Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure Maryland

I developed a cash flow problem in my - business. I contacted my bank, Wells Fargo. They said, no problem. Just fill out a loan application. I did. Two months later they turned down my loan ap for $15.00 - By then I was behind in my mortgage. I asked for a mortgage mod. They told me my debt was already too high and my income too low. I began working with - - at Wells to fix my problem. Over 13 months I paid off entirely all - of my Wells accounts and - more or the remaining - LOC/CCs balances. Over $40.00 K worth of debt paid off from -/-/-. But my income was low. So I began working on collections and adding patients. No matter what my debt or income, in - opinon it was never enough. By - - when we met with a mediation judge on this matter I was certain I had met minimum HAMP 1 mortgage mod requirements for income, which, in my case were roughly $ -/month - very easy. Wells told the judge, no, that I was still less than $ -/month short on income. The judge suggested we resubmit a


income - had that not been done I would have qualified. But, in addition, my efforts to raise my cash flow were bearing fruit. My - + - + - ( estimated ) averaged $ -/month, or well above guidelines. Wells ' position : They were Wells Fargo and they did not have to follow guidelines. If they wanted to cut my SS income by $ -month, that was their right. If HAMP guidelines permitted the homeowner to resubmit a package, their position was they made the guidelines - HAMP did not. The federal government did not either. Bottom line : Wells stretched me out beyond the 8 month limit where I could talk to - and not be foreclosed on by a ruse of 'we will work with you. ' They gave great advice, which I followed. I wrote regularly to - - to inform him of my progress in reducing my debt, per his advice ( many letters available on this point ). My 'revolving ' debt by the - will be $40.00 - lower than when I started ; my - lines with Wells are all paid off ; and I will carry only - lines of the original - into -. Thank you, - -! And my deposits for the last 3 months will be about - - the average of my income for -. Result? According to Wells, that is not enough ... .even though HAMP 1 guidelines suggest an income of $8600.00 would qualify me for a HAMP 1 program. My conclusion : Wells strung out the counseling process ( 'We will work with you ' ) to the end of foreclosing on my home of 30 years. I entered into this process in good faith. I closed out - or my - lines and all - of Wells ' at their encouragement. And I raised my - monthly income of ( round numbers ) $ -/month to approximately $17000.00 for the 3 months ending - -. I did what I promised. Wells? They did not operate in good faith. They did not, for instance, disclose that I could work with - to avoid falling into their trap of running the clock until they could foreclose. They said they would discuss options to avoid foreclosure. I made numerous requests ( see letter ). Wells? They said " nothing '' was available to me. When I called - I was told Wells was in special as a financial institution, that they made their own rules for HAMP 1 qualification ; your SS income was what they decided your SS income was ; they were regulated by no one ; and after 8 months of being behind in your mortgage you had " no hope '' but to declare Chapter - bankruptcy and have your attorney negotiate with them. The only question I have at this point before I call a bankruptcy attorney is this : Who did Wells pay to become an absolute power in the world?