Troy Harlow has always made sure to pay his mortgage on time. Wells Fargo had other plans for him.

[Demovictory9]

CORONAVIRUS
Troy Harlow has always made sure to pay his mortgage on time. Wells Fargo had other plans for him.

Lawyers say they've found cases in 11 states in which Wells Fargo has wrongly claimed borrowers asked to pause mortgage payments during the COVID-19 pandemic.

Troy Harlow has always made sure to pay his monthly mortgage bill on time, even after he filed for personal bankruptcy protection in late 2017 following a kidney transplant that put him on permanent disability.

"I needed to have a place to live," Harlow said in an interview. "I keep everything paid because I know it has to be paid."


But Wells Fargo, the bank that handles Harlow's mortgage, had other ideas for him.

On April 29, without Harlow's knowledge or permission, Wells Fargo told the bankruptcy court overseeing his payment plan that he had asked the bank to pause his mortgage payments because he had been hurt by COVID-19. Harlow, 48, of Buchanan, Virginia, made no such request and had continued to forward the full amount owed on his mortgage to Wells Fargo, court documents show.

The bank claimed that it had placed Harlow in a forbearance program, a temporary arrangement under the CARES Act aimed at helping borrowers who attest to financial hardship related to the coronavirus. Under the program, borrowers whose loans are financed by government-sponsored entities like Fannie Mae and Ginnie Mae can stop making payments for up to a year. Harlow's mortgage was originated by the Federal Housing Administration and went into a pool of loans sold to investors by Ginnie Mae.

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"I was just astounded that this was going on behind my back," Harlow said. "I hope we can get this straight, because I do not want to lose my house."


https://www.nbcnews.com/business/personal-finance/troy-harlow-has-always-made-sure-pay-his-mortgage-time-n1233635

[wendyb-NC]

1. Good grief, that is terrifying.

I hope he is able to get the rectified.

[tazkcmo]

2. How does WF still have customers?

I don't get it.

[Demovictory9]

9. People who already had.accts with them before

News of their fraudulent business practices came to light

[tazkcmo]

10. So they stayed.

Sounds, ummmm, logical. I guess.

[MoonchildCA]

14. You can't just switch the bank that carries your mortgage.

It’s not like a bank account. And if you are no longer working, and on a small fixed income, it is almost impossible to refinance.

[tazkcmo]

24. True.

Even if they could change mortgage holders, they could end up with WF again the way these banks buy debt. That sucks.

Thanks for your input.

[Trailrider1951]

16. Some people don't have a choice

When I refinanced my mortgage in 2009 for a lower interest rate, I dealt with a local bank. After two months, they sold the mortgage to WF. I had no say in the matter. However, I will say that I had no trouble with WF at all. I sold that house in 2017.

[Liberal In Texas]

25. This business of reselling mortgages should be illegal. The place you take out the mortgage

should have to service it for as long as you have the mortgage.

Otherwise a mortgage can end up with some fly-by-night unscrupulous company and you have absolutely no say in it. It's one of the big things that is wrong with the reverse mortgage program.

[uponit7771]

18. +1. we've already moved our money. WF is so morally bankrupt who wants to do business with them?!

[Me.]

3. So Wells Fargo Is At It Again

They need to be put out of business

[lagomorph777]

5. Corporate Death Penalty. Corporations are people, legally, right?

Also throw all the executives in jail.

[Sherman A1]

13. Yup

They need to have their corporate charter rescinded.

[Me.]

26. When Is Something Going To Be Done

about this theiving company?

[central scrutinizer]

4. Wells Fargo strikes again!

The new Enron. Lock ‘em up!

[SoonerPride]

6. Wells Fargo is the worst.

The absolute worst.

[exboyfil]

7. Fraud

Why aren't people in jail?

[newblewtoo]

8. Wells Fargo should be

put out of people's misery. Worst.Company.Evah No way should they be allowed anywhere near a Federal Housing Loan program. They are barely competent enough to run a student savings plan.

[Baitball Blogger]

11. I hope he sues Well Fargo.

[PoindexterOglethorpe]

12. Surely his monthly statements for his mortgage reflect his payments.

I make sure I look at mine every month so that what I've paid is credited correctly, especially since I've started paying extra principal, so that it will be paid off sooner.

[Bettie]

17. Yeah, I was wondering what happened to his payments if he

was making them all along.

[PoindexterOglethorpe]

19. Right. Not to cut Wells Fargo any slack,

a mortgage holder needs to be paying attention to what's going on.

[Bettie]

20. Even if he didn't pay attention but just sent in his payment

where did the money go?

If it wasn't paid on the mortgage, what happened to it? He'd notice if it went back into his account, you'd think.

So, was it misapplied?

Our mortgage company applied our extra payment amounts to escrow for property taxes after it got sold for the dozenth time. Took us some calls to get them to apply it to principle as intended and we didn't notice right away.

[PoindexterOglethorpe]

21. That's why I look at my statement every month.

[Bettie]

22. We do now, but at that time

we had never had an extra amount not applied to the principle. Never.

[PoindexterOglethorpe]

23. The mortgage being sold off and resold off is a huge problem.

For some reason, my current mortgage has always been with the same servicer. Well, actually two different ones since last year, after ten years, I re-financed to pay for solar installation, but it's stayed with the new one ever since.

[ellie]

15. Wells Fargo

acts like a criminal enterprise.