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How Can We Get an Answer From Wells Fargo About Our Loan Modification? – Cheryl

“Dear Steve,

I have a rental unit (tri-plex) that went into foreclose in February of 2009 due to a death in the family, economic tragedies with tenants and loss of jobs and incomes. Our property went into foreclosure and since we could not sell if for the loan amount we started a short sale in June 2009.

On Sept 28th a tenant who was being evicted from one of the units retailiated and burned one whole unit and 1/2 of another unit down. The short sale was to close on Sept. 30th.

On Sept. 30th Wells Fargo sent out notices of denial stating that we were unable to retain a buyer and foreclosure proceedings were started again. On Oct. 6th they posted foreclosure notices on the two remaining tenants doors…who have now withheld their payments because they were told to look for elsewhere to live and that we were being foreclosed on and that they did not need to make payments to us anymore.

On Oct. 6th I called Wells Fargo Property Loss Dept to see what they wanted us to do. They stated that they would work with us and the Loss Mitagation dept as a liason and so that we could rebuild with the insurance money and keep the property. Our financial situation had changed since the inception of the short sale…we recovered from the financial stress of the death, were able to pay off a couple of credit cards, obtain a job. They asked if we could provide any money towards the past due and we told them $2000-$2500. They said they would have to check with another dept and get back to us. They did not.

They sent us a request for information which we completed and sent back in Oct 14th. We called them daily to hear if we even qualified for a loan modification. They said they could see all the paperwork was received on the 17th but that it all takes time and that it would be 4-6 weeks befo re the paperwork would get to the workout specialist. Now my question is this…does Wells Fargo really care if we rebuild the units as they do not seem to be in any hurry to try to get the ball rolling. ON top of that a customer service rep has now stalled the process just a little longer by requesting that we submit financial statements.

I don’t know about you but we are just regular people and we do not have financial statements. We take all of our paperwork to a tax specialist (EA) but he is not an CPA. He does not do them. Here we are nearly at the end of the year and they want us to take all of our info to a CPA and get financial statements? I offered to send them our tax return but that was not good enough..they want BS and P/L statements. That could be weeks before we are able to get those done and, thereby, delaying the rebuilding and loan modification even longer.

Wells Fargo is great to holding to their deadlines for getting information in and delay tactics but they do not move in a timely manner for us. How can we get them to “get a move on” with letting us know whether or not we qualify.

We do not want to rebuild just so that they can foreclose…what would be the purpose in that? If they told us we did qualify and that we would eventually get a loan modification then we would begin the rebuilding. Please help us with how to proceed. The longer we wait the longer it will that the property is in disrepair and probably will become in worse condition considering the time of year it is.


Dear Cheryl,

Boy, what a mess.

First, let me assure you that the Wells Fargo machine at large does not care about your individual situation. Every customer in their system needs to flow through a process and they are buried in so much work and bureaucracy, like they are at every bank, it is hard or downright impossible to treat people fairly and as individuals. That’s a reality, not an excuse.

That being said I do think you’ve raised so very good questions that you certainly deserve answers to. I can understand why you would be hesitant to invest in the repairs when the place might get foreclosed on anyway.

Here are some things you might want to try and investigate.

If you have private mortgage insurance on the property contact the private mortgage insurance company and ask if they can help you to bring the loan current so you can then make the necessary repairs. Sometimes these PMI companies will do this rather than have to pay out on a claim to the mortgage company.

I would also contact a HUD certified housing counselor in your state and ask for intervention help. You can find the directory of HUD housing counselors online here.

Finally, I would send a clear and detailed letter by Express Mail to:

Dick Kovacevich, CEO
Wells Fargo Bank
430 Montgomery St
San Francisco, CA 94163

It is important to send your letter by express mail so it stands out and to the CEO. The CEO will not deal with your situation but it will quickly filter down to a level that can deal with it.

Also, there is no need to be nasty or rude in the letter. Just lay out the facts like you did here and ask for help to achieve the outcome you want.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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