The facts:
We need to compel Wells Fargo Home Mortgage to honor the
agreement they made to us on the NACA website on September 12, 2012:
1.
2% for the life of the mortgage
2.
Reduction of the mortgage to $395,285.00
3.
No interest bearing Balloon payment of
$244,155.76
4.
No non-interest bearing deferred principal
balloon payment of $8,582.60
And to get them to answer the question we keep asking
1. Where did the balloon payment of
$8,582.60 originate and why?
2. Why wasn’t $8,583.60 Deferred Principal
Balance not in the ‘My payment schedule for Modified Loan’ but slipped into the
Carolyn Romo letters dated May 10, 2017 and July 27, 2017.
3. Where is second new principal balance of
$244,155.76 originate and why?
4. It also states on 3c schedule of the agreement
at ‘the balloon payment I will pay
interest on this amount in my monthly modified payment’ at 3.5%. While in
the schedule it states start date for payment as 12/01/2035 are we paying or
not?
5. Why did we never receive a sign copy with
Wells Fargo Home Mortgage representative signature? The one sent by Brenna
Muldoon only has our signature.
6. New question why did you not inform us of
the transfer/sale to Bank of America as laid down by the Truth of Lending Act
(15 USC § 1641) (“TILA”)
The problem and steps
taken:
Edward Arno and Felix Lagumen applied for loan modification with
help from NACA (Neighborhood Assistance
Corporation of America) in 2012 due to worsening hardship. Edward illness
(CIDP) had started to deteriorate and was forced to stop working instead he
received disability, a dramatic decrease in income. Edward had worked at
Goldman Sach and KPMG. We received from Wells Fargo Home Mortgage via NACA; a deal
that would reduce the principal and gives the rate of 2 percent for the rest of
the life of the loan. This was recorded on the NACA website and was inputted by
someone from Wells Fargo Home Mortgage. We even confirmed with a Wells Fargo
Home Mortgage employee (named Valeria on 9/17/2012 at 12:30pm PST)
that the NACA information was correct and this was the new mortgage rate we
would be offered by Wells Fargo Home Mortgage as a finally deal. They now deny that
a representative of Wells Fargo Home Mortgage entered the information nor can
they find information about the phone call. On the NACA website document it
clear states that NACA has not reviewed the above proposal from your servicer.
If NACA had entered the information as claimed by Brenna Muldoon Executive
Resolution Specialist Wells Fargo Home Mortgage then they would have reviewed it.
(Please note that every phone call and every letter we make and receive were
logged. With time, date and whom (Edward) spoken too and why). Unlike Wells
Fargo Home Mortgage we are not allowed to record the conversation.
When the deal finally was presented to us it was for the full
amount of our remaining balance of our mortgage loan plus an interest bearing
balloon payment and a deferred principal balloon payment. The percentage rate was
two percent for five years only and then increased thereafter. This was not
what they had posted on the NACA website and we had agreed too.
We were told several times by Wells Fargo Home Mortgage
employees that this was now the final deal and therefore we needed to accept
it. We protested to Wells Fargo Home Mortgage and NACA to no avail. With the
fear of loosing our home we felt pressured to accept the final offer.
The
deal we received we believe is as follows as of 2012
New
Principal Balance $431,842.67
Deferred
Principal Balance (no Interest) $8,582.60
Interest
Bearing Principal balance therefore is $423,260.07
We
are paying 3% currently on this amount
Interest
bearing balloon payment of $244,155.76 was added
We
are currently paying each month 3.5% on this
Therefore
we pay 3% on $179,104.31 and 6.5% on $244,155.76 according to the agreement.
Not much a loan modification more a loan shark agreement.
On 9/22/2014 Wells Fargo Home Mortgage Home Preservation
Department informed us that the agreement we had entered into with them had an important
piece of information regarding repayment requirements had been left out of the
modification document. This important information was the date when the
Deferred Principal Balance was to be paid later slipped into two letter sent by
Carolyn Romo. We question the legality of adding something once the agreement
has been signed.
Wells Fargo Home Mortgage didn’t keep to their original written
agreement as posted on the NACA website which we agreed upon prior to the time
of signing. We have tried since 2012 to talk to NACA and Wells Fargo Home
Mortgage regarding Wells Fargo Home Mortgage dishonesty and mistake of the
missing information on the final agreement only to get a brick wall response.
Since
then we have tried to communicate with Wells Fargo Home Mortgage, as you will
see the level one representative of Wells Fargo Home Mortgage claim to be
researching and then delaying to answer:
1 Ms. Lessa Whit-Potter said in her
letter of May 8, 2015 she would have results of her research by May 21,
2015. No results sent.
2 Ms. Lessa Whit-Potter said in her
letter of July 13, 2015 she would have results of her research by July 27, 2015. No results sent.
3 Ms. Lessa Whit-Potter said in her
letter of October 5, 2015 she would have results of her research by October 19,
2015. No results sent.
4 Mr. Anthony Bennum said in his letter
of October 19, 2015 he would have a result of his research by November 2, 2015.
No results sent.
5 Mr. Anthony Bennum said in his letter
of November 2, 2015 he would have a result of his research by November 17,
2015. No results sent.
6 Mr. Christopher Guerrero said in his
letter of August 29, 2017 he would have a result of his research by September
13, 2017. This was followed by:
7 Mr. Christopher Guerrero said in his
letter of September 13, 2017 he would have a result of his research by
September 27, 2017. This was followed by:
8 Ms. Brenna Muldoon said in her letter
of September 27, 2017 she would have results of her research by October 11,
2017. No results sent
9 Ms. Leesa Whitt-Potter said in her
letter of October 31,2017 they would have results of the research by November
14, 2017, No results sent
If they had completed the research in the
past how come we don’t have an answer. This leaves us with one conclusion
someone was not telling the truth. They had not even started any research in the
past until we wrote to our representatives. Each time they replied and did not answer the main questions
we ask for them or agree to honor the original agreement posted on the NACA
website.
On July 27, 2017
we received from Carolyn Romo a letter once again explaining the there
agreement with the Deferred Principal Balance slipped into the ‘My payment
schedule for Modified Loan’. We
responded on August 11, 2017 again explaining that they didn’t keep to the
original agreement. Several representatives from Wells Fargo Home Mortgage were
involved each one saying they were researching our claim. It wasn’t until Consumer
Financial Protection Bureau became involved that Wells Fargo Home Mortgage took
us seriously. Brenna Muldoon finally sent a letter saying they had finished
their research. Still she didn’t answer our questions. We received a phone call
from Bianca Echavarria another level one representative stating she had now
open the case and would be researching with an answer (In a letter from Leesa
Whitt-Potter by November 14, 2017). Ms Echavarria phoned on November 14, 2017 at
8:46 am PST but didn’t leave a message. Since them Edward has tried to contact
her on November 15 at 1:15pm PST her answer machine said she would call back in
24 hours we still wait for her to respond.
You will see that
Wells Fargo Home Mortgage didn’t own our mortgage. The owner Bank of America
transferred it on September 8, 2017 to Towd Point Master Funding Trust
2017-PM15, this company is part of US Bank. We then receive a letter from J.R.
Russell Senior Vice President Wells Fargo Home Mortgage October 11, 2017 that
effective November 1, 2017 Wells Fargo Home Mortgage was no longer be our
servicer and we had been transferred to Select Portfolio Servicing Inc. Ms
Muldoon had no idea that this had occurred we Edward spoke to her on October 26,
2017 1:41pm PST.
If this is not a
sign of guilt and of course the best way to get rid of a mistake or illegal
action.
