tell me that people are still being jerked around by Wells Fargo. That in defiance of requirements specified in the National Mortgage Settlement, Wells Fargo is still dual-tracking and screwing around with short sales. Oh, and probably still employing overzealous lockout/trashout tactics. (Yeah, and how much would you bet that robo-signing is still going on in deep, dark basements somewhere?)

Yes, these examples focus on Wells Fargo, but given recent history, do you really believe the other big banks aren’t still doing exactly the same?

Here’s a sampling of searches from just the past 30 days:

  • i qualify so why wont wells fargo give me a home modification hamp
  • scams through wells fargo loan modification program
  • wells fargo ignores short sale request
  • has anyone been forclosed on while working with the bank on a modification with wells fargo
  • wells fargo is the most inflexible and dishonest mortgage holder
  • wells fargo cheated me
  • i was denied modification from wells fargo
  • loan modification wells fargo fraud
  • wells fargo fraudlent mortgage modifications
  • wells fargo scared my tenants into moving
  • wells fargo changing locks illegally
  • i got no home modification from wells fargo
  • wells fargo mortgage sold my loan before forbearance

Not that different from the web searches homeowners have been doing for the past six years as the banks have stolen millions of houses and screwed with the lives and livelihoods of millions of people.

I expect this will go on and on as long as 1) people continue to do business with the big banks, thinking government and fake regulatory agencies will keep them safe and 2) big corporate banks own the federal and state politicians who should be protecting the American people from financial ruin.

How can you protect yourself and beat the banksters’ scams? Pretty simple.

  • Take all your money out of Wells Fargo, Bank of America, Citi, Ally, Chase and any other bank that’s focused more on making money than serving customers and instead do business with small regional/local banks and credit unions. Keep your money working in your community with a simple commercial bank, the kind that exists to provide services such as checking and savings accounts. You don’t want to risk being the cash cow for the greed-fueled traders at one of the “too-big-to-fail” investment banks.
  • Never, ever take out a loan with an institution that has the contractual right to sell your loan to another party or to sell the servicing rights to another party. You want to decide which financial institutions will get your business, not be a pawn in some bank executive’s greed-fueled frenzy to get a six-figure bonus.