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Janice, Other/Just Looking in 85207

How many people have lost their house to foreclosure and had Wells Fargo as their mortgage holder?

Asked by Janice, 85207 Wed Apr 15, 2009

I have read some blogs from people, like myself, that have lost their house to due to Wells Fargo constant run around with paperwork. I have submitted the hardship paperwork over 5x for them to supposedly lose the paperwork. Several months went by and still no cooperation from Wells Fargo and now the "system" put me in foreclosure and now I'm no longer eligible for a loan modification. I would like to get in touch with others with the same situation and come together and file a class action suit against Wells Fargo. Wells Fargo is getting their 2nd bailout from the government which is ridiculous. Where is our help? We all need to get together and try to recoup our losses.

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I understand you are frustrated. But what would a class action suit be for? They would not give you some way to not live up to the terms you had already agreed to in good faith? I do not get it. Once the original mortgage contract was signed the bank never expected to see it or you again. They expected to be paid monthly for 30 years and then give you clear title. IF they were willing to give you a break that would hurt them financially it is a choice they might make. But there is no right on your part to insist on them allowing you to pay less than you agreed to. No matter how you figure it if people had paid their mortgages these banks would not be in financial trouble today. The banks are only agreeing to some modifications to try to recoup some of their losses.

I do agree on one thing. NO bank should have gotten bailout money. They either should have gone without it OR gone belly up and been taken over by the FDIC.
0 votes Thank Flag Link Sun Oct 25, 2009
yeah janice I had them too and constantly sent in and called til I was blue in the face. I thought it was only me!
They way they spoke to me was aweful!!! I have my paperwork to prove it
0 votes Thank Flag Link Sat Oct 24, 2009
I, too, have had nothing but run around from Wells Fargo on my delinquent mortgage and a workout plan. Last year I made 3 payments and when I called at the due date of the 4th payment was told another party in same department had closed my file but they still took my payments. Afterward, I submitted a payment which was returned. The loan department told me not to worry in December, "I am no where near a foreclosure status" and low and behold, in January, 2009, received a Lis Pendens filed by Wells Fargo" My attorney simply had me docket an affidavit of the 'continuing communications' with them to workout a program for bringing the loan current and they voluntarily dismissed the filing for a deficiency judgment. Fortunately, I've heard nothing more because of the moratorium but look to be hearing something any day again from Wells. My home is worth about what I owe, so I'm in a much better position than most; however, my profession since 1996 has been as a realtor. I'm flat busted and pursuing a career change to the insurance business at this time. It is awful - I agree with you, can't even get good credit people refinanced to a lower rate because the banks are all pocketing the money from the government and not passing it on to the consumers who are the ones to stimulate the economy with getting back on track. They are digging their own graves if you ask me. If any civil action is started, I'm interested in joining the action and have a bit of experience with preparing documents and filing court motions, etc.
0 votes Thank Flag Link Mon Aug 24, 2009
I closes two short sales with Wells Fargo last week alone. I'm really not sure why you are working with them at all, as usually it is the agents who are working with lenders. Find a local short sale specialist to make things go smoothly for you
0 votes Thank Flag Link Thu Apr 16, 2009
Janice,

I would keep working on Wells. I do a lot of work with the banks and they are always loosing something. they have thousands of pages drop of the fax machine daily. What we do is put labels at the top of ever page that we send. the labels have your account number on them. I then give it 48 hours and I call to verify that they posted them.
They may have told you that they moving towards foreclosure but dont take that as an answer.Tthey dont want the property. If you can prove to them that you can afford it ,they will work it out with you. I have seen banks foreclose thru sheriff sale and reverse it to keep a homeowner in the home,as long as they can prove the can afford the mortgage.

Good luck and dont take no for an answer.

Augie N.J.
0 votes Thank Flag Link Wed Apr 15, 2009
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