Wells Fargo Still Scamming Loan Mod Seekers

Do any of the individuals or agencies that supposedly forced the banks to clean up their mortgage loan modification processes care that the banks HAVE NOT DONE WHAT THEY PROMISED TO DO?

Yeah, I didn’t really think so. The banksters had their fingers crossed behind their backs when they promised things like timely reviews and single contact people and actual, you know, modifications of these loans.

Yes, there were Presidential promises and Treasury scoldings and chest thumping by THE AG and all the assorted lesser A’sG. (Seriously, does anyone even know if Eric Schneidermann is still alive? He and his Financial Fraud Task Force certainly disappeared into the black hole of Washington’s do-nothing committees on studying the study of the alleged wrongoing by some unnamed alleged doer of wrong.)

Yes, there were well-publicized settlements for amounts that seemed gigantic to the average human but look relatively small when viewed in the context of the mega-salaries of Stumpf and Dimon and cronies.

But nothing has really changed in how the banks deal with beleaguered homeowners trying to hold their finances and their homes together. How do I know? From the people who visit my blog and leave comments like the recent one from TR. She reports the same kinds of nonsense I faced during my fight with the loan-mod-fraud crowd at Wells Fargo starting back in 2010.

TR writes: “When we tried to contact our “home preservation specialist”, our calls were never returned. I believe that they could care less about their customers and the needs of their customers. We want to save our home, but they are making it impossible when they will NOT return calls and hang up on you every time you call.”

TR has come to the same conclusion I and millions of others did, namely that the system is so stacked against us that we can’t win no matter how hard we try or how sensible it would be for the bank to re-structure our loans and keep us in our homes.

“I am frustrated beyond words and have had many sleepless nights, days full of anger and tears,” she writes. “I am now ready to walk away from the only home my children have known and begin anew. I have no choice but to walk away knowing WE tried every avenue only to have the doors slammed in our face.

Yeah, been there. You jump through all their hoops foreward, backward and sideways and still there are more lies and no positive end in sight.

So, just in case the President or Congress or the Comptroller of the Currency or the new Treasury secretary or any entity in the entire nation with legal power cares, the banks are STILL SCREWING OVER HOMEOWNERS AND STEALING HOUSES.

Need more examples? Here are just a few of the web search phrases that have brought people to my blog in the past 30 days:

  • keep getting shut down for mortgage modification from wells fargo
  • unapplied funds mortgage wells fargo loan mod
  • wells fargo bait and switch tactics 2014
  • wells fargo why are they not doing modifications
  • why the hell does wells fargo keep sending someone by my house
  • does wells fargo try to trick defendant of foreclosure before trial
  • wells fargo is terrible at home loan modifications why?
  • wells fargo trial mortage payment rip off
  • wells fargo home loan modification scams
  • how can a 3 month trial mod go to 4 months
  • is wells fargo still screwing people
  • if wells fargo got paid and still trying to foreclose
  • hamp and trial loan modification was scam
  • wells fargo mortgage specialist abuse

26 thoughts on “Wells Fargo Still Scamming Loan Mod Seekers

  1. saw your article on Wells Fargo and I have emails from postal service re false packages and then the conive with Access in Florida and Access even mailed me the check from Wells fargo they still operate ugh
    a $ 300 check was sent to me because my loan ws identified in a major lawsuit

    I think I and a lot of other people are entitled to a lot more so im looking to work with a firm interested in doing good for a lot of people

  2. Yes, they are still scamming, and after reading your blog, I must say I feel somewhat empowered to fight back to these pricks and save our home. No one at Wells Fargo cares about us and unless we band together, there will be a neighborhood full of vacant empty homes in every neighborhood across America with a big sign WELLS FARGO SCREWED ME. My town already looks like that. I have done my research and out of 125 homes here about 30 are vacant, for MANY YEARS and Wells Fargo is behind it. What do they get from it? Why not let a homeowner care for their property instead of leaving it a vacant eyesore for the world to see. This economy is already in the shitter, so why not help struggling people to help boost it. Why, I ask, myself everyday. Why.
    So I will continue on, this time I am going to Congress (not that they will listen) Nj Senate and every single Congress person that will listen. I will forward my appeal to Wells Fargo only to be jerked around for the 15th time, and maybe, just maybe this time will be different.

    • Give ’em hell, Lisa! If only because good people need to keep standing up and saying “No!” to these big banks that are taking over our government and our economy.

      The answer to the question about what the banksters get is, of course, money and lots of it. The blighted house becomes the problem of the “investor,” which due to securitization is probably some fund somewhere that just passes off the loss to its investors (like pensions and such) so the ones who lose are the homeowners who lot the house and the nice pensioners who thought their retirement funds were invested safely.

      So Average Joe gets screwed and Stumpfy and his pals get richer and richer so they can buy themselves more politicians.

      We may not be able to do a thing to stop it, but at the very least we can stand up and name it for the massive fraud and injustice that it was and still is.

  3. I’ve been fighting with a certain national bank for years, and we are currently in litigation. Unfortunately, the bank has a lot of experience at this and appears to know all the angles. At first I thought that this couldn’t be true, that there was no reason they would want to take a good loan and lead it into foreclosure. Over time I came to understand that in order to bolster profit in the down economy, they adopted a policy of double tracking foreclosures and modifications, simultaneously making administrative fees on both. It’s critical to understand that the administrative fees are paid by the purchaser of the bundled loan, usually a public pension plan trust, and that such investors also bear the risk of loss on foreclosure. I suspect the reason that the pension trusts haven’t balked at the losses has more to do with their relationship with the bank than any other factor.

    In my particular case they offered me a mod when I called to make a payment. I didn’t ask for a modification, they brought it up. They took some financial information and said I was pre-approved, and cited modified terms that seemed almost too good to be true. As it turns out, they were. it appears the bank had no basis for making such a statement. Later they said my modification was being delayed because I needed to be behind three payments to qualify, and encouraged me to do so. I stupidly did so, and when the promised modification failed to materialize, I called to make my payments. They then told me that now that I was three payments behind, that I was in foreclosure, and they could not take payments. Once again, an untrue statement. They are required by law to take the payments. I went to refinance my loan with another lender, but could not qualify because the bank had trashed my credit, leaving them, and their modification procedure, as the only game in town.

    They appear to get away with this nonsense for a number of reasons. First and foremost, the governmental bodies that are supposed to monitor this type of BS aren’t doing anything to stop it. You can arrive at your own conclusions as to why. Second, they have become experts at the art of this particular profit center. Their employees appear to be trained to string customers along, while staying within the bounds of decided court cases. They can say anything, as long as they don’t give their names. In order to maintain certain causes of action, you have to state exactly what was said by whom on specific dates, and yet the people making these statements appear to be instructed not to give their names. Also, they keep their statements verbal and either general or incomplete, so that there are no specific set of complete loan terms that can be alleged to have been promised – another requirement for maintaining certain relevant causes of action. Although the intent is clear, it is not enough to maintain certain common causes of action, and the bank has learned this and uses it to their advantage.

    In summary, this particular bank, and its minions, are the most despicable people I have ever encountered, willing to totally destroy their customer’s lives for a few dollars in profit. (It should be noted that Court cases have held that banks owe no fiduciary duty to their own customers under such circumstances.) The fact that such a large organization is willing to operate in such a manner, that the law has such gaping holes in it to permit such behavior, and the fact that the governmental bodies responsible for preventing such abuse appear to have no desire to do so, causes me despair – despair for our economy, our society, and life in general.

    • An absolutely spot-on description of exactly what has happened to millions of Americans, who are then described in the bank-driven spin as “deadbeats.” What a load of crap, covering up a massive fraud that is being perpetrated over and over again.

      I feel your despair and fear that I’ll be an old woman in a country ripped by a revolution created by short-sighted people feeding their own greed at the expense of a stable economy and any semblance that we still live in a democracy.

      Sorry you and your family had to experience this and I hope you were able to save your home or move on to a more prosperous situation that you’ll never risk by trusting any big bank.

  4. I have been fighting with Wells for 4 yrs now and they keep saying lets try for another modification and they keep turning me down. I had a Wachovia pick a payment plan and the payments doubled. This caused me to get behind.. I originally was with another bank that Wachovia bought out. Since then I have had sinkhole problems with my house and my home has depreciated and now my home is under water. I am fighting now with them on the value.. My home has depreciated now since no one is interested in purchasing a home with 38 tons of cement underneath it. I am a senior female and am still working.. I do have a small amount of social security but it is not adequate to make Wells payments they want. Not sure what to do.. I do know if they file foreclosure papers, I have no other choice than to file a bankruptcy even tho I have no other debt. Now the banks are going after people who have done short sales and filing a deficiency judgement. So a bankruptcy is ones only choice. I wish our Attorney General would bring suit.. There are a lot of Wells people with mortgages in Florida.

    • Oh, Phyl, the Attorneys General sold us all out. They are, after all, elected officials that need big corporate $$ to fund their campaigns. Sad, isn’t it, when even the people whose sole job should be protecting citizens from unlawful acts have been bought out by the big banks and their corporate cronies.

      I was in your situation – no debt other than my mortgage. Several of Wells Fargo’s minions even remarked that they seldom saw people with so little debt … but still I didn’t qualify for a loan mod for all kinds of trumped-up reasons including their repeatedly either over- or under-stating my income – whichever version suited their excuse du jour.

      I’m sorry you’ve had to go through this nightmare for so many years and that you’re stuck in your home. I hope you file bankruptcy and generally string Wells along as long as you can while you save up to find yourself a safer and better home. Let them take that 38 tons of concrete and shove it.

  5. I’ve been working on a short sale for 6+ months. During previous negotiations, when we point out flaws to the process, our file conveniently got deleted out of Equator. Our Real Estate agent happens to work with congressional aides on mortgage issues in Washington (we are in the Midwest), but she is bewildered by them sticking to a valuation of $20K over market for our home… that is sitting empty/winterized/missing light fixtures. Today when we got the second BPO numbers, I noticed that they were using fake names and having their emails forwarded to different email addresses. All we want to do is close this deal since we had to give up the home for medical reasons. It leaves us shaking our heads that a bank could be so unethical… and go against common business sense.

    • Nuts, isn’t it Richard? When I was fighting for my home Wells Fargo suddenly decided it was worth $168,000. And at the 11th hour – I was standing on the courtroom steps at the foreclosure sale when I got the call – they offered me a modification that would have ended up with me paying just over $500,000 for the house. After I let them take it, it sat on the market for over a year and sold for $104,000 and I thought even that was high for the age of the house and the structural and other problems I very much doubt Wells addressed.

      When I was looking for a new place I was tempted by several short sale places, but knew from reading stories like yours that my time would be better spent beating my head against a wall than trying to negotiate with a bank.

      I hope you were able to get out of the quicksand and move on to a life in which you never, ever do business of any kind with one of the big banks.

  6. Our nightmare began 6 years ago this month. We were in an 80/20 predatory loan that was owned by Wells Fargo and serviced by Americas Servicing Company. We approached them in Dec ’08 for a loan mod to get us into a conventual loan. We were told that they couldn’t help because we were current and never late. We needed to be at least 30 days behind in order to qualify. Reluctantly, I didn’t pay Jan ’09 payment, called them back to start the mod process, then told again we didn’t qualify. Why?? Well…because I was behind! What?!?! Ok, so I was gonna pay 2 months right then and there! “Oh no, don’t do that” they said. Let’s start the mod process, don’t pay anything cause that’ll show your trying and that you don’t need help. It’ll negate the process. (By the way, on day 31 we were behind, they filed for foreclosure)

    So, paperwork, hardship letter, yadda yadda yadda, same old story. That takes 6 weeks or so, you’ll hear a response. Well, like everyone else, denied. This went on for 21 months! Denials every time, different reasons every time. Meanwhile, never wanting us to pay the back payments. We were told, we didn’t make enough money, we made too much money, we forgot to put the date on a piece of paperwork, they didn’t get all the paperwork requested. Oh, the BEST ONE was…WE CANNOT QUALIFY YOU BECAUSE IT IS NOT IN YOUR INVESTORS BEST INTEREST!

    Then, again, we tried, this time they approved us for a forbearance. Ok, maybe we’re getting somewhere! Yeah ok! So, $10,000 later and no documents with updated loan info, no phone calls, nothing. So, I called them, and I got “oh yeah, thanks for the money, we couldn’t find a program that works for you”. They stole our money!! Then asked to try the forbearance again!!! I was stupid enough to trust you the first time! BTW, the reason we didn’t qualify was because we didn’t make enough money for any program. So I asked to be put back into what we already had, and we were told they couldn’t do that because we made too much money. Huh!! A catch 22 right! So your $10 grand richer and I’m still in what? Oh that’s right, foreclosure…got it.

    I went to numerous attorneys, state mediation, anything and everything you could think of, we tried. No one wanted to help. State mediation, ASC hung up on them, lawyers said this was bigger than all of us, cut your losses and walk away. Are you kidding me!! This is blatant fraud and your ok with this! If they didn’t coax me to become behind, I wouldn’t be in this mess. If they didn’t tell me NOT to pay because they were helping me, I wouldn’t be in this mess!

    It took 5 yrs for them to foreclose because the state kept catching them breaking the law (NJ). I don’t think they hold the note because they went to sheriff sale on Sept 4th with a $350k bid, when the house is worth $145k. Who’d buy it for that?? Then they’d have to produce the note, which I don’t think they have. I left, I’m in SC now, but I’m ready to take a stand. I’m going back, I’m moving back into the house and taking it to the media, social media, everything to make someone listen. This cannot go on!! They put me into this situation, and now they’ve ruined my life! I had a near 800 credit score before this happened, now I’m a 515. I can’t get a car, a loan, a house or a job because now they determine your worth as an employee by your credit score. It’s like dealing with the mob!

    Oh, the best letter was the last letter I received from them. It said “were sorry to inform you that your house is scheduled for sheriff sale on sept 4th 2014. We attempted to contact you numerous times to assist you with keeping your home, but until this date we have yet to receive any paperwork to help with any programs that could help keep your home. Thank you Wells Fargo, but I’m going back and chaining myself to my house…you have t seen the last of me!

    • My husband and I will stand with you!! We are in MN. They gave done the same to us!! We are in the redemption. PLEASE! What can we do!!?

    • Amazing that you lasted so long and good on you going back and making them work to get you out. If everyone would stand strong I think it would help. When I was looking for a lawyer to help me they all assumed my goal was to keep my house. By that time I had seen that no agency or regulator was reining in the banks, so I knew I wasn’t likely to win. I told the lawyers I had two goals: to walk away owing nothing and to take as long as possible and cost Wells Fargo as much as possible doing it.

      You can use their own crap against them – keep filing new mod paperwork with slight changes and let them go through the review process as slowly as they want to. That allowed me time to save $$ and find a new place that’s much better than the house Wells Fargo stole from me. And I have no mortgage and will never, ever pay a dime to one of the big banks. Ever.

      Good luck and give ’em hell, Jennifer. I’ll look for you on the news.

    • Good luck. .you go back and finish the fight. These people have to be be stopped. I’ve been in the
      Fight of my life with Wells Fargo for over 3 yrs.
      They tricked me..or so they thought they did to get my home. I had to file for bankruptcy to stop them from taking my home. I’ve known all along there were more out here like me. As I read all these posts it makes my blood boil even more. In my case, the courts have ruled in my favor that Wells Fargo did break the rules. The attorneys have been Trying to reach a Settlement but Wells Fargo keeps asking the courts for more time each time the dead line nears. I’m supposed to be getting the modification and what money I get , well it’s what they stole from me. All the hell they put me through I can’t get nothing for it. I know I’ll be lucky to get anything. I have experienced a lot of different things people have written about here. Has anyone had problems with your home owners insurance rates increasing. Mine did to 126.48% 3× what I was paying. It got canceled, and a refund check was sent to me. I went and blew my agents head off and got another policy. Got to looking at the check and at the bottom in very small print was Wells Fargo’s name and 2 people had signed off on it. I had figured they were behind it anyway. I mean what’s the point of the modification if the insurance is so high. It can go to 250%. I’m Sure it will go up Again. .I’M Filing a complaint with this BS .

  7. Wells Fargo is still up to their games. I am in an 8.05% interest rate loan and have been through the wringer with them. They will not negotiate fairly even though we want to keep our home and have sufficient income to support a reasonable payment. We have stopped paying them for over a year now and have been litigating with them but to no avail. We are in the last phases and in danger of losing our home. I wish we could just get a refi or private investor to save the day, but Wells Fargo has ensured we are in no position to do that. Has anyone figured out an answer?

    • It’s a challenge Timothy because as they string you along in the modification process the bank is also trashing your credit – reporting you as late pay even when you pay the amount their “trial period” or “forbearance” calls for.

      I wish some smaller banks would wise up and refi people like us who really are a good risk and would pay our loans in spite of what the big banks are doing. Think how many quality loans and grateful customers they would gain just by being honest and doing business in a sensible manner.

      As long as the federal and state governments, the so-called financial regulators and even the legal system rolls over and plays dead for the banksters, I don’t think there is an answer for average folks. When the bankers can lie and cheat and the powers that be just nod and smile and take their money for campaigns and fake “foreclosure relief” programs, we have no leverage.

      Sorry that you’re facing losing your home, but wishing you a prosperous future in which you never do so much as a nickle’s worth of business with any big bank.

  8. Yes, banks are up to doing things the same way that got us into this big mess. Look, the FED RESERVE is the banks and the American goverment has no way to control the FED RESERVE. UNTIL WE AS A PEOPLE DO NOT STAND UP TO THESE BANK THEY WILL DO WHAT THEY WANT WITH US. I DO MODIFICATIONS AND SEE IT EVERYDAY. I HAVE SEEN ASSIGNEMENTS OF MORTGAGES THAT ARE SIGNED BY ROBO SIGNER TOTALLY FRAUD. BUT THE COURTS ALLOW THE BANKS TO FORCLOSE ON PEOPLES HOMES THEY DONT WANT TO DEAL WITH THAT. AND SINCE ITS THE VERY SAME BANKS THE RUN THIS GREAT AMERICA CONGRESS, THE PRESIDENT AND ALL THE OTHER GOVERMENTAL PUPPETS ARE LETTING THE BANK FRAUD KEEP GOING ON. WE AS A PEOPLE HAVE TO STAND TOGETHER AND DAMAND THE BANKS GIVE MODIFICATION AND FIX THIS PROBLEM THAT THEY HAVE CAUSED.

    • You’ve got it, Daniella. Money talks and the banks have bought Congress, the executive and even state legislators and attorneys general. Average citizens have no lobbyists to fight laws that favor the big greed machines. And people are too ill-informed and believe it when big business says more regulation is bad and will only raise prices or cut jobs or some such. Bullshit. Regulation, in general, benefits the average person and only costs companies a small fraction of profits. Unfortunately, business is driven by short-sighted people who only see as far as the next bonus.

      Until the electorate works to become informed instead of being whipped into a frenzy by stupid sound-bite propaganda, we’ll go on imagining we live in a democracy when we’re really victims of an oligarchy.

  9. Can anyone give us some advice?? PLEASE!! We are up against WF. They have screwed my husband and I majorly, this is our first house. I live in Saint Paul MN. We are in the redemption period…..we don’t know who to trust or who to speak to! Any advice is appreciated.
    Thank you,
    Krista

    • Sorry you’re going through this, Krista. It’s just awful and the honest answer is that in most cases there’s nobody who can really help. I found that Wells Fargo’s “home retention” employees at all levels were just as likely to lie to my lawyer as they had been to lie to me.

      That said, go to the forum at http://www.loansafe.org/ and tell your story to see if someone there has advice specific to your issues. There are some good folks there who have been fighting the good fight for many years now.

      Best of luck to you!

  10. I was going to do a loan mod with WF and paid them the amount they told me to per month which was $80 less than my reg mort. payment, after over 4 months trial payments i received loan mod papers, my original loan had 15 years left and loan mod would have added 25 years at $650 a month to it almost an extra $200,000 in there pockets to save me $80 a month HELL NO, i paid my original amount mortgage payment after that twice, they sent me foreclosure papers saying i had not paid mortgage in 6 months.

    • I found out loan modification payments go to home preservation dept. and dept that sends out mortgage statements is diff. Every month statement was like i havnt been making payments (how convenient for their scam) they wanted me to pay them $6000? about twice reg mortgage payments besides the ones i already made on loan mod trial, they said if i dont it can go into foreclosure (which it did) so because i didn’t sign loan mod papers after i received them HELL NO $212,000 more than original loan or pay what i call shake down fees, illegal fees whatever u want to call it it goes into foreclosure, o and they sent out yard crew and cut down shrubs on each side of driveway door WTF. (box shrubs 2ft square & 4 ft tall)

      • I got a really ridiculous loan mod offer from Wells Fargo, too, Wayne. Would have ended up paying nearly $500,000 for a house that was barely worth $100,000. No way the market would ever have put me right-side-up on that deal; I would have been chained to that house for the rest of my life. In my case, the loan mod offer came at the 11th hour – while I was actually standing on the courthouse steps waiting for the foreclosure sale. The WF employee who was my “single” point of contact at the time turned on the hard sell, trying to get me to verbally agree to the deal on the phone without even seeing the numbers. Clearly they were counting on me being an emotional wreck and agreeing to anything. But they’d been telling me lie after lie for two years, so I knew even a written offer wouldn’t be honored, let alone the verbal deal she was selling like it was a used car. I asked for the offer in writing, which stalled the foreclosure sale, then waited until the deadline to decline. Bought me a few more months to find a new home, which was my goal at that point.

        Hope you’re able to either get a better offer or get out on your own terms. And sorry about the shrubs – that’s just petty harassment. Asshats!

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