February 19, 2010
Since agreeing to engage in Wells Fargo's "Balloon" payment plan for the mortgage on my home, I have been receiving harassing phone calls and messages at least 3 times a week from them asking why I have not paid my mortgage payment. I informed them that I have agreed and signed papers stating I do not have to make a payment until June of 2010, which is over $10,000.00. I asked them to look at the notes written from the last Wells Fargo caller. They always tell me "sorry for the inconvience." When will the phone calls stop? Why am I being harassed?
January 12, 2010
Wells Fargo Home Mortgage's "escape" for homewowners sends their credit scores through the roof. The "balloon" payment Wells Fargo Home Mortgage offers seems to give relief to the homeowner, but it will effect the credit score of the homeowner because Wells Fargo Home Mortgage will be reporting to the credit bureaus that the homeowner is not paying their mortgage. Is this really helping the home owner?
December 17, 2009
Mr. John Stumpf, President & CEO
Wells Fargo Bank
420 Montgomery Street, 12th Floor
San Francisco, California 94104
CERTIFIED MAIL
Re: Loss/Mitigation Department Analysis and Determination on Loan #xxxxxxxx
Mr. Stumpf:
I am Dr. Fred Nance Jr. I have a home, which Wells Fargo Bank apparently holds loan #xxxxxxxx. If this is not a true statement, please correct and advise. I applied for a reduction in my monthly payment with a lower interest rate due to my economic status at this time. I engaged in the Wells Fargo Bank processes in or around March of 2009. I submitted all document requested. I have been asked for the same financial documents at least 4 different times, from 4 different Wells Fargo loss/mitigation representatives. I have submitted the documents at least 3 times. I refused to send them the last time I got a call from these representatives. For reasons I do not understand it has taken until now for me to receive information that I have been approved for a “balloon” payment, which I refuse engagement.
The letter I received today, dated November 30, 2009, states in part “…We are concerned when our customers are experiencing a financial hardship which is beyond their control and are here to assist you through this difficult period. As we discussed we have granted you the payment arrangement listed below….” If Wells Fargo was concerned with my financial hardship it would not be offering me a “balloon” payment. Balloon payments are rarely paid. I do not have credit cards where I owe money. I have regular bills, such as lights, gas, electricity, Internet, cable television, and phone that are not going to go away until I die. I never talked to anyone about this “balloon” payment before it was enacted, as this “ludicrous” statement reports. This “agreement” was made arbitrarily for me. I had no input in this decision. The statement infers I previously agreed to it. It does not fit my situation. Someone kicked me off the curb, and under the bus.
Sir, balloon payments are part of the scenario to why our country is in this financial disaster, and now, bank fiasco. This agreement Wells Fargo Bank attempts to engage me with appears to fly directly in the face of President Barack Obama’s stimulus plan and relief for homeowners. I should be eligible for a lower interest rate, and a lower monthly payment. Wells Fargo Bank can afford to let me have a lower interest rate, and lower monthly payment. I believe Wells Fargo Bank received stimulus monies so that it can provide relief to homeowners.
I have talked to your loss/mitigation representatives in Arkansas and St. Louis. I have submitted my documents to your representatives several times this year requesting a lower interest rate, and lower monthly payment. I am not sure why I had to submit the same documents several times, but the results I have received in the mail today are outrageous and ludicrous.
On December 2, 2009 Wells Fargo Bank loss/mitigation representative Dan, ID#xxxxx, called me stating I was sent a letter on November 30, 2009 outlining an agreement for a “suspense” account, which would be due on June 13, 2010. I informed Dan that I was going to pay my regular mortgage on December 4, 2009. Dan told me I should not pay my regular mortgage on December 4, 2009 because it would not get posted to the right account, which is the “suspense” account. Dan told me to wait until I get the letter.
I have contacted your loss/mitigation department several times since this conversation with Dan informing them I had not received the letter Dan talked about because I was worried I would get a late charge if my mortgage was paid after December 15, 2009. Now that I have received this letter today regarding a “balloon” payment due on June 30, 2009, I refuse to engage in this agreement. I will pay my regular mortgage payment for December 2009 today, and I do not expect a late charge fee because Dan told me not to pay my mortgage on December 4, 2009.
Therefore, I want to propose a solution. First, I am going to pay my normal payment for December of 2009 today, which will leave my bank as an “electronic” payment to Wells Fargo Home Mortgage, loan #xxxxxxxx. This is the general payment route I have used for all my monthly payments with Wells Fargo Home Mortgage. I would expect I will not be charged a late fee because Dan told me not to pay my mortgage payment on December 2, 2009.
Second, I want my Wells Fargo Home Mortgage account re-evaluated for a lower interest rate, and a lower monthly payment. Sir, I want to thank you, in advance, for your cooperation and discernment in this matter.
Respectfully submitted,
Fred Nance Jr., Ph.D.
Human Services/Social Policy Analysis
cc:
http://clickforjusticeandequality.blogspot.com/
Wells Fargo Loss/Mitigation Department 866-359-7363 (fax)
Mr. John Stumpf, President & CEO (fax and hard copy sent by Certified mail)
Wells Fargo letter dated November 30, 2009
Dr. Nance’s hardship letter and financial statement, both dated November 6, 2009
