Consumer Complaints and Reviews
Wells Fargo took over payment of my new mortgage. I pleaded with multiple people in this horrible company that I absolutely did not want to be involved with them based on my horrible experience with their corrupt investment company. They stated that due to a signature on my initial application they had a right to assume payment on my mortgage against my will. Its unbelievable that this bloodsucking company would not allow me to transfer my account to another company that I trust.
My experience with Wells Fargo Bank became over the years not an American Dream but American Nightmare. I was not treated properly. I was discriminated. I was taken advantage of and robbed. My life saving of 20 years of hard work. Working days and nights weekends and my life savings. I've never missed a single payment but at the end I was upside down on my mortgage. How much the house was worth and how much I was making payments. They took the house and $47,000. Homeless with no dreams and no possession. I'm free living under the bridge. Some call me scum, some call me addicted, some call me trash. In the end it's their opinion. The only thing I'm addicted to is the truth. If you want to live and you want to live free stay away from Wells Fargo Bank. I don't trust the American banking system all together.
In the 90's, I used WF for two mortgage loans. Everything went well & have used them as my primary banker since. Since then, have been involved with no less than 7 real estate transactions with other lenders on my behalf & worked for a highly successful real estate office. (Point being, have seen it all). But now a conv. 30 year home loan w/ almost 40 percent down on a sound, inexpensive home (140K) requires 3 bankers who do not communicate with each other. After extending the closing date by two weeks & signing/resigning a plethora of docs, they still can't be concise. I am still not confident we can close by the deadline. One banker says yes, the other says there may be some obstacles. Long story short there is no trust as I cannot get one verifiable answer. This is my planned home & I am packed. With WF the term "loan approval" is as vague as what they call "fake news" these days.
Wells Fargo continues to lie and losing home because of them. Loan origination fraud by loan originator with Wachovia then Wells Fargo took over. There seems to be TWO uniform residential loan apps with falsified income. The lawyers for WELLS FARGO have a different one with hugely inflated income and that's the one they were working off for 3 years in mediation! No wonder no help was had the loan originator falsified it so badly and $$$ never existed... But the one at signing with wrong dates and lesser falsified income their lawyers do not have. Their lawyers do not have it and demonstrated that in court exhibits...
I talked to Wells Fargo. Girl was nasty as heck even CFPB sent everything to them and she has the audacity to say in her response "We did not find any information or conversation about a 300,000.00 loan amount..." It was sent to them and if that's the case why does their attorneys have it and presented it in court exhibits and seemingly used it in Mediation for 3 years...
How did Wells Fargo lawyers GET hold of it and yet Wells Fargo knows nothing!!! It's all lies and denials and losing our house from their fraud in weeks' time... How can they get away with this when I sent evidence (over 200 pages) galore through CFPB but they turn their heads and still make up lies about income when I proved it to them... They are horrible and can get away with anything because CFPB does nothing except wait for a response. C'mon do you really think the bank is going to be honest in their response!!! NOOO.
Every lawyer who has looked at this cannot believe the LO fraud here by the lender with Wachovia in 2008 yet their lawyers still deny and lie. 79 year old a 30 year mortgage! Really. How did their lawyers get hold of a different one and Wells Fargo knows nothing??? It smells and the loan never should have been presented... Wells Fargo continues to lie to people and throw people out of their home of 35 years without a care in the world.
Still in the process of trying to obtain a VA home loan after applying a month ago. We have been customers of Wells Fargo since 1988. I have had four other VA home loans which we have paid off with never a late or missed payment. We are making a 51% down payment on the home. My wife and I both have over 700 credit scores. We just paid off a $365,000 mortgage and are asking for a $300,000 mortgage. This is the worst experience of our lives. The loan processor has lost documents, claimed the wrong forms were used, and comes up with new requirements on a weekly basis. In general moving the goal posts and lying to us and their supervisor. Yesterday we were told we needed only three documents left to process the loan. Today we were told they could not find my DD214 which I submitted 17 days and once again a 7 days ago. We also told we were required to submitted two years of complete income tax returns.
We are living in temporary housing while waiting for our new house to close. Almost everything we own is in storage units located over a hundred miles from where we are living. We have complained about our experience to the manager of the person who has been processing our application and to the manager of the manager to no avail. We are being treated like criminals instead of valued customers. It is also time for an investigation of VA and their new red tape guidelines. Financial institutions are required to use VA's forms which mirror regular civilian institution forms. Apparently VA does not like veterans obtaining home loans and does its best to discourage veterans by snowing them with unnecessary paperwork. Six years ago it took us less than 30 days to been in our new home. God knows if we will ever get the loan approved.
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Wells Fargo acquired my home loan from my original lender a few months after purchase. They don't offer bi-weekly payments to apply to the loan! They hold payment thus maintaining interest rate. Scandalous! Even after I assured them I would NOT ever refi with them, by "POLICY" was thrown out. For those of us with great credit...the reason why is we know how to pay bills down/off! This company forbids it. Terrible, horrible company! Don't ever choose them! Read all reviews!
I would like to start with I am truly truly upset with the business that Wells Fargo has given me. I took out a mortgage loan over 3 months ago, spoke to over four different mortgage consultants because each person said that the person before them was not doing their job. I contacted manager, supervisor, etc., and was advised that they were not acknowledged of either some is on PTO or some has been replaced for my case. I originally appointed a Albert **. He gave multiple mislead information, had me RESEND him multiple documents that was already sent to three different consultants including his manager.
I'm very very disappointed. I ended up doing my own footwork. Please if you are looking for a mortgage consultant I'm sorry to say do not look here. If I can please be directed to the right direction to where I can contact someone even higher please someone let me know. This is June 2017. I strongly advise that you deal with another mortgage company. Last but not least the Clearwater branch is very sorry as satisfying its customers. As to Albert ** he was very unprofessional and came about with a cocky demeanor. (Meaning he know he can get no trouble behind his work ethics) UNFAIR.
My husband and I bought a VA backed home in December 2016. We tried to change our payment date, as it was not on any of my disabled husband's paydays. For the first few months, we seemed by, then The Army neglected to pay him 700.00. They recouped it a month later. So, I called them and again requested to have our payment date changed. Keep in mind I'm a heart patient. So the lady whose name I can't remember said that under these circumstances it could be done. She cheerfully offered a every 2 weeks payment arrangement. That would take half our payment every two weeks. They even sent us a confirmation letter. Today they screamed at me on the phone and told me that there is no way to change my payment dates. Wow, really?
So I said, "What of this letter you sent me." Happily she exclaimed, "Didn't you read it? It says you can only change your date if you're not behind a payment. Your original terms still stand." Oh then when I told her to transfer me to somebody not yelling she did, but I got her employee's I.D. first. I have another person looking into this but in the meantime they have been so deceitful. We trusted them and always pay our bills. He took my scheduled payment and according to them they will take a full payment too. How awkward and how devastating. Please do no banking via phone, especially mortgage. We cannot believe it and I'm suffering angina pains. I also suffer Migraine. Be smarter than we were. Go for your loan with a lawyer who usually charged 300. It's going to save you and The American people billions. Hope it helps you.
Updated on 06/12/2017: I've already tried to submit my concerns with Wells Fargo Ethical Business Practices as dictated by their Business License: Let me explain. I was not behind my payments for this mortgage loan. My husband who is a Disabled Veteran and I bought our home in December 2016. I continually tried to get them to change our due date, nobody would. They said it could not be done ever. Well, the Army didn't pay him 700 they owed us for over a month. So, I called them and a fairly nice lady told me our new preferred payment could start on May 25, 2017 and then every two weeks. I was so happy. A confirmation letter was sent to us confirming this. However, they never attempted to take our payment. When I called them I was screamed at by a lady who calls herself Heather **? I got her employees number.
Then I spoke with a man, got his number too. He then took my payment over the phone but insisted I could not remain on the preferred plan? As stated and as originally promised. He discouraged me from going to a branch. However, I took a witness, a friend with me. They took the other half of my every two weeks payment but insisted I still owe for June now? They promised I would not pay a late charge as I explained we get paid every two weeks. So, this is very deceitful and unethical. I plan on getting their Business license number and turning them into both my state Attorney General and Department of Financial Institutions. As well as the Better Business Bureau.
Now, keep in mind as I was making my payment at the branch, the women on the phone began asking me if I wanted to short sale my home? Come to find out although I requested to speak to the Main Corporate Office I was now speaking with Collections. I just received a letter saying we are almost in Foreclosure? I just do not trust them at all, why would I? They say one thing and do another. Because of their deceit I have to pay 2 full house payments by July 7, 2017. Thankfully I'm able but, it boils down to facts. The letters contradict each other. Please only bank with them or make payments via bill pay. Or a wire transfer. They will probably no doubt keep saying behind, although they have promised otherwise, my June payment is not due until the 16th. It hurts dealing with these people.
Our mortgage is 7 years old and it is a 30 year loan with an excellent fixed rate. We did not look for other options and from the few times I have called, phone customer service has been excellent. We've had no problems and any questions have been answered quickly and accurately by a representative who has always seemed happy to help. No errors, impounded taxes paid on time. Overall, no complaints.
Wells Fargo is the worst financial institution on the planet. They send out statements that are incorrect and they lie. Customer service is the worst I have ever encountered. I would advise anyone to stay clear of Wells Fargo under any circumstances. They will rip you off!!!
Wells Fargo refused to help me after one payment was late. After taking a 10-1/2% Interest Loan I was forced to sell or possible foreclosure. They told me because I didn't take a Wells Fargo Loan; they refused to give me the Loan Modification money ($75,591.34) after we fulfilled to Wachovia & sold to WF after completing our portion of LM. WF then produced a 6-page "amendment" allegedly signed by my deceased husband & WF Notary 10 days after fake signature. To keep this money has left me without a retirement fund I counted upon. Wells Fargo does not care that I am 78yrs old & told me that they were not handwriting experts after I told them my 84yr old husband had not signed an amendment. Oh yes, & WF notarized his fake signature 10 days after it was signed. They continue to address me as Mr. ** & I have submitted 19 pages of "Heirship" papers 3 years ago. Wells Fargo doesn't know who I am and does not care.
On 29 May 2017 Wells Fargo told me they were not concerned with my complaint ** through the Dept of Justice/ConsumerFinance.gov. Their actions have left me unable to sleep by their refusal to honor our agreement. I sold my retirement home in hopes of these funds. Now, I will not be able to survive on my Social Security without help. Wells Fargo has taken advantage of me. I cry continually due to their dishonorable actions that have left me penniless. These funds would have helped me restart up my federal contracting business. My age is a deterrent in applying for work even if I were more mobile. Wells Fargo is not your friend. These people work together to take your money through actions that closely resemble what is described as a R.I.C.O. act. Why are they not prosecuted? Do they only get fined & their hands slapped; While others suffer?
2010: Recently moved to a new well-paying job and decided to buy a small house. Employer has an agreement with WFB/WFHM for lower rates with no points and most of my accounts were already with WFB, so I decided to go with WFHM for the mortgage. FICO >800. TONS of paperwork and innumerable irritating phone calls from WFM followed, loan provisionally approved. Two weeks before closing, I called to check on approval status and was told that the person handling my loan had taken 2 weeks vacation and not signed out my application to anyone. NO ONE in that office could find my account and they didn't know how to contact my "personal agent". Ended up having to call the national office which after considerable explanation tracked my application and confirmed approval.
2014: Decided to apply for a small WFHM home equity loan (30% of equity) for various improvements. FICO 820. Filled out online application and expected quick approval. Instead, I received KILOTONS of docs to read/sign via Email and USPS, innumerable phone calls requesting information, including info about my mortgage at WFHM and accounts at WFB. After refusing to commit to a 30 min call to have someone read me the agreement (I can read it myself, thank you!), I decided to cancel the application and just pay for the improvements with a credit card... The potential tax deduction was not worth dealing with this incompetence.
2017: Received Email advert from WFHM for HELOC "Use your equity to improve your home!!!" with "Easy online application"!!! Decided to think about it and maybe get some additional tax deductions while making home improvements. FICO still 820. Asked my banker, who offered to help with the application process to avoid previous issues. Filled out online app and received MEGATONS of stuff by Email and USPS, and phone messages at all hours of the day and night, including weekends, asking me to call back.
Called back 3 times, placed on 1 hour hold for the 3rd call which was on a busy Saturday... Person was evidently reading from a script from which he was not allowed to divulge. I was asked the exact same questions on all 3 calls and also received 3 "secure" Emails asking me to reply to the same questions in writing, including questions about my mortgage balance and payments AT WFHM and asking me to send bank statements FROM WFB. WTF?!? Complained to my banker; he called WFHM and received the same questions for me to answer (again)... He sent my replies and was subsequently asked 2 more times to answer the same questions. In addition, I was asked for a purchase contract 3 times even though I was not buying a home, and proof that I am single. WTF again?!?!?
More than two months later: more requests for more stuff that appear to be completely irrelevant. All of this for a small loan that is less than the limit on one of my credit cards (all of which are paid off). As of today, I am refusing to send any more stuff or answer anymore more phone calls about this HELOC application. I asked my banker to cancel the application if it is not approved promptly, and I am thinking of transferring all of my accounts out of WFB after paying off the small remaining balance on my mortgage. Incompetence lives on at Wells Fargo, but I don't need to live with it!
Wells Fargo Bank is now a mega brand who's primary focus is on profits by any means necessary. The goal of any lender/servicer/mortgage provider should never be about using misleading and deceptive tactics to get more than what's fair and what's profitable at the expense of devastating the very people that make your jobs a possibility. Without those people there would be many jobs lost and for me that's the main thing to take away from our past mortgage issues, if a homeowner needs a break here and there, don't turn that into an opportunity to devastate for profit.
I own a home and decided to do work on my lovely home. I contacted WF to do a refinance and went through the entire process, paid the fees, was approved and then out of the blue I received a letter in the mail stating that they cannot refinance my loan because of my title. (TOTAL BS) There is nothing wrong with the Deed or Title to my home. I never received a call from WF "at all" about this. I contact WF and of course none of the representatives will answer my calls or respond to my voicemails or emails. While I was processing this request they were all always available. I then contact my representative's Manager and of course he gave me a BS story stating it was about my credit. My credit score is 692. To be approved for a refinance your score must be 680. I will be hiring an attorney to investigate this in detail. For WF is not a good company to work with. They play too many games with people's livelihood. To Each Its Own!!!
In early 2017 we received a phone call from a Wells Fargo reps claiming they had not received our payment through the mail on time. For anyone who knows Atlanta USPS this doesn't come as a surprise even though we mailed it over a week in advance. So we conveniently opted to make another payment by phone that day. This should have been the end of it, but the rep wrote down our account number wrong. So instead of receiving another courtesy call from Wells Fargo saying the payment never went through, I began getting aggressive collections calls at 7AM on a Sunday morning that continued for weeks.
The harassment continued as we called in to no less than 6 different reps who could not wrap their minds around our issue and refused to help in any way other than collecting yet another payment. Then we found out that the two extra months of payments we sent to cover their mistake had gone to the principal of our loan instead of our monthly dues!
We were then warned that one more "late payment" would put our home into pre-foreclosure. We spent hours on the phone with your reps trying to get this sorted out and after weeks of this nightmare seem to have sorted this out on our own efforts. To add insult to this ridiculous waste of my time we have been getting forms from Wells expecting us to sign off that everything was handled correctly. I will be looking to refinance and discourage everyone from using their services. I can't in good conscience encourage anyone to be treated with the same aggression and indecency that we experienced with Wells Fargo.
In June 2016 I was told I could go make mortgage payment, I might did not go on the exact date. WF expected the system at WF did not accept the payment unless I bring the 3 months total to bring the current. I cried the banker brought drinking water. Then mail start to come from preservation group Debra ** then reentry group Stefani ** who said once "Ya! You the one you did not got enough help". I start to get offer of option help modification so empty! Every time I ask Stefani to send her whatever I'm expecting she will say not now or she will say "No don't send it!" Including her denial of what I already sent her per their request such as auto insurance policy that showed my permanent fiscal address was on 11/10/2017, I was asked if I'm still in the rental apt in OC, I said I'm moving by this weekend!
By 11/20/16 I was out of the apt to downsize the expenses! I do care give for 3 companies plus 4 consistent income I get plus roommate helps $450. WF calculation total income of $3,700.00. Stefani did not want my ex-husband income we live at the same resident that could add up! WF did not make a condition on me to leave the apt right from the beginning of the process it dragged the time. I have so many mail showed my resident address including Wells Fargo mail but I have mail still showed the post office. Mail such as the statements of BoA & some of WF that did not matter to me because we do online payment. Debra ** called me in Dec. 2016. I'm denied no enough proof even that I sent them proof of moving out of apt., and closed my PO Box and paying my credit more than what's requested!
I received letter that still there is not much changes in my situation! I blasted on phone saying all this modification is just an F like a fake! ** offered me $10k I said no I want to keep the house money will go fast. Her & her boss had stronger fist than mine! I received mail about loan information to new creditor Wilmington Saving Fund, Christiana Fund but WF still my survivor. So ambiguous eventually. BSI at the bottom page of the loan information there is [X]. May hold them in a separate account until you pay the rest of the payment, and then apply the full payment to your loan.
So I called Stefani at WF she said WF still my survivor explained what that hope of that [X]... I thought the worse thing will happen. I will get confirmation that either I will pay the whole amount or last chance. No more extension on repealing the delay. Instead it seems the plan already been made between WF & British BSI. When I called BSI they said "Your information not loaded in the system yet call us next week!"
I received mail on Feb 6th 17. Again WF that BSI my financial services start Feb 21/27, there was mail from BSI saying same like WF about option help modification. I received regular statement from BSI on total payment for March 15/17. I was still receiving mail from WF about my escrow information was so close timing when our life situation gets crucified. Get to the point. No one dealing with me. WF says those mails just generated call BSI and BSI don't return my call at all keeping me in the dark to not have any chance on anyway to keep the house! There was time called Stefani on 3/13/17 her voice mail said she'll be back on the 14th and even next week on the 24th her voice message says will back on the 24th. How could anyone trust this kind of unorganized system with phone as well with documents. We are couple frail. WF staffs had no heart beating.
They have purposefully waited until the week before my close to come up with all kinds of reasons I can't close. All things that a week earlier were taken care of and not anything to worry about. If they can prove you're the cause of the delay in closing, you are charged fees, they are obviously trying to get as many of these fees as possible.
I am a first time home buyer and the person I worked with name is Robert ** and what a terrible experience. I cannot believe the service I received... Being a first time home buyer, I obviously didn't know a lot. I came in just wanting a conventional loan but since I told Robert I was in the reserves. He told me I should apply for a VA loan. I didn't even know I was eligible so I said sure... And of course I wasn't because I haven't been in long enough to be eligible but why would you offer me something and not know I would be eligible or not? So I picked a house and put money in so it can be VA approved just to find out I could've bought a dinky old house and fix it myself. Then he goes on vacation for 2 weeks and the person who took over was a total witch... I can go on and on but like what everybody else said and I should've listened. Don't go to a bank for a home mortgage. Does not recommend for first time home buyers.
They sent me a pre approved for a house. They made me spend a lot of money on inspections, evaluations. Lost more than a month and a half on this loan. They lost time to the person who sold the house, really and tell you after so long that no they approved of you when they have to tell you from the beginning if you approve or not. I am really angry with these people. Look for other banks to close all my accounts.
I have had two nightmares with Wells Fargo!! I welcome feedback from others with similar situations. The first issue: I bought my first home in 2009. I lost my job approximately 3 years or so later. I had exhausted my saving account paying all of my bills on time. I had just gotten a job, but it would take 6-8 weeks to really start seeing the income due to the type of job.
I called Wells Fargo ONLY to inform them that my payment for the current month would be late. I knew there would be a late fee, but asked if I could set up a date to have the payment automatically withdrawn so I did not get collection calls. The representative asked me what happened to make the payment late. I explained. She said they had this great program for this situation. I would only have to make partial payments for six months. This would help me get on my feet. Because I am not naive, and it sounded to good to be true, I reiterated the information back to her multiple times. I asked if there were any disadvantages, if there was anything I needed to know about this agreement that could affect me negatively later. I was told no, many homeowners were struggling and this was a program put in place to assist in these hardships. I accepted.
After the 2nd payment, I couldn't pay online. I called, was told based on agreement would have to call to make payments. I thought ok. The 4th payment or so, I was waiting on hold to make a payment and I heard the recording "this is an attempt to collect a debt". When the rep answered I asked about it. She informed me that the amount of my monthly payment that I was not making would be a balloon payment that would be due at the end of the 6 month period. I was furious. If I didn't have it to begin with under the circumstances, how would I have a balloon payment. Their solution, take it out for another 6 months!! SERIOUSLY?! Because I didn't have the full amount, I had no choice. Now I attempted to get a loan modification through Wells Fargo. I was denied.
Now I'm frantic, scared, limited on funds, just started a new job, I was sick about it. I have pages of dates, times, people I spoke with, conversations. I even begged them to pull the original call so they could see I wasn't lying about what I was originally told. I ended up having to get an attorney to avoid foreclosure. I finally got the loan modification. Oddly enough Wells Fargo said "we could have done that for you, you didn't need an attorney"?!? Three sets of paperwork later (because each set was incorrect), I finally finalized and felt like I could breathe again. NOW...
The second nightmare: I wanted to sell the house and pay off my credit card debt that I had accumulated when I lost my job. Then, I wanted to buy another house, not bigger or better, actually more simple as it's just me. Because of the loan modification, I called Wells Fargo to verify the payoff. I SPECIFICALLY asked about the loan mod. They assure me it's all included. I get a payoff in writing. A few months go by, I decide to list the house. I call WF AGAIN and confirm the same info. My house sold in one day (literally). I felt so blessed! The day of closing, about an hour before I am to go sign, I get a phone call from the title company. They ask if I have a second loan. I explain no. I have never made 2 payments and I am not aware of any other loans, I have never taken any out.
The title company said, "well there is a HUD loan coming up". I explained the loan modification, and what had previously happened. I also explained I could not continue with the sale of the house if I owed this additional 20k as I would not profit enough to benefit from the sale. The title company said, "let us double check". They call me back tell me everything is okay. They spoke to WF and verified all liens would be satisfied with this written payoff they had. I said, "ARE YOU SURE", and they said, "yes". So we close, everything goes smoothly.
Almost 7 months later, I get a call from the title company. Guess what, I now owe 20k to HUD!!! It's in my name therefore I am responsible!! Now understand, I bought the house for 125k with 3.5% down FHA loan. I had the house for 7 years prior to selling. I had a low interest rate. The payoff was approximately 112k so it's not as if there was this huge discrepancy that would have raised a red flag for me to say, "hold on something's wrong". So as of today, the title company blames WF, WF blames the title company, HUD says there is no way I would have realized as consumer this process and the title company should have known.
Nevertheless here I am this middle-class single woman owing 20k that I am responsible for and if I do not pay it I can apparently be sued by the buyer and it will also go on my credit as an unpaid debt! I was told by the title company that it is my responsibility to know what my debt is. I feel sick about this. I am an ethical person, and I try to always take responsibility even if I do not like the consequences, but I verified with WF, I verified with the title company, I even called the attorney that handled the loan mod and verified WF should have informed the title company. The only thing that I feel I could have done differently is pull the loan mod info and fine tooth comb it prior to selling.
I feel like such a fool, and now my house is gone so I cannot change my mind. The realtor even told me on the day of closing "DON'T WORRY, I can't believe the title company is even bothering you about this. It is an error". I am open to any thoughts or suggestions. I feel sick about this. Signed - Sickly Discouraged, Mentally Extenuated.
While litigation is not out of the picture, I decided to DUMP every penny I made on the mortgage principal. My $1000.00 monthly interest payments are now $300.00. My home will be paid off by next year, and they will get NOTHING in interest after that, and I will never conduct business with them again. Awful company and I feel terrible for those folks really struggling with losing their homes. Wells Fargo forgot about customer service, the law, and doing what was right.
READ BEFORE TRUSTING THIS CROOKED BANK: I posted yesterday, that I would begin to show documents that Wells Fargo Bank used against me in courts, to justify that I owed them $500,000, and the loan was backed up by a deed on my house. When I first heard this, I knew an error had been made. As I learned, and I want everyone in the country to understand, Banks WILL CHEAT YOU, IF THEY THINK THEY CAN GET AWAY WITH IT!!!! I know as this is a TRUE ONGOING LEGAL BATTLE. So, it did happen to us and could happen to you!!!! I will use only public documents, so WFB cannot get an injunction from my disclosure of these documents and facts--- No Fake News in this story.
A little history is required to prove a home loan was IMPOSSIBLE. --- I became handicapped in 2006 due to two spinal surgeries. My wife had to quit her job (she had been a senior designer for Hilton Hotel's Beverly Hills headquarters and I had been one of the top Lobbyists in LA, CA for several decades). Neither of us knew when, or if we would return to work. So, my WFB Private Banker's call, offering an UNSECURED LINE OF CREDIT, seemed like a good idea. Our successful background was the basis the bank could use to justify such a large line of credit. We Did Not qualify for a home loan under Federal Banking Regulations, so it was impossible to have this credit be put in our home as a Trust Deed. We had hundreds of thousands in equity, in the home we bought in JAN 1993, so the worst possible situation would be to sell our home if neither of us could return to work.
My private banker initiated the call to me and said she would fill out the loan application paperwork. All we had to do was show up at the bank to sign ALL REQUIRED DOCUMENTS, and the line of credit would become available immediately if we needed it. Our credit record was impeccable, as we had never been late on any payment since our marriage in 1974.
On May 25, 2007, we signed the required paperwork at our local office. A notary for WFB handled all of the loan documents, so just to be absolutely positive there was no Deed Required, my wife asked the Notary to stamp a page and scribble out the page, showing with absolute certainty, if a notary of anything had been required, she would have notarized it on that day. The Notary did stamp and date the notary form, then cross it out, so we could include it with our loan paperwork.
In August 2011, I was told the line of credit had a DEED attached to it, and, our entire $500,000 line of credit had been used (that explanation for another day). I requested a history of our loan and was told it would take a while to get it since it was housed in WFB's national achieves facility. On 10/3/2011, a loan history summary was sent to us. It showed that the loan had become effective on "June 5, 2007", to correspond with a Short Form Deed of Trust that had supposedly been notarized on June 4, 2007. Our loan records were all dated 5/25/2007, no deed had been required (we were told the boilerplate language about a home equity line of credit was merely the loan paperwork the bank used on 5/25/2007, but obviously, since no deed was required 5/25/2007, we could ignore the bottom half of the loan document language.
We had not supplied any tax returns, w-2's, 1099's, no appraisal had been done and the loan approval document stated the loan approval was only valid until if completed prior to 6/1/2007, so everything seemed to be exactly what our banker and the loan document person was telling us was absolute. However, my wife wanted absolute proof that no deed was required, which is why we had the notary stamp a blank Notary form we could keep as proof of the no deed required.
I was extremely upset, as the Loan Summary showed our loan had become effective on 6/5/2007, not 5/25/2007, there was a deed showing it was signed by us on 6/4/2007 and A Different Notary than our original loan processor had supposedly notarized the deed on 6/4/2007, and despite the equity we had in the house, we could not refinance the house, as we Did Not meet the basic needs to qualify, namely a job, to prove our ability to repay any new refinance loan. I asked a very basic question of how did we qualify for a home loan in May or June 2007 when neither of us had worked for over a year in 2007 either. We were not provided with any answer.
Every document we had was signed on 5/25/2007 and I knew we were being railroaded. Plus, why did the loan summary say the loan became effective 6/5, instead of 5/25/2007, that our paperwork showed?? Numerous issues were unanswered and made no sense whatsoever, so we decided to file lawsuits I was furious, as we had been lied to all along and it appeared we could not prove it. Plus, the entire line of credit had been maxed out and I knew we had not spent all of that money. Nothing made sense and we decided to file a lawsuit against Wells Fargo.
Tomorrow I will Post copies of documents provided to the courts by Wells Fargo, documents filed with the county Recorder and documents we have from the original loan packet we still have. The documents do not match, which brings up the issue of how can a computer change dates without any human intervention and what Judicial Notice means in court. Everyone should be as amazed as we were/are about how a bank can lie And the court had to accept as fact, paperwork that obviously had been altered by someone.
The documents obviously did not match my line of credit loan documents, so began a many year quest to prove Wells Fargo Bank lied to me and the courts. I decided to investigate how this could happen. On 8/25/2011, I was told my line of credit was a loan against my house. I requested a loan history from WFB's archives by contacting my Private Banker. I had been a VIP customer with WFB for many years, and could not believe my bank or any bank would manufacture documents. What I found was horrifying. And, if it happened to me, I wondered how many thousands of others had suffered the same fate. From the date of the loan until today, WFB still tries to convince people I am the guilty party and that I am trying to cheat them.
I had been disabled for over a year when I obtained the line of credit and my wife had quit working to take care of me 24/7, FOR OVER A YEAR, and could NOT QUALIFY FOR A home loan as I could not provide proof I would ever be able to pay if off if I did need to use it. However, I had equity in my home of 20 years and knew I could sell it if it ever became necessary to do so. Review a few of these documents, and ask yourself if anything makes any sense at all. You can decide if you believe the bank's version of the story or mine. It could happen to you and did happen to thousands of people nationwide.
It took until 10/3/2011 for a "copy" of their officially archived documents to be sent to me. Worse, WFB actually submitted these same documents to courts and Cited Judicial Notice that the judges must accept the documents as being legally valid and binding upon me. History-- on 5/25/2007, after getting a call from my private banker, I was told I could get a line of credit up to $500,000, to use if I needed... MORE EVIDENCE TO FOLLOW.
Tried to refinance with Wells Fargo, everything was going well until they sent an incompetent home appraiser to our house, appraised it as 65k under current value, so it fell through. And on top of that I was charged 500.00 for the appraisal, of which I cannot get a refund, horrible!
Where to begin. First of all my mortgage was bought out buy Wells in June of 2015. I fell into some hardships for few months while my fiance was out of work and missed one payment. I called to explain the situation to them. They recommended I go on a bi-weekly auto payment system to get caught up. So I did. That's where things went down hill. One of the payments went into someone else's account, another went to escrow and before I knew it I was falling FURTHER behind on an accelerated payment plan without even knowing it. 9 months into the loan after missing only one payment I get a foreclosure letter and they then tell me they can no longer accept payments from me (which is illegal). I call them to dispute the discrepancy and get told it was an error and they will work on correcting it.
Next month I get the same letter, call again, and I'm told it is NOT a mistake and I am 3 months behind. I send them bank statements showing the payments I've made and instead of correcting the problem they call and offer me a loan modification that could lower my payments and prevent foreclosure. Worst thing I could have ever entertained. It took them two months to complete the process only to tell me my payment would go up 200/month and my interest would go up a percent. Now I am told the payments I've been making during the time the lien was in review with underwriters was withheld in an account! AWFUL and incredibly insensitive people to deal with! I can't wait to lose Wells Fargo and reliance elsewhere!
November 17, 2015 we had a tree fall on our house. It caused major damage to our roof, ceilings, walls and deck. Our insurance company has been excellent in sending us checks to cover the damage but because we still owe on our mortgage, most of the checks have been written out to us and our mortgage company, Wells Fargo. We take our checks into our local branch (who have always been very helpful). They call their main offices for directions and approvals. Then we have problems. They never do as they say they are going to do. They tell us they are missing some documentation, and then when we give them that, they tell us something else is missing. Once that is satisfied, they say we need an inspection before they can release more funds. The problem with that is you can't get ahold of an inspector. They tell you one will call within 7 business days, but they don't, so then you go through the process again and again.
Our contractor had to finally halt work because they were out so much money on this project with no payments from Wells Fargo. Because of Wells Fargo delays, we ended up in a rental house for 9 months instead of the 2-3 months it should have taken. Our house still has many repairs to go but we now have to wait for weather improve to do anything else.
Our latest problem is trying to get them to release funds to pay for our move back into the house and cleaning of air ducts. We were issued a check from insurance for this purpose and we were told when we took the check in a month ago that they would send it in to the main office and then FedEx a check back to us so that we could pay our bill. I have since called in 3 times (when it never appeared) and each time was told that it will be processed within 2-3 business days and FedExed to us. My fear is as the weather gets nice again they will still not release funds when needed and we will lose our small window of time to get our repairs done.
I received an unsolicited offer from Wells Fargo (Ashley **) notifying me that my rate was much higher than market and offering to have an "easy" adjustment to my loan. I asked to see the options, which did not list my loan rate but listed several other rates much higher (0.625 - 1.375%) higher than my existing rate. I see this as a predatory scam to get people with low interest rates to refinance to a higher rate! Hopefully other people receiving the same offer will confirm their actual interest rate before responding to the misleading options offered.
I got fired (laid off) and couldn't pay my mortgage anymore. Wells Fargo generously offered me a forbearance until I could get some income. I fell for it. They told me when I got some income they'd do a modification, and guess what? They refused it when I got some income. Said I had to have the same income as before to qualify! I had that job for 27 years! how could I get the same now that I'm over 62? They hosed my credit rating up front, even saying it would happen.
Now they will not even consider any kind of modification because guess why? I don't make the same money! What do they want? I guess they want the house, to sell again to some unsuspecting idiot who doesn't know they're fiends, predators, killing the average american who thought he was doing the right thing all along... Paying bills, putting kids into school, doing all that ** that now doesn't count for anything. America is absolutely messed up. No one but rich ** get what they need. Be that as it may, Wells Fargo is the worst of all the greedy people hating ** heads of America. Bottom line... Don't do business with Wells Fargo at all. They want to destroy americans.
Wells Fargo Mortgage company has an absolutely broken business process. Not only did they fleece us by extracting appraisal funds but they had the audacity to only approve a minute percentage of what we are actually qualified for. We have been their customers for 20 plus years bank accounts, charge cards (extra ones too) and two mortgages and were going through a refinance to get cash out as our mortgage is almost paid up! We have never repeat, never missed or delayed a mortgage payment in the past and the income is solid as ever, actually better than when we got the house mortgage.
They wanted to refinance our house for less than 65 percent of value. At the onset it was "oh no problem, we can do 80 percent." Then when it came to a decision they wanted this that and the other and after all that they only wanted to approve less than 65 percent of house value even though our income is now more than when they approved 80 percent of the value. In the future I plan on going to any other company but Wells Fargo for my Mortgage. Oh we closed the charge card and bank accounts there as well. They currently hold the rest of the little remaining mortgage which I intend to pay off soon to be rid of dealings with Wells Fargo. Please do not put yourself in a position where you get fleeced by Wells Fargo Mortgage.
I have always had a good relationship with Wells Fargo and everything else I have done, but on the mortgage I feel that refinancing was a mistake. I refinanced and ending up owing more than I started with and the payment was only lowered about $50.00.
We are closing on our house on 7+ acres in Santa Rosa, CA. We had received seven offers, all considerably over the asking price and selected an all-cash offer (one of 3). We just needed to finish a 2-acre lot line adjustment (selling <2 acres to our neighbors), which had been approved by the county. To complete the lot line adjustment, Wells Fargo insisted on a property appraisal for $700, which of course we had to pay for and which continues to delay our closing. Why would we ever consider Wells Fargo for any loan after this treatment? I also sold all my stock in the company: why would I invest in a company that clearly doesn't care about customer service with so much competition out there?
Wells Fargo Mortgage Company Profile
- Company Name:
- Wells Fargo
- Year Founded:
- 420 Montgomery Street
- San Francisco
- Postal Code:
- United States