Benjamin Reid III
2012-04-25 21:00:59 -0400
Wells Fargo has a number of practices that are criminal at best. We have two mortgages, which originated with World Savings, Wachovia and finally Wells Fargo Bank. They approved modifications, delivered them to the wrong address, which stale dated the documents. They said they would send new documents but never did. They originally told us to not pay the monthly note to validate hardship and they would add it to the end of the new mortgage.They filed foreclosure papers and tried to take both homes. We hired counsel who secured a restraining order against the bank. They tranfered the case to federal court which is more advantageous to the bank. They have offered nothing. We sold one property or tried to sell it and WFB refuses to submit pay-off documents to escrow for closing, which was to happen two weeks ago. They still have not answered the question why not do the modifications when they were previously approved after a grueling 18 month process? We even tried to pay off one mortgage in it’s entirety and refused to discuss the matter stating we were trying to get a short pay-off. The amount offered was the total principal plus $10,000.00. They are currently waiting for the judge to lift the restraining order so they can foreclose on the homes. Affordability is not the issue. WFB never intended on doing any modifications. Corporate counsel for WSB stated," The language of the Attorney General was not as clear as it should have been. We merely have to consider doing modifications we don’t actually have to do any." FYI-AS INCENTIVE TO MODIFY THE PRESENTLY ILLEGAL NEGATIVE -AM LOANS, the banks now get $3000.00 per application, regardless of how many times a person applies! Never mind the fact that they wrote off all of the mortgages they purchased from Wachovia producing a tax rate so low, WFB has not paid any Federal Income tax in over 3 years! Also, that rate due to the write-off, produced a tax credit of Eighteen-Billion Dollars, $18,000,000,000.00, for WFB. Do the math. Now, take all of the notices the WFB computer recently sent out announcing new great hope of obtaining a modification, “just re-apply, we still have your file,” multiply that by $3,000.00. Now factor in the average number of applications submitted for each customer trying to get a modification , (the number is at least 6), and do the math again, Do the math 6 more times and you will have a figure not even close to the amount of money they continue to make at the cost of how many dreams, futures, or more importantly, lives they have and will continue to take. You should ask the question, “why did WFB buy Wachovia in the first place?” Wachovia’s only profitable business during it’s infiltration into our society was laundering South American drug money to the tune of Three Hundred and Fifty Three Billion Dollars, $353,000,000,000.00! WFB haad a hand in it as well and bought the bank to quash any further press about the situation and paid a ridiculous monetary fine of One Hundred and Eighty Six million dollars, $186,000,000.00! It is racketeering at it’s best. What a windfall for the previously furious share-holders who now have enjoyed record breaking profits and financials at the expense of the American people. LOOK IT UP. IT IS ALL TRUE! Don’t forget to get a copy of last months fortune magazine depicting WFB CEO as the financial genius and WFB “Doing Business as it is Supposed to be: Making Loans, Writing Mortgages, etc.” It is enough to make you sick if not really, really angry! One last meaningful mention: WFB spent all of the “Bail-Out” money, all of it, on new corporate jets and bonus packages for the senior executives. ALL OF IT! Since the only thing they respect is money, we the people should make sure they never get a cent of it from us from this day forward.