Wells Fargo, other lenders lagging on mortgage aid, Treasury re...

Wells Fargo can kiss my lily-white one! They have harassed me for the last 5 months because I pay my payments in 2 parts instead of a lump sum and their software can't handle it. Then they charge me $45 late fee when all the money was there before the due date and harass me at home for the damn $45! I am up-to-date on my mortgage - they already got half of August's in July - but paying your mortgage on time is not good enough for Wells Fargo. It has to be a lump sum for the full amount or they want to get their greedy paws on your bank account with direct debit. Sorry, but when my taxes go up and my home value goes down to less than what is owed on it, I don't know what else would be good enough for this company. Perhaps I should just quit paying my mortgage, take a real nice vacation (my mortgage is $1,158.33/mo - I can travel very nicely on that amount) and raise a middle-fingered salute to them. Forget that over 50% of my take-home pay already goes to my mortgage and it is going up again. Meanwhile, if I don't pay water, gas, and electric my house can be condemned. It would be nice to eat, too.

May you drown in your own cesspool of swill Will Phukup!!!

Servicer cannot modify mortgages in their own name - they must identiy the actual creditor/owner of the mortgage. A problem.

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U.S. Considers Remaking Mortgage Giants, Fannie Mae & Freddy Mac

http://www.washingtonpost.com/wp-dyn/content/...
The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home-loan market, government officials said....

more at washingtonpost.com ...-------

Offloading the defaults to another government subsidized entity does not fix the problem. If you add up the administrative costs, reassessments, etc. It will cost the taxpayers more. What a joke.

Isn’t this just what TARP was supposed to be doing already ? Maybe they spent it all on car companies pork.

This won't "clean the books", it'll actually hide the books and slowly bleed money from the "new" organization into the old to cover up the losses the old Fannie/Freddie had. It's been done in Japan a few times since their collapse a few decades ago.

I have been trying since March to get Well's Fargo to modify our interest-only loan on our home which has lost half of its value. They have denied the request, refused to send us a letter explaining the reasons for denial. How can contact the government to share my story with them?

Ms V wrote:

Wells Fargo can kiss my lily-white one! They have harassed me for the last 5 months because I pay my payments in 2 parts instead of a lump sum and their software can't handle it. Then they charge me $45 late fee when all the money was there before the due date and harass me at home for the damn $45! I am up-to-date on my mortgage - they already got half of August's in July - but paying your mortgage on time is not good enough for Wells Fargo. It has to be a lump sum for the full amount or they want to get their greedy paws on your bank account with direct debit. Sorry, but when my taxes go up and my home value goes down to less than what is owed on it, I don't know what else would be good enough for this company. Perhaps I should just quit paying my mortgage, take a real nice vacation (my mortgage is $1,158.33/mo - I can travel very nicely on that amount) and raise a middle-fingered salute to them. Forget that over 50% of my take-home pay already goes to my mortgage and it is going up again. Meanwhile, if I don't pay water, gas, and electric my house can be condemned. It would be nice to eat, too.
May you drown in your own cesspool of swill Will Phukup!!!

Most mortgage companies do not accept partial payments. As far as getting their hands on your checking account, it's not like they can steal money from you. In fact, if you set up to make payments every other week from your checking account, you are taking years off your mortgage.