September 8, 2009
Richard
Los Angeles, CA
To whom it may concern,
I am an ex-IndyMac Bank, Pasadena employee who was laid off in March 2009 when the Bank was bought from the FDIC. I have had my family van repossessed by Wachovia Bank. Wachovia Bank has been bought by Wells Fargo Bank. My credit history with Wachovia Dealer Services has been perfect since 1999. I attempted to negotiate with the default services department to allow me to modify my loan to the current value of the vehicle which was $14,000 which would be the most they could hope to get at an auction after repossession. I could not get anyone to listen to the reason why this would make sense for the Bank and the consumer. They could have at least given me a three month trial to see if I would perform.
The default collections and the recovery departments at Wachovia Dealer Services/Wells Fargo Bank are only interested in suing customers and seeking deficiency judgments. From the initial contacts with Wachovia, I have been threatened with the authorities appearing at my home to the seizing of Bank accounts to placing a lien on my home. I just feel that the public should know what the business practices are of this Bank which has reported profits during this economic recession in the United States. Their practices are not in agreement or in the same spirit of what the President’s plea to this Country’s Corporations is. Our Country has taken the directive to assist the citizens of the United States in being able to perform on their financial responsibilities to the best of their ability within their means without facing total loss of home and welfare.
I have received an ultimatum from Carlos Rivas the Loss Recovery Supervisor of the Wachovia Dealer Services center in Rancho Cucamonga, CA to pay $8,000 dollars of their loss or be sued for over $16,000 of their loss. I offered to pay up to $5,000 dollars of the deficiency which would be all my family’s savings, but that was not enough. I would appreciate if someone would take an interest in this story of how a low income family with one working member and two infants could be forced into using their only resources of survival to make up a shortfall for a Bank which is one of the few institutions who can report a gain during these ruthless times. I cannot afford an attorney so my only hope is that the media could place some public pressure on Wells Fargo Bank to be American in their dealings with today’s Americans. I may be contacted via my email address for the full story.
Respectfully,
Richard
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