I’m guardian for a guy (“Irving”) who is in a nursing home for the rest of his life. He owns a house purchased for too much money by a agent under a power of attorney that was fired by the Court after which I was appointed. The guy owns a house with a Veterans Administration loan administered by Wells Fargo. I just had ANOTHER frustrating discussion with Wells Fargo which, in my opinion, is corporately too stupid to exist.
The value of the house is $115,000.00; the loan balance is $135,000.00 (not counting late charges, interest, etc. because I'm not going to waste his money). I filed a motion to abandon the property and allow it to be foreclosed as it’s upside down, and the motion explains that he’s in a nursing home and his income has to pay for his care, not for property that he’ll never get back.
Wells Fargo got a copy of all the court papers; a while ago I got a call and was assigned a ‘single point of contact’ (which OF CURSE has changed) (pun intended). Today I was called by the ‘new’ point of contact.
First, the ‘contact’ called me his power of attorney; I’m the GUARDIAN with a court order – that trumps a POA any day of the week, but (in my opinion) Wells Fargo is too stupid to know that.
Then I was told that they were abandoning the ‘deed in lieu’ process because:
“Irving” hadn’t written a hardship letter. All that information is in the Motion to abandon property I filed, but (in my opinion) Wells Fargo is too stupid to know that.
They wanted an income worksheet, but that information for a worksheet is in the Motion to abandon property I filed, but (in my opinion) Wells Fargo is too stupid to know that.
In my opinion, and I told the poor individual this on the phone in my best Rossiferous voice and manner, Wells Fargo will make more money with a foreclosure, and make the Veterans Administration waste taxpayer's dollars on the foreclosure in this day of our Veterans needing all the help available. In my opinion, Wells Fargo is more interested in its own profit than saving the Government money (can anyone say ‘bailout’??). Of course, they’ve paid for what is probably a wasted appraisal and title examination, so they get those dollars from the taxpayer also.
My frustration boiled over. I told the representative that she’s only a small cog for a very stupid bank, and asked her to put in the notes, in all caps, that “WELLS FARGO CAN *&$# GO TO HELL”, and hung up.
Any question why I’ve closed over one-half million dollars of accounts with those idiots in the past year?
Any question why I urge my friends and clients (and blog readers) to leave Wells Fargo?