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Remember my Wells Fargo problems. . .
Sherry wrote: On May 3, 7:19 pm, "tanadashoes" wrote: I was told the other day that the FBI is investigating "Country Wide" mortgage company along with Wells Fargo Mortgage company. And guess why they're being checked out. Yup, they were claiming that people weren't making their payments when they were, and were trying to foreclose on people without working with them on the payments. We live in a prime area for real estate, and Wells Fargo could probably sell the house for about $10-20,000 more than we bought it for. Need I say more? Anyway, they really hate me because not only am I refusing to make phone payments, but I'm sending in cashier's checks and having the payments as certified, receipt requested. So they changed my due date for payments from the fifth of the month to the first. Buggers. Pam S, Grrr. Don't get me started on mortage/finance companies. It's legal robbery. I sent a check to "Citizens Finance" where the (wrecked) truck was financed, for the payoff + some overage that we depended on getting back in order to buy the tag for the new truck. (It was from the insurance co.).....I got a nasty "Dear Deadbeat, your payment is late" letter two weeks later. Called them, and they said they had to "HOLD" the insurance check for one month "To be sure it clears the bank." What???? In what universe does it take 30 days to clear a check? BUT GET THIS. Every single day, the balance accrues interest. Plus they charged us an $18.50 late fee. ALL THE TIME, they have the payoff in their hot little hands. It's robbery, I tell ya. (Reminds me of something a comedian once said about late fees, "They charge you more of what you don't have in first place." I also sent the check certified, so I know *exactly* when they got it. It's a shame that Wells FArgo are such crooks you have to do that every month. It's costly. Sherry There was a time when a payment was LATE only when it was received after the next statement had been mailed. (In other words, if payment is received before your next billing date, it's on time, no matter what date the company selects as "past due".) So far as I'm concerned, if the payment is reflected on my next statement, it CANNOT be considered "late", and I refuse to pay "late charges" if that happens. (Fortunately, I usually pay my balance in full each month, so they haven't much basis for argument.) Apparently the practice of allowing less than a month between billing date and "due" date (after which "late charges" apply) is coming under scrutiny by the courts. (Maybe the mortgage scandals may have an up-side, too?) |
#12
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Remember my Wells Fargo problems. . .
Jo Firey wrote: "tanadashoes" wrote in message m... I was told the other day that the FBI is investigating "Country Wide" mortgage company along with Wells Fargo Mortgage company. And guess why they're being checked out. Yup, they were claiming that people weren't making their payments when they were, and were trying to foreclose on people without working with them on the payments. We live in a prime area for real estate, and Wells Fargo could probably sell the house for about $10-20,000 more than we bought it for. Need I say more? Anyway, they really hate me because not only am I refusing to make phone payments, but I'm sending in cashier's checks and having the payments as certified, receipt requested. So they changed my due date for payments from the fifth of the month to the first. Buggers. Pam S, Who ever is in charge and responsible at Country Wide, should be drawn and quartered. Barring that, I'd consider lethal injection. Life in prison is just too good for them. From what I've seen personally, they are almost solely responsible for the entire mortgage/forclosure debacle. On a par or worse than the Enron scandle. They spent the past five years pushing equity loans on people. And made a fortune doing it. Then walk away when everything comes crashing down. I've always been a big believer in personal responsibility and paying ones debts. But their should still be a special hell for those that make loans when they know perfectly well the borrower will be unable to keep up with the payments. Particular where homes and businesses are concerned. Jo AMEN!!!!! Along with all the lenders (and credit cards) that quote very low "APR" percentage rates, without being sure that the borrower understands that "APR" stands for "adjustable percentage rate", which means that the rate can increase to whatever percentage the lender chooses, whenever they so choose! (Some of them ARE tied in to the initial rate for a specific length of time first, but not all of them.) I think urging people to "take advantage" of the equity in their home loans is immoral, too! There was a time when people invested in a home with the idea that, by the time they retired, they'd own it free and clear, with only taxes and upkeep to worry about. Loans were structured to pay off in twenty-five or thirty years, with fixed monthly payments designed to fit the purchaser's budget. Bad enough that "easy credit" has produced a society that works on the principle that, if all the credit cards aren't "maxed out", any desired high ticket merchandise is still affordable. Being slow-pay on those debts may produce collection agencies coming out of the woodwork, and marshals brandishing garnishments for your wages, but at least you still retain a roof over your heads! |
#13
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Remember my Wells Fargo problems. . .
AMEN!!!!! Along with all the lenders (and credit cards) that quote very
low "APR" percentage rates, without being sure that the borrower understands that "APR" stands for "adjustable percentage rate", which means that the rate can increase to whatever percentage the lender chooses, whenever they so choose! (Some of them ARE tied in to the initial rate for a specific length of time first, but not all of them.) Actually, APR stands for "annual percentage rate". The rate that gets quoted up front is a shorter-term rate. That shorter-term rate, compounded over a year, yields the APR. |
#14
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Remember my Wells Fargo problems. . .
On May 3, 11:12*pm, "Jo Firey" wrote:
Who ever is in charge and responsible at Country Wide, should be drawn and quartered. *Barring that, I'd consider lethal injection. *Life in prison is just too good for them. From what I've seen personally, they are almost solely responsible for the entire mortgage/forclosure debacle. *On a par or worse than the Enron scandle. They spent the past five years pushing equity loans on people. *And made a fortune doing it. *Then walk away when everything comes crashing down. I've always been a big believer in personal responsibility and paying ones debts. But their should still be a special hell for those that make loans when they know perfectly well the borrower will be unable to keep up with the payments. *Particular where homes and businesses are concerned. Jo Well, yeah, it's opportunistic, it's predatory lending. But, don't you think *some* accountability rests with the borrower? I'm not talking about people like Pam, or the many others whose world gets turned upside down from health issues, or job loss, etc. There are a whole lot of people out there having homes reposessed simply because they bought homes more expensive than what they could afford. I"ve always been very frugal. I watched an Oprah segment on people and their debt, and I was simply blown away not only by the *amount* of credit card/second mortage debt, but the things they spent their money on! I'm also surprised by the type of houses that are being built now. You don't see modest, three bedroom houses like we were building in the 70s-80s in new additions nowadays. They're all so huge! Sherry |
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Remember my Wells Fargo problems. . .
"Sherry" wrote in message ... On May 3, 11:12 pm, "Jo Firey" wrote: Who ever is in charge and responsible at Country Wide, should be drawn and quartered. Barring that, I'd consider lethal injection. Life in prison is just too good for them. From what I've seen personally, they are almost solely responsible for the entire mortgage/forclosure debacle. On a par or worse than the Enron scandle. They spent the past five years pushing equity loans on people. And made a fortune doing it. Then walk away when everything comes crashing down. I've always been a big believer in personal responsibility and paying ones debts. But their should still be a special hell for those that make loans when they know perfectly well the borrower will be unable to keep up with the payments. Particular where homes and businesses are concerned. Jo Well, yeah, it's opportunistic, it's predatory lending. But, don't you think *some* accountability rests with the borrower? I'm not talking about people like Pam, or the many others whose world gets turned upside down from health issues, or job loss, etc. There are a whole lot of people out there having homes reposessed simply because they bought homes more expensive than what they could afford. I"ve always been very frugal. I watched an Oprah segment on people and their debt, and I was simply blown away not only by the *amount* of credit card/second mortage debt, but the things they spent their money on! I'm also surprised by the type of houses that are being built now. You don't see modest, three bedroom houses like we were building in the 70s-80s in new additions nowadays. They're all so huge! Sherry \\ I still believe in personal responsibility. But what is going to happen when a relatively young and naive couple goes to buy a house. When you walk into a cat dealership the first thing they want to ask you is how much can you spend a month. Now they have already shifted you maximum car expense budget (and it was probably supposed to include insurance and maintenance in your mind. And rather then try to put you into a car that you can pay off in three years, they will tell you you can afford to drive a much nicer car for that kind of money. Waffle over difference between lease and purchase and three years down the road you owe a payback far higher than the value of the car. Not to mention you have done nothing to establish a credit ratting. Same thing with a house, only they don't ask what you can afford to spend. They find out what you earn and what you owe, tell you how to manipulate a credit check so you will quality for a loan that is much more than you really can afford. But how do you argue? There people who know more about money than you do say you can afford it. They aren't really good at explaining property tax and Mello Roos and Insurance or flood insurance. Its pretty easy to not only spend more than you can afford, but to pay a lot more than the property is worth because you are starting to believe your own hype that this is doable. Jo |
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Remember my Wells Fargo problems. . .
"tanadashoes" wrote in message
m... I was told the other day that the FBI is investigating "Country Wide" mortgage company along with Wells Fargo Mortgage company. And guess why they're being checked out. Yup, they were claiming that people weren't making their payments when they were, and were trying to foreclose on people without working with them on the payments. We live in a prime area for real estate, and Wells Fargo could probably sell the house for about $10-20,000 more than we bought it for. Need I say more? Anyway, they really hate me because not only am I refusing to make phone payments, but I'm sending in cashier's checks and having the payments as certified, receipt requested. So they changed my due date for payments from the fifth of the month to the first. Buggers. Pam S, Dear gawd, how awful!!! It's hard to believe that they would do something like that now, with the market for real estate so soft. But it agrees with my (conspiracy?) theory though, that what happened in New Orleans is now happening elsewhere. The city of New Orleans is cooperating with large corporations to take land away from homeowners and sell it to the corporations so they can build "yuppie condos" and make a killing. What they've been doing is, when owners can't fix their homes (most are still without jobs since businesses in the area are still recovering), the city will bulldoze the house and then charge the homeowner for it. If the homeowner can't pay for the bulldozing, the city confiscates the home/land and then sells it. It's heartbreaking what's happening to our once productive and robust country. The American dream has turned into a nightmare! Hugs, CatNipped |
#17
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Remember my Wells Fargo problems. . .
Sherry wrote:
On May 3, 11:12 pm, "Jo Firey" wrote: They spent the past five years pushing equity loans on people. And made a fortune doing it. Then walk away when everything comes crashing down. I've always been a big believer in personal responsibility and paying ones debts. But their should still be a special hell for those that make loans when they know perfectly well the borrower will be unable to keep up with the payments. Particular where homes and businesses are concerned. Jo Well, yeah, it's opportunistic, it's predatory lending. But, don't you think *some* accountability rests with the borrower? I'm not talking about people like Pam, or the many others whose world gets turned upside down from health issues, or job loss, etc. There are a whole lot of people out there having homes reposessed simply because they bought homes more expensive than what they could afford. AMEN! I shudder to think what would happen if my middle brother lost his job. He already had a very nice 3 bedroom house (for 10 years) in a good neighborhood. He lives alone; he has absolutely no need for a 5 bedroom 5000 sq. ft. house, but that's what he built 2 years ago. You'd think he would have been more cautious since it was only about 2 years prior to that he lost his job of over 15 years when the company relocated. (In fact, if it weren't for a former co-worker who went out and formed his own company then offered him a job, who knows what position he'd be in right now?) Granted, I can't say his new house is beyond his means. Obviously he had proceeds from the sale of his old home to put towards the new one. And I certainly don't know what type of loan he got. But he's got a hell of a lot of house to pay for if something unexpected happens. Jill |
#18
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Remember my Wells Fargo problems. . .
*The city of New Orleans is cooperating with large
corporations to take land away from homeowners and sell it to the corporations so they can build "yuppie condos" and make a killing. *What they've been doing is, when owners can't fix their homes (most are still without jobs since businesses in the area are still recovering), the city will bulldoze the house and then charge the homeowner for it. *If the homeowner can't pay for the bulldozing, the city confiscates the home/land and then sells it. It's heartbreaking what's happening to our once productive and robust country. *The American dream has turned into a nightmare! That is absolutely *UNBELIVABLE* and completely outrageous!!! Helen M |
#19
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Remember my Wells Fargo problems. . .
"Lucys Mom" wrote in message ... Amen to that, Jo. We looked at Countrywide when we were shopping for loans for our house/property. Talk about a bunch of slezoids! We knew exactly what we wanted, namely fixed 30 yr with no escrow or PMI, and they said no problem. But when we got the quote papers, it was for an adjustable with escrow and PMI. But they tried to hide the details in the paperwork, hoping no doubt that we wouldn't read carefully. But we're both engineers, so we read carefully and sent it back with a re-request for what we had originally requested. They tried again to screw us and at that point, we said no way. They are really a piece of work, there. --Kim When we signed the original documents for our house, both Rob and I read them over carefully, even though we both felt the hot breath of all the attorneys, clerks, and real estate agents flowing down the backs of our necks. The attorney for the sellers informed us that we were the first people he'd seen read their mortgage contract in a long long time. We didn't catch any errors, but then we were prepared to throw a hissy fit if they'd changed the conditions of the mortgage. Fortunately, everyone was amazingly honest and hadn't done so. We're at 30 year fixed with (now) 5.5% interest. I'm ok with that. Pam S |
#20
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Remember my Wells Fargo problems. . .
On May 5, 7:32*am, "tanadashoes" wrote:
. *The attorney for the sellers informed us that we were the first people he'd seen read their mortgage contract in a long long time. I am amazed!!!! Okay I rent but if I was taking out the biggest loan of my entire life would I read the small print?... Of course I would! Lesley Slave of the Fabulous Furballs |
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