To Whom It May Concern:
This is a chronology of the nightmare we have been living since trying to participate in various Wells Fargo and H.A.M.P. plans to bring our mortgages back up to date: In the Summer of 2009 my wife and I were offered a plan by America’s Servicing Company that offered us a mortgage loan modification if we made three straight payments of $3612 plus change. This was pre-H.A.M.P. Program and was offered in-house by Wells Fargo and their servicing agent, America’s Servicing Company. We made the first payment of $3612.
Then received a H.A.M.P. offering letter before the second $3612 was due. The H.A.M.P. letter from last Summer (2009) stated that we should send in three payments of $2300+ change starting in October 2009. This, we were told, superceded the previous agreement of the $3612 that had already been set up. So we signed up for the H.A.M.P. program within one hour of receiving the offer. We sent in three payments on time of $2300+ in October, November , and December , 2009. This should have successfully completed the H.A.M.P. Program.
In December, we received a letter to attend a Wells-Fargo Workshop in January, 2010 at the BaltimoreConvention Center. Thinking this was where we would go to have our monthly payment reduced since we had already complied with the H.A.M.P. requirements, I was there for four hours and was finally told that we would have to participate in ANOTHER H.A.M.P. Program. No explanation was given as to what happened to our first H.A.M.P. program participation. This time the new payment would be $2100 or so. They were telling me that my payment would be lower than the $2300, but I should have questioned how could they offer a lower payment when the first series of H.A.M.P. payments weren’t being honored. I was told that you only get one chance at H.A.M.P, yet this appeared to be a second one.
Also, at this same workshop, after watching a video on Home Equity Loans (we have a Home Equity Second Mortgage with Wells Fargo also), we were told by their representative, Jerry from Phoenix, that we would not have a problem getting into the program which allows the arrears to be added onto the monthly payment, thus bringing the Second Mortgage up to date within 6 months. At the time of the workshop in January 2010, we were only $3000 or so in arrears on our Home Equity (2nd) Mortgage.
So, in January 2010, we entered our second H.A.M.P. Program. This time we were told to make three payments of about $2100 being in February and ending in April. We sent in the three payments. All three checks were cashed and we thought we were on track for a payment reduction to $2100 (approx). Then, after cashing our third payment, and holding the funds for TWO months, our final payment was returned to us without explanation. Then, in September, 2010, we were told that because one of the payments was received one day late, our whole participation in the H.A.M.P. plan was null and void. This is over a full year since we had first signed up for H.A.M.P. On top of that, at the same time, we were told there was nothing Wells Fargo could do to help with the Second Mortgage. So an assurance that we could receive help for the 2nd Mortgage was denied after making us wait 8 full months for a decision.
During that time, my account was handed off to at least three different representatives. One of them said she never received our information via fax, even thought the info WAS faxed and a fax receipt provided. In the last two years our account was handed off to between 20 and 30 reps.
After letting a year pass and basically eat up equity in our house, we do not feel we were treated fairly in this matter. In addition, we received a letter advising us to participate in a “short sale” of our house. This was curious as we have, conservatively over $200,000 of equity left in our house.
To add insult to injury, we received a letter from America’s Servicing Company in the mail, on October 4th, 2010 asking us if we would like to participate in the H.A.M.P. Program AGAIN!
Then in the last few weeks (July 1st or so), the Court sent me a filing by Wells Fargo’s attorneys dismissing my case. I can’t figure out why yet, but it is possibly a strategic move on their part regarding a possible class-action lawsuit. They also offered me a settlement on my second mortgage of paying off only 40% of the balance. Sounds too good to be true? I am suspicious.
DEAR (Name Kept Confidential for Now)
It sounds like it might be true. I've been receiving e-mails from others telling me the same. But I'm not going to report it yet until I've heard from a lot more. All I've got to say is, don't sign anything yet. See your attorney on everything.
The reason I say this, is the only reason Wells Fargo would be motivated to do anything like this is because the title on all foreclosures are tainted now due to all of the big banks document robo-signing, alterations, and re-creations. These documents are all unlawful. None of the title companies will insure the titles of foreclosed homes for the banks, so the banks are unable to re-sell the inventory, and it is building up. This is also the reason foreclosure rates are currently in decline.
Before I signing any agreement offered to you by anyone, I would make certain to contact my attorney to guarantee in no uncertain terms the new contract PROTECTED ME, THE HOMEOWNER FROM EVER BEING WRONGFULLY FORECLOSED UPON AGAIN OR FROM BEING DENIED A MODIFICATION BECAUSE THE LENDER SOLD MY MORTGAGE TO ANOTHER ENTITY THAT COULD DECIDE WILLY-NILLY WHETHER OR NOT THEY FELT LIKE MODIFYING MY MORTGAGE LOAN.
Make sure that if any new title insurance is put into place, some sort of clause is included that protects you, the homeowner. None of the old title insurance policies included such a clause.
Make sure the modification agreement includes a clause (created by an attorney in your state, so all your state laws are covered) to protect you, the homeowner. Current modification agreements (current home sale agreements) do not include such clauses, to any real extent.
And if you can buy an insurance policy against title company and your lender to protect yourself against faulty closing practices, or faulty underwriting practices, DO SO!!
Thank you for writing.
For those of you who are receiving these "special offers", please keep letting me know.
Thank you!
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