Wells Fargo can be one of the more difficult lenders to work with.
In the case of KS, we worked for over nine months to complete her modification.
KS was burdened by a rental property with a negative cash flow. Her income was in the low $3,000 range. Her mortgage was large. To qualify her we had to use her fiance’s income. However, the fiance was a real estate agent and his income was hard to prove.
But we persisted, and Wells Fargo came around.
You can take a look at KS’s modification here.
Note that $88,000 of the total loan amount was made non-interest-bearing, with no payments required.
Note also that this is a MERS loan. I advised KS that nothing in the modification agreement waved her rights later to sue Wells Fargo or pursue an additional modification. I do not do MERS litigation, but I can refer clients to other attorneys who do.
KS was extremely pleased.
From: Bernetta, Home Defenders League <email@example.com>
Dear James Robert,
Retired. Cancer survivor. Disabled. Single mother. Senior. And Wells Fargo is about to steal my home.
My name is Bernetta Adolph, a retired employee of the City of San Francisco, and I’ve lived in my home for almost 20 years. My trouble with Wells Fargo started when I took out a loan against my house in order to ensure my only son could afford a good education.
It turns out the loan to provide for my son’s future was designed to ruin my own. It was predatory, calculated to strip my equity and set me up for failure. When I tried to work with Wells to fix the loan, they offered a modification so small it didn’t make any difference. Then they started trying to take my house. The stress hastened my blindness and continues to aggravate my health problems.
But I’m far from the only one to have suffered at the hands of Wells Fargo bankers. Here’s what I’ve found out:
- Wells Fargo is foreclosing on more people in California than any other bank. 
- Wells Fargo paid $175 million to settle a lawsuit by the U.S. Department of Justice alleging that it targeted African-American and Latino borrowers for high-cost loans. 
- From 2008-2010 Wells Fargo received $17.9 Billion in tax subsidies from you and me. 
These reasons plus stopping the theft of my home are why I’m joining with other members of the Home Defenders League and the Alliance of Californians for Community Empowerment to take on Wells Fargo directly by demonstrating at their branches and headquarters all over the state. You can add your voice to our direct actions by signing the petition here.
Not only that, but we’re also teaming up with Neighborhoods Organizing for Change, Occupy Homes MN, and Minnesotans for a Fair Economy to make the message as powerful as possible. Those groups are leading a huge day of action against Wells in Minneapolis the same time we’ll be taking them on in California. Here’s what we’re demanding:
- Deliver on promised relief through full implementation of AG settlement and other programs.
- Broad implementation of loan modifications by resetting mortgages to fair market value.
- Restore our stolen wealth by ending predatory practices, ending discriminatory lending and paying your fair share of taxes.
Since his inauguration in January, we’ve been pushing President Obama to use the first 100 days of his second term to finally hold Wall Street banks like Wells Fargo accountable for breaking our economy. This is the week we broaden the 100 Days to Fix What Wall Street Broke campaign to Wall Street itself. They are the ones who stole our savings and our homes. It’s time for them to pay us back. Starting with Wells Fargo.
–Bernetta Adolph, ACCE and the Home Defenders League
Based on statistics found in Foreclosure Radar, www.foreclosureradar.com