I’m Sick of Wells Fargo and GreenTree – My Loan ReMod Story

So since January 2008 I’ve been on the phone bi-weekly with both Wells Fargo and GreenTree Servicing (My loan was sold from National City Bank in June) and have to toss some dirt in the face of both companies.  It’s ridiculous how much time and effort they’re putting into keeping RESPONSIBLE buyers out of the opportunity to refinance or modify their existing loans.

When the whole market took a dive at the end of 2007 I figured it was ripe time for me to get into the market for finding myself a refi or modification.  I jumped into the pit in 2006 when I sold my condo (for 60k more than I bought it for just a year and 1/2 prior) and got into a house that I paid 20k more than they were asking for.   It was the peak market time and we were, like thousands of other people, thinking if we didn’t get a house now, it may get WAY too expensive in the future.

So we took out a 100% loan on the house.  80% of it is owned by Wells Fargo at 6.325% on a 10 year ARM and 20% of the loan owned by National City Bank (now by GreenTree Servicing LLC after the sale of my loan) at 8.020% on another 10 year ARM.

Yes, I know those are outrageous, but I wasn’t as money conscious at the time; that’s NOT to say I couldn’t afford them.  I was able to then, and still am able to now afford them.  In 2016 it may be a different story but that’s the point of starting to shop around now.

I thought it’d be a slam dunk with Obama’s new “Affordable Housing” spiel; but it’s like talking to a brick wall every time I contact either of the banks.  For nearly 11 months now I have just been through every possible department available.

I first started asking and shopping around for a refi, but as my house has dropped 30% from when I bought it, I’m completely upsidedown on my mortgage, and to cover the cost of a refi, it’d cost me around 40k out of pocket to close the deal, and that isn’t going to happen anytime soon; so it’s on to the possibility of a loan modification.

A loan modification is worked out with the mortgage company where you tell them the hardship and show your finances and they try to lower your current rate to keep the checks coming…  unless you’re already paying on time and in full each month…

My Wells Fargo Experience

I’ll first call and give my loan number, and that puts me on hold for 15-20 mins until I get someone that tells me to wait on hold while they look up my info for 5-10 more minutes.  Then they have to read through the list of things I’ve done in the past and finally tell me that I’ve forgotten a piece of info in the Assist Package, and that I should resubmit those documents and then call back in a week.  I *try* to politely tell them that I’ve done this for 10 months and they ALWAYS tell me that I’ve forgotten some piece of it, which puts me back to the front of the line.

I’ve began refaxing the original faxes I’ve sent throughout the process to indeed show them I’ve sent the right stuff each time, but that just seems to confuse them more.

“Update your expenses chart, add your latest pay stubs, rewrite your hardship letter.”  I’ve heard these things more times than I can count even when I take off my shoes.

My GreenTree Servicing LLC Experience

The lady I’ve been talking to on the phone for the first 3 months was “trying” to be helpful and was nice that I could talk to just her instead of a new person like at Wells Fargo each time.  So I thought it would go much smoother, but no.

The runarounds started happening when I started following up and she started saying she hadn’t seen my paperwork (same things as Wells Fargo was asking about – hardship letter, paystubs, list of expenses) and I told her that I emailed them to her in a previous communication.

She said she couldn’t find them so I resent them.  She said she’d call me back.  When she didn’t, I followed up a week later and she still hadn’t looked but *graciously* said she’d look while I was on the phone.  How kind!

She found the email and opened it up only to have her tell me that she “couldn’t install software on her machine.”

“What is there to install,” I asked.

“”It is asking me to install some image software.”

“Um, yea, they’re not real paper ma’am.  They’re actually images OF the documents you told me to send.”

“I’ll have to clear this with my supervisor to open these up, I’ll call you back when I get ahold of him.”

Two days later I get an email stating to send them in a different format since she can’t view .jpg files.  Stellar.  I send it in a .pdf file and again she can’t open it, so eventually I just sent them in an envelope.

So we’re 4 months into it now with them, but I’ve luckily been able to talk to the same lady the whole time who is “optimistic” that we can work something out.  I’m jazzed.

Today I get an email from her that she can no longer work on my account and needs me to call a 1800 number to get another agent to help work out “a perfect package to help!”

Are you serious?


What do you people have against the people that are RESPONSIBLE borrowers that continue to pay the bills each month?  I know it’s a business, and from their perspective, I don’t blame them – I’m paying them what they want, and there are people out there that are paying them $0.  Who would YOU go after as a business?

But still, it’s piss-poor that I’ve wasted 10 months now and pushing dozens of hours on the phone with these people to be sent back to square 1 each time

I’ve talked to a handful of people and friends in the business that agree with me, we’re screwed.  The people that have been good responsible borrowers are absolutely screwed right now.  I want to keep my credit  in good standing like the thousands of others caught in the middle of it, or I’d certainly just not pay them and THEN ask for some help like the millions of others, but I care about the score too much, should I?

I dunno, I’m starting to doubt it?  Anyone else have similar stories?  I’m at wits end with both companies, and I don’t envision an end to the runarounds – ideas?

Filed Under: adviceHouse


  • I am sorry, you are getting run around. I hope things go better for you, meanwhile, try
    to pay off loan as much you can before your ARM runs out.

    Maybe trying to re-fi now is not working for many of us right now.
    .-= Zengirl´s last blog ..11 reasons we hoard on things =-.

  • Hi Hank,
    I used to buy mobile homes from Green Tree Servicing, it sounds like they’ve moved into buying performing RE paper now. If I were you do what ever you can to get rid of the loan they own. One idea that may work would go to a local bank branch and make friends with the loan officer. Then go Green Tree and ask them for a final payoff amount. Then offer to pay 20% less. Pay them off from a loan from the local bank. Another idea would be make double payments. Depending on how much equity there is in the property you maybe able to get Wells Fargo to consolidate it into the 80% loan.


  • You're doing the right thing, but you have to face the fact that many people are just victims of chance. These sort of events, are just the circumstances after the fact.

  • targettedbyWellsFargo

    guess what these banksters, who if not for political connections would be in jail,  with Madoff for scamming the country..  stalled, lost our paperwork, every scam you can think of.. Wells Fargo.. are buying up the industry, unregulated corruption, showed us no paper work and gave a sudden “remod”.. days later we are no longer insured in case of death.. the house will be theirs.. they took away the life insurance clause without our knowing, permission.. did not lower any payments or restructure it, so we can really get above water…. gave us one  month to catch up.. and for that.. took away the life insurance clause.. I can't sleep, so distraught, sick.. they should be in jail.. Corruption.. is this legal??

  • Consumer Advocate

    Green Tree won’t do a loan mod because they don’t have to . They got their TARP Funds and there are no enforcement rules for Making Home Affordable .