Seriously Delinquent Mortgage Loans Up 1.7 Million in 2020 : Economics

by nyljaouadi1
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I got a 3 month forbearance after Hurricane Irma from Wells Fargo. It was the worst decision I ever made.

THEY CALLED ME to offer the forbearance. I had tens of thousands of dollars worth of damage and my deductible was about 20K, so sure, I thought that was nice of them and took their deal. The understanding was that they would just tack on the extra three months at the end of the loan. It would not have any impact on my credit report.

Well like all things Wells Fargo, that was BS. Within three weeks, I started getting calls from their collections department threatening me. I explained to them that I had a forbearance agreement and they should see that in my file. They did, but told me that regardless of that, they were still supposed to call me to get me to pay.

Within a month my account went to their delinquent accounts department. The calls got worse. They started threatening me with reporting me to the credit bureaus even though that is illegal. I was getting three calls a week.

I finally said screw it and started paying after two months. As soon as I made my mortgage payment they sent my a bill for the two months and demanded it immediately. I told them that was not part of the deal and they could piss up a rope. So they reported to the credit companies that I was late with my mortgage payments.

It took a year to get that resolved and only after I filed a complaint with my state insurance commissioner. I had to hire a lawyer to get them to remove the negative information from my credit report.

The lesson kids is there is no such thing as a free lunch. Mortgage companies will do what ever they can to avoid actually following up and giving you the forbearance they promised. There is going to be a real shit show when the ban on evictions is lifted and all hell is going to break loose in the housing markets.

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