A Kick When You Are Already Down
The craziness of the banks during the sub prime lending frenzy is well known and there is certainly enough blame to go around amply.
But what about the average (meaning not too rich, not too poor) homeowner with a mortgage that meets all the sane requirements like debt to income ratio, a down payment that says you are putting down roots, and a decent interest rate?
What happens when this homeowner hits a little bump in the road and gets behind, say 20 days, in their payment? Do they get a call that asks: “hey, how can we help?”
What they get, at least in the case of Wells Fargo clients, is a bunch of fees that add to the red ink as they are digging back out – even if the homeowner gets right back on track with payments.
Given that the “default” bells ring as soon a homeowner is 20 days late, we wonder if these fees (and the services they supposedly cover) are indeed in the best interests of the homeowner who is desperately trying to make good on his or her obligations (not to mention keep roof over head) or if they are just another way for banks to make money for doing not much other than kicking their clients when they are already down.
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