These stories are a dime a dozen, sad to say. I’m not sure why most stories, unlike this one, do not acknowledge that this is the norm, not the exceptional anecdote. This reporter knows that the subject matter of this new class action is a “familar nightmare.” Seriously, I hear this same story a dozen times a day. I would fall out of my chair if I heard the story of a smooth, successful HAMP mod.
Wells Fargo HAMP Nightmare Excerpt:
Wells Fargo put an Illinois woman though a “nightmare of harassment, frustration, and relentless stress” when she tried to apply for a mortgage modification under the Obama administration’s Home Affordable Modification Program, according to a lawsuit filed in federal court this week.
It’s a familiar nightmare to many lured by HAMP’s promise of reduced monthly payments. More people have been bounced from the program than have received “permanent” five-year modifications, and federal auditors say the program sometimes actually causes borrowers to lose their homes.