• DYE CULIK PC | Consumer Protection Division

Wells Fargo Weirdness

A common occurrence when dealing with most of the banks participating in Making Home Affordable is their ever-changing requirements borrowers have to submit for consideration. It can frustrate the calmest of souls and the only comfort at the end of one of these maddening exchanges is that you are not alone.

Just this week, we submitted a full package of documents along with all the legal initiative and attachments for one of our clients to be considered for a modification. If you’ve visited the makinghomeaffordable.gov website or are aware of the program, you’ve probably seen the HAMP RMA (a 3-page form for borrower personal and financial information). It is the standard for the program to request consideration and submit your personal info for review to any bank participating in the program. The website also gives a very specific list of documents required for consideration.

The HAMP RMA was included in the package with detailed financial information and monthly expenses. Wells Fargo had everything required per the guidelines of the program they agreed to participate in. Yet, a bit after submission, a Wells Fargo representative requested “the borrower’s monthly expenses”. Wait? What? Surely they just didn’t see those very monthly expenses outlined in detail on the HAMP RMA. They did — but wanted a “financial worksheet” with these exact numbers separately listed.  To just keep it moving, we requested this “financial worksheet” so we could fulfill this additional requirement they randomly included. The loan specialist responded by saying “just have the borrower write it on a scrap of paper and sign it”.  The exact same numbers as the HAMP RMA but on a scrap of paper — just because Wells Fargo decided that was the requirement of the day. { Keep in mind here that on some Wells Fargo websites, the HAMP RMA actually is their “financial worksheet” }

No wonder homeowners become so confused, frustrated, and bewildered by this process. The banks all seem to have varying ideas of the program requirements, which are actually pretty simple. It just isn’t playing fair — then again, that has probably never been their intention.

Anyway, to all you out there dealing with document distress, double check the website, know your rights, and make sure it’s on the record (with whoever your “loan specialist” may be) that they are in violation of the program guidelines they got paid to participate in. Never know, could be the leverage you need to legally make it right.

#loanmodification #MakingHomeAffordable #HAMPRMA #HAMP #foreclosure #WellsFargo