Complaint / review text:
My son and daughter-in-law asked for a loan modification when my son lost his job at the end of 2009. Wells Fargo asked them to not make a payment for 3 months and they would qualify for the mod. They followed Wells Fargo's wishes, but when my son found employment in 2010, they cancelled the loan mod and tacked on the 3 months payments to their existing mortgage.
In April of 2011, my son's office closed down and he was once again without work. When Harp II occurred, they were hoping Wells Fargo would now help them. They have kept current on all of their accounts and Wells Fargo will not do a loan modification for them. I just don't understand! Why would the bank want them to go into foreclosure or a short sale? Wells Fargo is not going to get any more money for this home if it falls into a foreclosure or short sale. What is the reasoning behind all of this? Wells Fargo should be completely ashamed of themselves!