Wells Fargo loan modification problems are a typical occurrence among borrowers, although the same is probably applicable to every large bank in the U.S. When a borrower discovers Mycaal.com, often times loads of unpleasant experiences have already been endured. If you’re a Wells Fargo customer and you’ve been attempting to obtain a mortgage modification, chances are you know precisely what it is that I’m referring to. These are the things that are preventing struggling homeowners from enjoying Wells Fargo loan modification success. Some of the problematic issues mentioned below are what are being highlighted by homeowners who are sharing their frustration with the loan modification status quo:
- No definitive resolution to problems – Numerous Wells Fargo clients hardly hear from the bank at all during the application process. Not to mention the fact that the information they eventually do receive is sometimes incorrect or misleading. It can be highly frustrating trying to get answers or solutions to questions that arise.
- No feedback about or during the process – Not knowing your pre-qualification status before sending your application to the bank is a recipe for uncertainty and confusion. The lack of clear knowledge about pre-qualification is one of the biggest problems associated with mortgage modification. Additionally, Wells Fargo in many instances provides the applicant with no guidance through the process that would enable him or her to strengthen their case.
- No designated contact – Without having an appointed individual to communicate with who is familiar with your specific application, you are doomed to repeat yourself time and time again to a variety of people, in a series of disconnected and unproductive interactions.
- Illegal foreclosure – This business was (eventually) deemed to be unlawful by the “Regulation of Mortgage Servicing Act of 2011” bill. I’m talking about the matter of a lender foreclosing on a borrower who has submitted a valid loan modification application. Conduct like this has left quite a few Wells Fargo clients bewildered.
- Trial modifications never converted – Numerous previous cases have made it pretty clear that successfully meeting the requirements of a trial loan modification does not necessarily lead to being approved for a permanent modification, as it should. Homeowners who have made their trial payments without problems have reported never being approved for the permanent loan modification which is due to them.
- No modifying power – Think about how aggravating it must be to jump over all the hurdles that are placed before you as you go about applying for your loan modification. You complete all the forms, collate all the requested data, respond to all the questions, only to be told by the bank that it lacks the legal authority to restructure the terms of your mortgage. Ridiculous though it may be, it happens to borrowers all over the country.
- Modification approved (sort of) – There have been a number of reports in which homeowners tell of receiving notification from the bank that their mortgage modification has been approved, only to receive communication days later that their home is officially being foreclosed on. It’s anyone’s guess as to what the logic behind this kind of preposterous development is.
- Additional Wells Fargo problems – Also reported are situations in which a homeowner discloses the loss of employment or a decrease in earnings to the bank, and requests a home loan restructuring. Wells Fargo sends the applicable information package to the homeowner, and the next correspondence sent by the bank is to inform the homeowner that foreclosure proceedings are underway.
Is it any surprise that so many homeowners across the U.S.A. are upset with the large banks such as Wells Fargo. A loan modification is supposed to be all about financial relief and support, not having one’s patience tested to the limit. You are more than welcome to share your own loan modification challenges with us on Twitter, Facebook, or Mycaal.com.