I swear those loss mitigation folks at Wells Fargo remind me of naughty children. You know, the snot-nosed five-year-old who holds his hands over his ears when you’re trying to reason with him and then shouts “I can’t hear you!”
I’ve been working with (against) Wells Fargo for 20 months now trying to get them to restructure my mortgage loan. After stringing me along and trying all kinds of misinformation and outright lies, now they’ve resorted to out-and-out fabrication of numbers, namely ignoring my reported and verified income figures and assigning their own much lower number.
And how do they justify pulling a number our of thin air instead of using the reams and reams of income-verification paperwork I have sent in over the past nearly-two years? Of course, they don’t. They just use this bogus figure to justify denying my loan modification, saying my income is insufficient.
I have been very clear when providing income information, so I’m quite sure this isn’t a mistake or a simple data-entry or calculation error. I do think it’s a calculated strategy to “justify” turning down the mod. Let’s see whether you agree when you know the facts.
I am the owner/sole employee of an S-Corporation. Twice each month I write myself a check from the business credit union account. I then deposit those checks into my personal credit union account. Different credit unions. Business account in business name. Personal account in my name. Very clean, clear accounting.
From the business account, I pay to the IRS the entire quarterly payroll tax for the amount I have paid out in payroll to myself. I do not pay any portion of this tax via my personal account.
For this example, let’s say the amount of the two monthly checks is $900 each, for a total of $1,800. Very simple.
To verify/confirm that income, Wells Fargo has a year + of credit union statements for both my business and personal accounts. Per a request from a Wells Fargo representative, one set of statements was provided after having been very clearly marked up to highlight the check numbers and amounts on the business statements and the corresponding deposit dates and amounts in my personal account. Payroll expense out; personal income in. Couldn’t be more clear and simple.
We have also sent copies of the fronts and backs of the checks to further prove that income amount we are submitting is correct. And they have profit-and-loss statements broken down by month, clearly showing the payroll expense matching the statements and canceled checks.
Yet, for some reason I cannot fathom, Wells Fargo’s underwriters have in two consecutive modification reviews designated my net income as $1,185. In the current review, even the “loss mitigation” person who is my designated “single point of contact” seems to understand that my net income is $1,800. But the underwriter persists in using the much lower number and – big surprise – determining that my income is too low to qualify for a mod.
I’ll be adding a report of this nonsense to the already-thick complaint filed with my state’s attorney general, for all the good that will do. Will this fraud never end? Won’t anyone with any power step up and smack these naughty children around until they take their fingers out of their ears and behave at least as well as a reasonably civilized five-year-old?