Relevant:
- Phoenix Couple Says Wells Fargo is the Loan Modification Scammer
- Wells Fargo Closes Accounts if Firms Offer Loan Mod Services
- wells fargo offers homeowner $2 loan modification discount
- Wells Fargo Not Excused From Obligations Due To Hurricane Sandy
- wells fargo modification program extended to wachovia customers
2009-06-13 — ml-implode.com
"I got a call today from someone who is in the loan modification business In Arizona. He told me that if you’re a loan modification company, you will not be allowed to have a merchant account with Wells Fargo anymore. Even if you’ve had months of success, no charge-backs, or no complaints… your account will just be terminated because Wells Fargo has apparently decided it doesn’t like what you do for a living,
And that will be that."
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Comments:
tvsterling at 22:37 2009-06-13 said:
I guess they would deny any ulterior motive in all of this. Just because they might finally run out of wiggle room before the next round of free bailout money arrives. Heaven forbid they might actually have to take a loss on fraudulent loans they tricked people into signing. Kill it before it spreads seems to be their business model. Permalinkdcd at 23:59 2009-06-13 said:
I don't understand since they allow me to operate my merchant account for my check cashing, massage parlor, medicinal marijuana shop? Loan Mods must be REALLY bad! :shock: Permalinkmortgagemess at 00:37 2009-06-14 said:
1)Chargebacks are probably a big problem with these types of companies..you don't get your mod you dispute your charges..and for many these companies are run as fly by night...how do you recoup the loss? 2)I bet you the companies they are closing are not law firms. A senator already had introduced new legislation that would make on LAW FIRMS able to charge a up front fee..tells you alot about the industry already 3)Banks don't care about putting loan mod companies out of business...banks have made decisions in the past few years to reduce/eliminate credit lines, credit card limits, relationships with brokers, and more based on RISK..plain and simple... Permalinkadd a comment | go to forum thread
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