When it appeared that Wall Street was beginning to crumble and those working there were about to be homeless, jobless and left out in the cold, in comes Washington to save the day. Washington rode to the rescue on its giant white horse and armed with taxpayers dollars. Those titans of Wall Street smiled in their faces, accepted the taxpayer money and slowly slinked away to return to their holes and began again to fleece those same people who just saved their collective butts. They had promised Washington that they had learned their lesson and would show their appreciation to taxpayers by doing everything possible to help them keep their home and their good credit. We now know that that were never to be the case and now the situation has gotten even worse.
My sister, Jacqueline, approached me with a tale I thought could only exist in fairy tales. She informed me how she had fallen behind on her mortgage and had followed the advice of others to contact her mortgage lender immediately. She informed that her mortgage lender pretended to want to help, collected more information than the government has on Osama bin Laden only to later tell her that there was nothing that they could do. My question then became what if Washington had told Wall Street that after gambling with this nation’s economy and about to shut down forever, that there was nothing that they could do for them? Would they then be more compassionate that they are now? Only God knows but here is the situation.
In January 2010, Jacqueline contacted her mortgage lender Wells Fargo about her situation. Wells Fargo Home Mortgage out of Fort Mill, SC sent her a letter in which they applauded her for coming to them for assistance and offered her five programs that she may be qualified for. “Plan one was the Repayment Plan which was supposed to fit her current budget and possible bring her account current at the end of the plan.” “Plan two was Loan Modification which adds delinquent interest, taxes and/or insurance payments to her unpaid balance and may be able to extend the repayment of the past due amount over the remaining term of her loan.” “Plan three was Partial Claim where if she could make her payments, this program would create a second lien on her property for the amounts she was delinquent.” “Plan four was Pre-Foreclosure Sale or Short Sale which allows her to sell her home for current property value even if it’s less than the payoff.” “The sale would reflect as “paid in full for a less than full balance” on her credit report.” “Plan five was Deed in Lieu of Foreclosure which allows her to convey her interest in the property to the lender or the loan investor.”(Sourced from letter dated January 29, 2010 sent from Well Fargo Home Mortgage, Fort Mills, SC)
February 16, 2010 she received a decision from Wells Fargo home Mortgage out of Des Moines, IA “which informed her that they could not get a modified payment amount based on her income and debt situation.” Their suggestions of the “plans were now limited to a short sale or the deed in lieu of foreclosure options only.” The only aid that they could offer was a suggestion that she “seek the aid of a credit counseling agency.” (Sourced from letter dated February 16, 2010 sent from Well Fargo Home Mortgage, Des Moines, IA). There would be no Wells Fargo hero riding in on a big white horse for her but this was not the strange part. The strange part was no less than six days later she received a letter from the same office and her choices of options had decreased from two to only one. In this letter it mentioned “liquidation contact numbers” (Sourced from letter dated February 22, 2010 sent from Well Fargo Home Mortgage, Des Moines, IA), these contact numbers were the phone and fax number of their Loss Mitigation Department, and here I thought the purpose for a loss mitigation depart of any mortgage lender were supposed to be the place for borrowers to get help when they needed to save their homes, not secure help to lose it.
As if that wasn’t enough, Well Fargo struck again by sending her another letter referencing the five options that she may have to save her home. In this letter they warn her that “we may be able to help with you financial difficulties, but please understand that if you do not contact us to discuss the situation as soon as possible, we will have no choice but to pursue other options including foreclosure on your home.” Sourced from letter dated April 11, 2010 sent from Well Fargo Home Mortgage, Des Moines, IA), lest we forget this was after they had informed her that she had no other options but the short sale. Of course being desperate to save her home she again was compelled to try this again only this time she was tricked into believing that a different company would be able to do what Well Fargo had refused to do. April 27, 2010 she was contacted by Matrix Capital Resources leading her to believe that they could help. At this point she was willing to try anything. They convinced her that they would not only save her home but locate and secure an attorney office to help her fight for and possibly keep her home. She was advised to complete a novel of paperwork and supply them with a host of documentation. Matrix Capital included the name of the Attorney office which was standing by if their services were required. In this package was the Intake Instructions and to my surprise an agreement for my sister and Roberts Law LLC. Also included was their Schedule A which detailed their terms, duties and compensation. Under duties they make it well known that while they commit to discussing her option with her, they will not be responsible for negotiating with the mortgage holder. (Sourced fax package from Matrix Capital Resources, 3700 Mansell Road, Alpharetta, GA). She informed them that there would be an additional problem with her being able to pay their requested fee and her mortgage plus monthly obligations at which time she was instructed by a non-recorded phone conversation to forgo making any more monthly payments to her lender and just send them that fee.
June 2010, she got another letter from Well Fargo informing her that they were still unable to help her with her financial situation but this time the reason for the denial had changed, it was now because of “we have been unable to reach you to discuss your situation” (Sourced from letter dated June 14, 2010 sent from Well Fargo Home Mortgage, Des Moines, IA). I find it comical because this is the same office which denied her before. After this one has to assume that a body would be tired of the “run-around” and scams. That one would have reached a point of no return and just say “enough’. July 2010 the truth finally was revealed. In a letter sent Well Fargo now informed her that the payments she had been making would no longer be accepted and only if she when she remitted the entire balance due them would they even consider mortgage reinstatement. They said that “from this date forward, we will only accept the total amount to satisfy all outstanding payments due, plus applicable fees.” “Any monies received that are less than the amount due will be returned.” (Sourced from letter dated July 6, 2010 sent from Well Fargo Home Mortgage, Des Moines, IA). In another letter dated the same day, it was finally revealed that the real reason she was not given any aid was because “we are unable to get you to a revised payment amount that you could afford per investor guidelines on your mortgage”.
What that tells me is it was never Well Fargo, Matrix Capital or even Roberts Law intention to do anything but collect money. That Washington really does not control business and the only person or entities which can save homes are those “investors” of which Wells Fargo spoke so fondly of. Mortgage Lenders do not have control any of those loans, so to contact them for help is strictly a waste of time and effort. To make a dent in this big rig which runs over Main Street occupants like garbage on the street, directly business must be conducted with these “investors” and cut out the middle man (mortgage lenders). To prove my point more clearly, just three days after the letter from Wells Fargo, she got a letter from Pierce & Associates, Attorneys at law out of Chicago, IL. In it they inform her that they do not have to wait thirty days before “suing her for the total debt or commencing any foreclosure action” (Sourced letter dated July 9, 2010 from Pierce & Associates, PC. 1 North Dearborn Street, Chicago, IL). Took seven months for Wells Fargo to pretend to care before wiping their hands of the entire mess, only 30 days for Matrix Capital and Roberts Law to collect their money and run and only three days for Wells Fargo to turn her over to the group of ambulance chasers out of Chicago. If I sound a little nasty its not because she is my sister, even though that’s as good of a reason as any and its not because I just recently experienced the same regarding foreclosure and losing my home. Why I may appear slightly nasty toward these professionals is because she spent close to ten years of her life maintaining and enjoying that home only to lose it because she did not have anyone to ride in on a big white horse to save her.