Wells Fargo & Co. announced on August 20 that it had a total of 520,399 active trial and completed modifications, easing home payments by owners, for the period January 2009 to July 31,2010. Around 80 percent of that number were completed throught the company’s own programs.
“This trend reflects our continued progress in working with customers on home payment relief, including those customers who ultimately will not qualify for a Home Affordable Modification,” said Mike Heid, co-president of Wells Fargo Home Mortgage.
Heid added that around 58 percent of their customers who are not eligible for their HAMP program are offered alternative modifications, one of the highest conversion rates among eight providers and more than the 45 percent average.
“Wells Fargo continues to use a combination of rate reductions, term extensions, and principal adjustments to address the unique financial need of each of its customers,” a Wells Fargo report said.
Several months before the creation of HAMP, the company was one of the first to use principal forgiveness as an element of its loan modification program.
The report says that almost 60,000 modifications have been completed, representing a $3.1 billion reduction in principal.
Wells Fargo ranks high in customer service surveys among big HAMP providers, and registered the lowest incidence of customer complaints, according to the Making Home Affordable Program federal report.
“We know me must continue to make improvements so that our home preservation service is what we expect and want it to be,” said Heid. The modifications are designed to lighten the load of their customer’s home payments.
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture.
Here are the facts.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
– Wells Fargo’s own review appraisal valued our home at $475,000
– Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.
– Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
– Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.
– Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.