The man on the phone said not to worry about making the balloon payment but just to keep making the $200 a month as a good faith gesture. In January 2010 I got a letter saying that since I had not made the balloon payment The agreement was void and I was no longer in the Loss Mitigation program. When I called for an explination I was told that my home didn't qualify for the Make My Home Afforable Program because Wells Fargo had sold my loan to a private investor but I could have my case resubmitted to Loss Mitigation if I so chose.
I was stunned, it took them 9 months to figure this out? Isn't there some box to check on a form somewhere? I asked to be resubmitted and sent them a new round of paperwork. Since my loan wasn't FannieMae or FreddieMac I couldn't participate in the program. In March 2010 when I called to make my payment over the phone they told me that my paperwork had expired and since this signified that we (WFand I) no longer had a relationship I couldn't make the payment!
One day I came home to find a printed note taped to my door URGENT! contact Wells Fargo immediately! So I called the next morning and no one could tell me why the note was on my door since all my paperwork was in order and my case was in review. A month later the same thing happened again this time I talked to 3 different people because every time I was put on hold I was cut off. Each person gave me a different story and the third person told me it was probably just a routine drop by visit from their counselling department to see if I needed any help filling out paperwork or something.
The first routine stop in, in 10 months? what kind of a routine is that? Three times before I had someone stop by and ask me the usual questions, take photos of the property and make notes but they never told me it was urgent to call in. Once when I called in I yelled at the guy on the phone for a very long time. I told him they had no interest in keeping me in my property they only looked at me as a trained monkey; running, faxing and calling in.I told him where he could put his lousy program and hung up on him. The next time I called I was told I had been removed from Loss Mitigation at my request. Every time I called and faxed It was just an exchange of information. No one ever commented on the details and requests I had put in my hardship letter or anything.
April 28 I received a call from Wells Fargo saying they had come to an agreeent and would be sending me a loan modification package. Today,May 6, when I checked my mailbox there was a letter offering me another Forbearance Agreement with no promises of any kind but if the lender agreed after the 3 months then things could be renegotiated. I was stunned. The woman on the phone had outlined in detail thebasic terms of the loan modification to me. Here I was looking at a lie! A bald faced lie. I had been working myself to death with 4 to 6 part-time jobs at a time trying to make ends meet ad just when I saw the light at the end of the tunnel I found out it was a train coming at me full speed.
I don't know what to think, I have been a W F customer for more than 20 years and this is my 3rd or 4th mortgage with them. I have lost my trust in them and when this is settled I will no longer be a WF customer ever again. Not to mention what they have done to my credit rating which was excellent when I got the mortgage and now is poor. I just really hate the way banks can manipulate our lives and make things difficult for us. I suppose tomorrow will tell, I'll have to call, again, and find out what is going on. Hopefully I will find someone one the other end of the line who knows something.