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I have an issue with my mortgage. I was unemployed from mid…

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I have an issue...

I have an issue with my mortgage. I was unemployed from mid 2016 through mid 2017. In late 2016, I approached Well Fargo to request a re-fi to enable me to reduce my burden givne my employment opportunity. They agreed and asked us to pay a small amount monthly, which we paid on time, and came up with a 40 year plan with a higher interest rate in April of 2017 (predatory?). We agreed to the terms and began to make payments on this new loan. All of our payments have been as per commitment and on time for this new loan starting in May of 2017. Well Fargo reported us late to the credit agencies in May, June and July of 2017, without us knowing. We disputed this and it was rejected after they produced a document saying that they will not report us late to agencies as long as we were on time. I'm now gainfully employed aand have been since July of 2017, but we're not able to qualify for a loan for our triplets' going to college and relocating there in support of them. What can we do?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Texas

Accountant's Assistant: What steps have you taken so far?

We tried to qualify for a loan and were denied, finding out only then that this had happened last year to our credit. We escalated to Wells Fargo's Executive Customer Care and Recovery Group. We were assigned a Case Manager to speak with, but she never returned my calls in four attempts over the last month. We received a letter from her contradicting what they had done (letter states that they wouldn't report delinquency status as long as continued to comply - this was critical and we would have pulled funds from elsewhere to avoid this - I made that clear to them and they said "no problem"), reporting us late when we were fully compliant for payments during and after the negotiation for the new loan. I'm now exploring legal options as I believe were mislead and the new loan itself may be predatory under the circumstances. We just want them to clear our record and they won't do it.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

We have been a long-standing client of Wells Fargo for personal banking, mortgage, two businesses and a 401K. I now have income of $210K base and up to 50% bonus as well as stock options and RSUs. It doesn't make sense that they reported us late in May, June and July or any month given our agreements and compliance during and after this process.

Submitted: 2 months ago.Category: Finance
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Answered in 10 hours by:
3/27/2018
Financial Professional: Phillips Esq., Financial Analyst and Licensed Attorney replied 2 months ago
Phillips Esq.
Phillips Esq., Financial Analyst and Licensed Attorney
Category: Finance
Satisfied Customers: 22,027
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Financial Professional: Phillips Esq., Financial Analyst and Licensed Attorney replied 2 months ago

I am so sorry to read about your difficulties.

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

Thank you for your patience.

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Financial Professional: Phillips Esq., Financial Analyst and Licensed Attorney replied 2 months ago

Could you clarify?

Who rejected your disputed in the statement below?

"We disputed this and it was rejected after they produced a document saying that they will not report us late to agencies as long as we were on time. I'm now gainfully employed aand have been since July of 2017, but we're not able to qualify for a loan for our triplets' going to college and relocating there in support of them. What can we do?"

Thank you for your cooperation.

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Customer reply replied 2 months ago
Wells Fargo's Customer Care and Recovery Group (Daphne Karranco Case Manager - (###) ###-#### ext(###) ###-####. I called her several times to follow-up and we received a letter. I've enclosed two documents that we've received in response to our inquiries. The second document mentioned that they "may" report us late. They did report us without our knowledge. It also mentioned that they won't report us late as long as we were compliant, and we were compliant. I hope this helps.
Financial Professional: Phillips Esq., Financial Analyst and Licensed Attorney replied 2 months ago

Thank you for the information.

I am sorry for the delay in getting back to you. I was offline when your response came in.

Kindly give me a few minutes to review the information that you have provided and prepare my response.

Thank you for your patience.

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Financial Professional: Phillips Esq., Financial Analyst and Licensed Attorney replied 2 months ago

You need to contact the Credit Reporting Agencies (CRAs) where the information is showing and dispute the information. Pursuant to Fair Credit Reporting Act (“FCRA”), CRAs have up to 45 days to investigate the information and get back to you. As part of this inquiry, the CRAs would send inquiry to the reporter of the information to verify or correct the information. If the reporter verifies the information, the derogatory information would stay on your record. However, you be given an opportunity to write a statement regarding the dispute, which would become part of your record. On the other hand, if the reporter corrects the information in your favor or fails to respond to the inquiry, the CRAs would delete the information from you credit file and send you an updated credit report.

You should also file complaint against the lender with Consumer Financial Protection Bureau for this unfair and deceptive practice for entering into agreement with you on one hand and then violating the agreement by not upholding its part of the agreement to list your account as current for paying as agreed.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

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