March 29, 2024

Wells Fargo

 

I initially approached Wells Fargo in the Spring of 2009 to seek assistance as I knew I was headed for trouble. I was told to call back when I got closer to trouble. I called in the Summer of 2009 and was told Wells Fargo couldn’t do anything for me as long as I was making my payments. I had to start borrowing money from my Mother to make payments in the Fall. That could not continue.

Wells Fargo “pre-qualified” me for a loan modification in late 2009. At that time and repeatedly through Jan. 2010 I was advised by Wells Fargo representatives that while I was in “pre-qualification” status I did not need to make any payments and that any missed payments would be rolled into a modified mortgage AND my house would not go into foreclosure.  Please read those last two sentences as many times as you need to.

Wells Fargo foreclosed on my house in late Jan. 2010.  I was rejected by Family Services – (Charleston, SC HUD) for modification help because I had already had a HAMP application rejected.

I repeat – Family Services gave up on me immediately.

I spent the next year going though hell because Wells Fargo kept changing information and requirements. In total I submitted 3 HAMP applications – 2 rejected and the last never processed – AND 3 Wells Fargo applications.  The last one was processed after I complained to the OCC. My house was approved for refinancing after the last Wells Fargo application.

My house is now worth about 2/3 of what I owe.  I had to take forbearance on a student loan and now owe $10,000 more than what I borrowed after already paying $17,000 in interest. I work as an adjunct community college instructor because they have all gone to the for profit model of operation. In other words, there are almost no full-time faculty jobs in my field – and even if there were I cannot  afford to relocate.

I submitted information to the Independent Foreclosure Review a little over a year ago and got a check in the mail today for $500. If I didn’t desperately need the money I’d tear up the check. They don’t even have the decency to provide a statement regarding what the payment actually is for. It is based “on the state of your foreclosure process and other considerations related to your foreclosure.” What does that even mean?

I am trapped in a house that I can’t really afford because I am trapped in a “profession” that doesn’t pay & doesn’t really even care. I can’t afford the repairs my house needs because $500 is one step above useless. I can’t afford to walk away; and I will probably never be able to sell the house. In all likelihood it will crumble around me as I work myself into an early grave.

Thank you Wells Fargo. Thank you Office of the Comptroller of the Currency. Thank you Independent Foreclosure Review.

If this statement seems devoid of emotional context – it is because I am numb.

If anyone in the US Government with any pull reads this – please return all of my Social Security, Medicare, State & Federal Taxes so I can move to another country, one beyond the reach of the corruption and greed that is Wall Street.

If you think I’m not serious – read the second paragraph again.

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Newshound

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