Consumer Complaints and Reviews
I asked for an email address for more than 9 months in trying to resolve my mortgage issue ~ filed with Consumer Financial Protection Bureau ~ and never was able to get one. The phone tree to get to somebody (always different - even though that was one of the things they agreed to - the same person) and I am in tears just thinking about how punishing the experience has been ending with Wells Fargo using some other company to post a notice that they were selling our home (for more than $200K less) and then all these other private contractors a 3 day notice to leave (at Thanksgiving). Run, don't walk, away from this company. My experience with my local bank is an absolute pleasure - I can reach the same person always. Wells Fargo should be out of business.
Wells Fargo increased my Home Mortgage with more than $120 per month without explaining why or noticing me. When I confronted them about it, they started to argue with me and refuse to correct their actions. They start charging me more than $120 per month on the amount that was agreed upon by contract! This seems unlawful and unethical!!
After requesting loan modification and sent W2 child support court order, pay-stub and proving that mortgage payment is higher than 30% of my gross income they denied loan modification arguing there is no evidence to loan modification, but instead they insisted on a refinance, of course to gain profit of closing cost. Now I been receiving regularly phone calls from them. After numerous fax papers of all kinds tax income, pay-stubs, the answer is the same, "We can not do anything for you." Maybe a lawyer would get a response because they reject it. Do not waste your time with these people. Do not waste your time with Home preservation Wells Fargo. It is a farce.
As a residential home Seller, I am submitting this review of Wells Fargo and their Appraiser of choice in this particular transaction. In 2014 I placed my home in NJ on the market for sale at an asking price of $369k (an end unit townhouse in Branchburg, NJ). The Buyer offered nearly 100% of the asking price ($365k) and used Wells Fargo as her lender. The Appraiser assigned by W.F. (Kobi Group) committed numerous serious errors in the written appraisal report. In two letters addressed to the Wells Fargo CEO, I outlined the issues with indisputable facts (i.e.: upgrade receipts + before & after photos) that proved the Appraiser was apparently not objectively and honestly fulfilling here duties in compliance with USPA guidelines and the Scope of Work Rule.
In fact, both the Buyers and my attorneys as well as both Real Estate agents were shocked and puzzled over the glaring inconsistencies in the appraisal report. (My agent stated, "This doesn't even look like she appraised 'your' property!") Using before & after work-in-progress photos + a stack of contractor invoices and sales receipts, I had documented (in an Excel spread sheet) all property upgrades made between 2013 & 2014.
The MLS listing also enumerated in detail the upgrades made to the subject property. But, in this case the Appraiser ignored all presented documented evidence and chose to make her own erroneous claims, which dragged the appraised value down by a whopping $30,000. This was perceived for whatever reason, to be a deliberate attempt to low ball a home's value.
Why the appeal? Below is an excerpt from my agent’s note to the buyer’s agent. The facts are solidly indisputable (My own FACT-based notes to my agent are parenthetically incorporated): “In looking at her comps I wonder why she picked the ones she did as opposed to some of the higher ones attached. Some other things I noticed that were completely incorrect:”"- She indicated in spots that the trend was declining and others stable. FACT: No mention of the trend that you and I see which is increasing. (FACT... According to a host of websites that I personally vetted, including Zillow, Trulia and others, they all indicated rising prices. In fact, just this past Saturday (4/11) I received an alert from Zillow stating the forecast for 20 Delaware is $367,000+)."
- Demand supply is being called stable. Do you agree with that. I see it as increasing?
- Floors, Hardwood Average. FACT: They are less than 2 years old, rare and can't even be purchased anymore. (FACT: I invested more than $8,000 in new ¾” Brazilian Teak hardwood flooring throughout the main level and top grade plush carpeting upstairs; and, I furnished invoices + photos).
- Kitchen updated 6 to 10 years ago, FACT: was updated less than 2 years ago - counters, appliances, etc. (FACT: I invested nearly $5,000 on new S.S. appliances incl. Whirlpool Refrigerator, GE Profile oven, GE microwave, Braun hood, Whirlpool washer & Dryer; installed ceramic backsplash to matching granite counter).
- Bathrooms updated 6 to 10 years ago, FACT: master was updated less than 2 years ago and so was powder room. (FACT: I invested in a complete remodeling of master bathroom including ceramic tile on floors and two half walls, new plumbing fixtures and vanity).
- Depreciation for normal wear and tear. FACT: There isn't any wear and tear other that the hall bath upstairs.
- FACT: Upstairs flooring is also less than 2 years old.
- FACT: Tax assessor 1731 sq ft. Appraiser got 1585 sq ft.
- Periodic upgrade and update… FACT: they don't account for the massive facelift it had since he purchased it last.
- When he purchased it the basement was not upgraded… FACT: he even upgraded that. (FACT: I invested in a complete remodeling including sheet-rock ceiling, new recessed lighting and carpeting + possible 3rd bedroom floating flooring)."
“Those are a few things that stood out. Quite honestly I wonder if she had the right unit in mind while doing the appraisal. Perhaps you can take a look at this, add to it anything I may have missed and share it with her banker. I feel like it wasn't appraised properly and wonder how familiar this appraiser is with Branchburg. “
In addition to the above, by happenstance a re-fi appraisal conducted by Wells Fargo was done for another 2-bedroom townhouse immediately across the street from my unit. This was an interior unit (not an updated end unit as is my property). The appraised value was $375,000. (FACT: the appraisal was presented to Kobi Group, but apparently ignored). The end unit to that structure which sold last October, was listed at $379,000 and sold for $375,000.)
I would like to add, in reviewing the USPAP website I learned a few things about potential USPAP violations. I’m sure you and your legal department are infinitely aware of the implications of non-compliance with these government guidelines, but I find the fourth bullet (“Performing an assignment in a grossly negligent manner”) of particular interest as noted on www.refermyappraisalcomplaint.asc.gov.
I’ve also familiarized myself with “The Scope of Work Rule” (www.en.m.wikipedia.org). “At the onset of an assignment, an appraiser is obligated to gather certain specified preliminary data about the project, such as the nature of the property to be appraised, the basis of value (e.g. market, investment, impaired, unimpaired) the interests appraised (e.g. fee, partial), important assumptions or hypothetical conditions, and the effective date of the valuation. Based on this and other key information, the appraiser relies on peer-reviewed methodology to formulate an acceptable work-plan.”
Given the facts as noted above, do you believe the subject appraisal is a valid and fact-based one? If you were in my shoes, how would you feel if you lost a significant sum of money through this sort of reckless behavior? In the end, the buyer knew there was substantial intrinsic value in the property, and she contributed an additional $16,000, making the SP $352,000. However, I still lost $13,000 at the hands of Kobi Group, who apparently failed to exercise simple logic in fulfilling an obligation in complying with “The Scope of Work Rule.”
At the end of the day, full well knowing patently false claims were made, this Appraiser held her ground and flat out refused to correct the false assertions. On more occasions than I can now count, in the interest of "consumer privacy," Wells Fargo insisted they could not discuss the 'account' with me. I made it clear I wasn't interested in discussing the account, but rather the actual 'appraisal' that was conducted while I still owned the property. Sadly, following several attempts over a protracted period of time requesting cooperation from the Buyer, this individual refused to provide written permission to allow me to open a dialogue with W.F. However, the Buyer did pony up an additional $16,000 for settlement, but unfortunately I was still left with a loss of 13,000 as a result of the Kobi Group, since the appraisal was submitted for $336,000.
Anyone seeking to sell their home, I would take caution in either avoiding a Buyer’s use of Wells Fargo, or inquire ahead of time as to who will be conducting the appraisal. If Wells Fargo is set in stone as the lender, an alternative option may be to offer an out of pocket appraisal if the Buyer agrees to use the Seller's Appraiser of choice.
Having discussed the matter with two attorneys, it was determined that given the preponderance of evidence, I in fact had a strong case, but my legal fees would have outpaced the possible gain (i.e.: my loss of $13,000). I only hope no one else gets hoodwinked by these nefarious business tactics of low balling home values.
My wife's and my entire mortgage loan application (including our social security numbers) were emailed to a wrong email address. Even though on every Wells Fargo email it says, "This email was sent to you as an unsecured message. It is not intended for confidential or sensitive information. If you cannot respond to this email securely, please do not include your social security number, account number, or any other personal or financial information in the content of the email."
Got a hold of Wells Fargo after 3 days after my complaint. They did not apologize, or tell us steps we should take to help prevent identities from being stolen. They didn't not wave any closing cost, or even offer their credit monitoring for free. We got "All of your loan items are going to the correct email." It was emails I was sending that were incorrect. I understand mistakes will happen by people, I just think the company that the mistake was made by should do more to correct the mistake. If I thought I could go through another company and still make the closing date I would. But, I can at least tell everyone I know and the people reading this review any other bank besides Wells Fargo for home loans.
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I let my insurance lapse and WF sent me a letter about it. I bought new insurance right then and had the policy info faxed to them. They sent another letter later on saying I needed a policy so I went online and filled out all the required info. The page noted that it would be two days before it was looked at. Now they sent me a letter stating they had bought insurance for me since it required that they have. All of the above started back in July of 2016 and it is now November 22.
I sold my home and property to a young man the 1st of Sept 2016. I advised him to go to Wells Fargo for financing. What a mistake, this is the 18 of Nov and it just went to the underwriters almost 2 weeks ago. I have bought something else and I want to move. They are just too incompetent. No wonder they are in trouble.
Updated 12/01/2016: Well now going into my 4th month waiting for a closing date to close on my property. I am being held in limbo by this incompetent mortgage company. I gave the young buyer my word but I am still making payments. This is not acceptable and I don't know what to do. I feel as though I am being held hostage.
My husband and I bought our house 2 1/2 years or so ago and the bank we closed with sold our mortgage to Wells Fargo. We were fine with it up until we decided to refinance our house. We decided to just go with Wells Fargo since they already have our mortgage. My husband called and filled out the initial application in late August to very early September. Everything seemed to be going smoothly, was told everything was looking great, no problems could be seen, so we had $510 taken out of our bank, which we bank elsewhere, to pay for the appraisal. It appraised higher than we needed and so everything was looking up. They wound up denying everything and said we had to include my income, so I gave all of my information and denied again after going through so much hell with these guys!
We got to spend two months of our lives constantly sending documents and making calls over and over again just trying to get answers out of their people. It was a circus and treated us like we were lying about our incomes and constantly called our employers as if they were lying, it was embarrassing! It's not our first property bought and never endured such a thing! So we went elsewhere and closed on our house with another bank and closed in less than 30 days with no runaround and no harassment to our employers. I would never recommend Wells Fargo to anyone! Do yourself a favor and save yourself $510 and keep yourself away from the nightmare we endured!
I am the Realtor selling a property to a buyer using Wells Fargo for their mortgage. My 1st conversation included being told the buyer had "stellar" credit. I have since learned that my buyer has quite a bit of business with Wells Fargo. This has been a nightmare of poor communication and not getting things accomplished in a timely manner. Requesting information not required other places and then yelling that it is the "new Federal regulations" rather than trying to resolve their challenges which they act as though are the fault of the parties to the contract. I was even asked to sign/initial for a party to the contract. Unbelievable. In the future, I will advise clients not to accept a contract from someone whose is using Wells Fargo. I know smaller firms do a better job.
My current objection to Wells is that, without any notice at all, they have stopped enclosing a return envelope with my mortgage payment invoice. How cheap and disrespectful, at the same time. It is important to note that I would never seek a mortgage from that awful company. It purchased my mortgage from the bank I originally dealt with. In every banking relationship I have had with them as a volunteer or leader with various nonprofit organizations, Wells has consistently failed to do what they said they would do. Every time I need something done it takes multiple visits before the simple action needed on their part comes to pass. Their customer service manners are excellent, but their actual banking is, in my experience, 100% sub par.
I had a mortgage (@ 7.75% interest) with WF for many years. They refused to refinance it for me at a lower rate. I just closed on refinancing with a different company to get the interest rate down. During the process, I found out that they did not apply the payments that were made appropriately. The first three payments went 100% to interest - zero to the principal. Many times over the life of the loan, they did the same thing. I don't understand how they can do this. They offer no reason and I don't know what recourse I have. There were other things things that they did that were questionable. How can they get away with doing things like this? It never occurred to me to question how the payments were being applied.
My original loan was bought by these jerks Wells Fargo. I was stricken with cancer and fell behind on my mortgage. I was able with help to get the money to catch my mortgage up. I spoke with a reps and ask him 3 times if I send this money in will it bring my mortgage up to date and not go into foreclosure. He told me everything would be good as long as I caught it up, so I sent the money via Western Union. A few days later I got a foreclosure notice on my home of 8yrs. I was out of thousands of dollars that they kept of course and they tacked on about 20,000 in fees saying my money was going towards the foreclosure fees. Please stay away from these snakes. This co. should be shut down. They are predators.
We filed Chapter 13 Bankruptcy in Sep 2011. Court documents for Chapter 13 Schedule D lists Direct Payments, under this was our Car payment, 1st Mortgage with Wells Fargo and 2nd Mortgage with WF. They had set amounts of payments for each item. 2nd mortgage was set at $275 a month, so we are paying all 3 the amounts set except the 2nd mortgage they are billing a higher amount each month. So we pay some but settle into $275. Now they charge off the account in Jan 2013, 15 months later. Anyway 275 times 15 is $4,125.00. They sent us upon our demands all payments for that account. It was a lot of paper, but I added up from Oct 2011 to Dec 2012, we paid $4,105.00 a grand difference of $20. The bill in January was for $720 but this bill was sent after they CHARGED OFF THE ACCOUNT. We never were notified that they CHARGED IT OFF.
We finished Chapter 13 in Sep 2016. We started refinance steps because 1st Mortgage is 9%. They have reported the 2nd mortgage 2 different ways overdue $3,301 to Equifax and overdue $0 to Transunion, which is it... So we inquire about this in person at a local place, no help. We call customer service no help. We have communicated via phone, fax and letters since Aug 2016 no less than 60 times. We get calls during the week asking for 2 more weeks followed by letters. I have talked or communicated with every section of Wells Fargo, Home Lending, Home Mortgage, Customer Satisfaction, Home Equity, Consumer Disputes and even sent and email to Board of Directors. We filed with FDIC who forwarded it to Consumer Reports.
Now get this... even though I am basically getting calls and numerous letters daily and we filed the Consumer Reports complaint, we did that, they closed it saying unable to get AUTHORIZATION from CONSUMER. Are you kidding me. They know they screwed up bad: Ignored Federal Court ordered payment of $275. Charged off account with no real cause. No notification of Charged off as required by law. No Collections, foreclosure so, late notifications, past due notices, nothing. We asked for payment bills every month for last 5 months get nothing. I have talked to 13 different people at Wells Fargo and they all say the same thing.
We just got 3 more letters yesterday the 4th of November and one of them also contained a copy of a letter from 23 Aug. I got that already. We asked for loan documentation with signatures and got a big Manila envelope with crap about our 1st Mortgage and most of it is Allstate insurance junk. They sent our Social Security numbers using public mail, they did redact it, so now someone might have those... This comedy show continues. In the meantime we cannot refinance until this is fixed. 9% to a VA loan of 3% would save us $1,100 a month. They have dragged this for 5 months, $5,500 wasted... I got a lawyer looking into it now and I refiled my complaint calling BS on the first one's response...
I lost the house under Wells Fargo. They extended the modification review for one day only, and said that I did not qualify for anything. I went into foreclosure and until now, (7 yrs), they still show that I owe the bank the whole balance. I called and I have not received a response yet. They still haven't zero the balance and it is affecting my FICO score. They took the house and I still have to fight to recover myself from losing my house and the FICO score.
We fell back on our mortgage payments in June 2014 & at the time my husband called to make a payment, Wells Fargo ("WF") refused his payment indicating we were behind by $18,000 & needed to submit the full amount and was transferred in typical WF form to the "Home Preservation Department" who indicated we were out of options. Fast forward to now, our mortgage is now in foreclosure and multiple attempts to add the defaulted amount onto the loan with WF have failed.
The joke is that WF denied our recent application for refinance indicating "Program Name; Proprietary Fixed-Rate Modification: At this time, you do not meet the requirement of this program because: Based on the documentation you provided, your current financial situation shows that you have the ability to make your mortgage payment." We didn't ask for a payment modification! We simply wanted to resume making our mortgage payments and working something out with WF for the back due amount. To make a long story short, I lost my job in Feb 2014 & at the time we couldn't afford or payments. It's obvious that we can now but instead of taking our money, WF will auction off our home of 13 years where we've raised our two daughters, on December 2nd displacing a family of four in the pricey San Diego market.
I am unable to work due to an ongoing illness & a move at this moment is unthinkable. My daughter is a junior in high school & in order to keep her at the school she's happy in, we'll have to move to a neighborhood in that school zone that's unaffordable. WF has been the worse mortgage company I've ever dealt with! The Home Preservation Specialist Adam ** indicated that another option would be for us to liquidate & with our daughter attending college full-time, driving a vehicle that's been repaired constantly and is on its last limb, we don't own any real assets! WF is a joke!
I am an active duty military member with a VA Loan held by Wells Fargo. In August of 2016 I began the process of refinancing to a lower rate. The Wells Fargo representative I worked with (866-235-8693) laid out the steps very clearly. To summarize: First the application, then approval, then appraisal, then closing. I was hesitant to agree to the nearly $500 upfront appraisal fee but she insisted it would be refunded should the refinance application not be approved at underwriting. Wells Fargo charged my credit card for the appraisal and two weeks later the refi came back from underwriting disapproved due to the home not being my primary residence. This alone is acceptable and understandable. But, what in what can only be described as outrageous and a clearly poor business practice, Wells Fargo ordered the appraisal before the application was approved.
Wells Fargo now refuses to refund my appraisal fee because "it's not their policy". The issue is with the representative stating up front on a recorded line that the fee would be refunded should the application be disapproved. After multiple calls escalating the issue up the chain the issue has not been resolved. They refuse to do the right thing. There is good reason for their reputation to be in the garbage and I should not have been surprised by their unethical practices given recent news reporting and the termination of their CEO due to documented theft and fraud of unsuspecting customers. Wells Fargo only cares about their bottom line and cares absolutely nothing for the customer. I am appalled by their actions and will be sure to take my TWO separate real estate loans to another company so they can pay a whole lot more than $500 to get them back. Stay well clear of this fraudulent and unethical company.
Just spoke with someone recently and told them that my late payments would be sent to them. They agreed and received the notice a few days later that it was sent for foreclosure with resulting attorney fees tacked on, of course... Thanks for your help, WF.
Have been trying to get a payoff amount from WF for three months. That was just 60 days after, the we inherited the home. They say, they will send it in six days. The first time they said that they sent the loan to a foreclosure attorney, saying we had to get the number from him. Finally a week later, he states the loan went back to WF. Second request, said it would be six days. We are waiting - 4 more days.
We are not broke, we have the finances to payoff this reverse mortgage and we have another bank approved loan waiting also for the payoff number, so they can wire the money to WF. And yet WF is so poorly managed that, the person who said she was in charge of our account, has not responded to our request. Her phone voice mail is full. We heard from another person, who was assisting the case person. I totally understand how other WF customers feel. This organization, its executives and mid-managers are responsible to no one. Not Congress, the SEC, or the Justice Department. It pains me that the US government protects these malfeasance actions of WF and its disruptive behavior to the American economy.
I purchased my home in December of 1995 and I called and asked what the latest date I could pay without being considered late, they responded no more than 15 days. I just refinanced with my local bank. They were charging me almost $12.00 every single day I was over the 15. They DID NOT disclose that to me. So in 21 years I have only paid 12,000.00 dollars because of all the charges they added to my mortgage. I would have been making them on the 15th instead of making the automated draft at the end of the month to help with my other bills. People need to know what they are being charged and not told. I called and ask them and they said if I didn't go over 15 days I would not be considered late. This company sucks and has taking advantage of me and needs to be put out of business. They have costed me thousands and thousands of dollars.
Due to illness I fell behind on a Mortgage Loan Wells Fargo Purchased from the original company that processed my Veterans Home Loan. Different Case Managers called weekly, and sent letters claiming to be Processing the HARP Loan modification giving incompetent guidance about waiting for the modification that was sure to be approved, while at the same time, Wells Fargo had instructed their Attorney to foreclose. Guidance given by case Managers was followed while the Mortgage was falling further behind. Now, Loan is too far behind to refinance with another Mortgage Company and Wells Fargo Claims I'm not Eligible for the Modification. 1st no eligible done to low income which was proven false, now second because they claim I don't live in the house I work and live. Bottom line, Wells Fargo never intended to do a Loan Modification and wants Tax Payers to pay off the Veterans Home Loan.
I fell into hard times and told them I was unable to pay my mortgage. They told me I can be put on a forbearance program, at first I was happy but then I called my home preservation to ask them what would happen at the end of the 6 months with me making only a portion of my payments. He assured me that they would work with me at the end and then modified the loan and put all the missing payments at the end of the loan. I made all of my payments and then was told whether or not I wanted to put my wife's income on the modification. I told them yes and they told me they will need more proof of income from the wife and that they could not tell me whether or not it would benefit me more to put her on my va loan.
They denied me due to income but were quick to send people to the house to take pictures of the home. When I called them they said it was to make sure the house was in good condition and that I live there! I immediate called my home specialist and he told me very calmly not to worry that we could file an appeal but I had to wait until the notification came in the mail. I waited and then submitted all required documents. I submitted an email and he wrote back a short note stating it had been submitted to the underwriting team. I never heard from him again and when I called they had informed me that yes the documents were put on my file but that I had been assigned a new home preservation specialist. The same day his letter arrived in the mail introducing himself was the same day they denied me of my appeal which he downplayed and told me I was going to re submit all the paperwork and that it should be approved for modification.
Only problem was the paperwork he asked me for was different than the paperwork I had originally submitted. Something is wrong when I asked them or told them I was going thru the process of appealing my social security but he asked me to fill out a form stating I was actively looking for work. After I told him I was under vocational rehabilitation program for the next 4 years. I asked them about the amount I had accrued and he told me I was going to have to come up with the money to make it less than 4 months delinquent in order for him to help me. Now I am going to have to borrow a substantial amount to try and get current on 6 months they made seem were going to put the balance on the back of the loan.
My mortgage went up, despite me paying extra on my principal by $175 a month. Not happy, no one can give me a clear reason. How does my payment go up one year, down by $75 the next year and up by $175 this year? I am looking to refinance with a local, well known, drive to and speak with bank. I think I will have the person refinancing review my records and see if they can spot any mayhem. I am so bummed out I don't have a credible bank.
On 9/11/2016 I made a mortgage payment to Wells Fargo for my monthly mortgage due via online payment as I normally do. I received the confirmation after the transaction was completed. I then made a payment on my Wells Fargo credit card and also received a confirmation after my transaction was again completed. In less than 24 hours Wells Fargo attempted to process another mortgage payment out of my account causing me an insufficient fund amount of 38.50 which automatically came out of my primary bank account. I went to the my local Wells Fargo Branch to show documentation that my payment had already been paid and taken out of my account. I informed them that an error had been made on their side of the processing system.
The branch then called Wells Fargo mortgage to see if the issue could be resolved and the insufficient funds be returned to me. The mortgage company insisted that I had set up a auto pay for the very next day (which I did not do nor did I ever set up!). They said there was nothing they could do at this time so I had to pay the insufficient penalty because "their system never makes such mistakes" A few days later they DID IT AGAIN & THEN AGAIN. This whole time I am making them aware that the payment was already made. The branch Manager informed me that there was nothing they could help me with. In the meantime I now have accumulated late payment fees of $15.00 on a mortgage payment that was paid on time as well as a total of 115.50 insufficient fund charges made to my primary Bank account.
Wells Fargo mortgage will still not look into what may have happened in error nor do they intend on reimbursing me any of the funds charged. This caused me much stress and frustration running from my primary bank branch to the Wells Fargo branch after having major surgery and having no choice but to drive to the branch because when I called I received no callback nor did I get no resolution. I truly wish I could change mortgage companies because now I have to walk into the Wells Fargo every month to make my payments because I don't trust them to do the right thing in any circumstance.
I don't even know where to begin. EVERYONE'S story on here sounds like ours! Incompetent people on phone, different case managers every month, wrong guidance in letting us fall behind so we are ELIGIBLE for assistance, assistance given by HUD who paid Wells directly WITHOUT telling us that this isn't rolled up to the loan but a "silent lien" on our mortgage to be paid either at end of mortgage life or if we vacate. So not only are we not allowed to sell and move, but we are still paying MORE than before so WHERE did the HUD payment go and how is it we are shackled to the house which is not worth NEARLY what they are charging us in ADDITION to having that HUD payment at the end. We NEED HELP and have no clue where to turn?!!
Our mortgage unfortunately got sold to Wells Fargo, which I'm very unhappy about but we have no control over this. They are the worst. Years ago I mistakenly got a mortgage through them when I bought my first house and they were miserable to deal with. I vowed to never do business with them again, but here I am. I live on the east coast on a narrow peninsula, with a river less than a mile from my house and the ocean less than three miles from my house on the other side.
Today is Friday and we have hurricane Matthew making its way to our area. Two days ago I received a call from my insurance company stating that our house was no longer covered for wind, hale, and flooding because the policy wasn't paid. They had sent notifications...to Wells Fargo as they were supposed to pay it from escrow and they failed to act. We have spent the last two days contacting Wells Fargo trying to get them to move on this, going back and forth between our insurance company and them. Wells Fargo is absolutely worthless. I finally decided to just pay the policy outright to ensure we are covered for the storm and will probably spend the rest of the month dealing with Wells Fargo getting this corrected.
Everything with Wells Fargo is inconvenient. Their representatives are not knowledgeable, nobody takes the initiative, and it seems they do everything within their power to make making a payment difficult. I absolutely loath dealing with them. Of course it stands to reason that they would let our insurance payment lapse days before a major hurricane. Just terrible! Avoid these people at all cost.
I have had Wells Fargo Mortgage since 2006 when I bought my home. In June of 2016 I applied for a refi. I currently pay 6.9% because in 2006 my credit was fair. 10 years later I have a perfect record and my credit is GOOD. I was denied a refi by Wells Fargo. Reason? The year my house was manufactured. I, of course, contested. The year was okay in 2006 at 6.9%, so why shouldn't it be okay in 2016 at 4%?? Right? They have been reevaluating my application since June, when I complained. Every 3 weeks they call and read from a "cookie cutter" script, that they are still researching my case. Months and months have gone by now and I feel like they are just calling every 3 weeks to say they will get back to me in 3 weeks. What do I do? File a lawsuit?
Wells Fargo refused to reinstate our home loan after getting behind in payments... They stated "we made too much money" for them to proceed with reinstatement. FORECLOSED (at auction) on us 1 month later...
I recently wanted to trade up some money in my brokerage account and transfer to my checking account. Long story short, I was required to fill out an ACH authorization form along with some legal documents showing my name change. I faxed the documents from a Wells Fargo Bank locations on 9.22.16. No one can find the fax. Keep in mind my personal information is listed on these forms. I faxed 2 more times, and yet no one can find the fax. Worse part, each person I speak with couldn't give a crap about what's going on. This is so disturbing. I don't trust them and feel the security of my money is at risk.
I contacted Wells Fargo Home Mortgage in August 2011 because I was requesting a loan modification to two properties. At this time my credit was excellent and they informed me in order to be considered I would have to default on my loans, so I did. I did not pay Sept, Oct, or November 2011 payments. In December they issued me an intent to foreclose and also offered me an option to do a deed back in lieu of, a short sale, or a foreclosure. Even though I paid 285,000 and 372,500 for the properties, and at the time they were valued at $99,000 and $199,000 I informed them that I wanted to keep the properties because I had invested over $80,000 in them and did not want to lose them. They told me, "Everything looks great, you should have no problem getting approved."
I was only looking for an interest rate reduction, not a principal reduction. I was aware that if I passed on the deed back or the short sale that I was to potentially facing foreclosure. They issued an auction date of April 11, 2012 on one and May 11, 2012 on the other. But again, they said I should have no problem being approved since I had already submitted the required application and proof of income. I was assigned a case manager and now I had to wait.
I would contact the case manager and EVERY time I called it went to voicemail. The voicemail would always say that they would get back in touch within 24 hours during normal business hours. I would wait 7-14 days to get a call back. When I finally did, I was told they had not received additional documents that they requested, which I had already submitted as soon as they requested them but somehow they seemed to not have them. Whenever I sent a fax the case manager would say to call 48 hours later to "make sure they received it" and again, it would go to voicemail only to hear from them 7-14 days later. And time and time again they would re-assign me a new case manager which required nearly beginning the process over again, or they would deny that they had received any requested documentation and ask me to resubmit, even though I ALWAYS put the case number on every document.
I was once informed that the turnover was very high with case managers because they were EACH responsible for over 100 cases. After desperate pleas, my case was reviewed the day before it was to be auctioned. They reviewed the case less than an hour and said I was declined. Unless I came up with the back mortgage payments and interest and penalties, I would lose the home. Well, the fees and charges were too high and since I lost the first one, I discontinued my attempts at the second. I tried pursuing this legally after it happened but I thought for such a long time that this was just something that happened to "me." Recently it has been brought to the attention of the nation that Wells Fargo had an internal culture of unethical business practices against their customers.
This has DEVASTATED my credit for 7 years! I am a respectful citizen and business owner who cannot buy a bigger home for my growing family because of these foreclosures. I cannot expand my business because nobody will give me a business line of credit. I just want them to be held ACCOUNTABLE for all the horrible things they have done to consumers.
I applied for a Loan Modification with Wells Fargo in 2009 and experienced a lot of wrongdoing like many others who've complained about similar wrongdoing online. I'll take you thru what happened to me as I am in the same sinking boat like many of you reading this who tried to get a house payment lowered. First Wells Fargo offered a trial payment that was too high and didn't disclose terms or how they managed to get it to 46 percent of my income instead of 31 percent like the federal guidelines state. When wrote and said I couldn't accept it because it was not affordable, I got a denial letter stating I didn't return the paperwork for the unaffordable trial payment.
Next WF made me reapply and took 10 months to mislead me into a "non-hamp" which did not lower the interest from 5.125%, did not disclose the full payment amount or the fees that they added two months later to the tune of $2,700. Oh yes the home preservation fees for inspections they never did were on the list too. The bank has now settled a $25.5 million suit for that deception and we'll all get about $25 bucks for the scheme that stole millions if not billions. It's also a violation of the Truth in Lending Act to not disclose fees and payment amounts in a loan, and under this violation the court has authority to cancel the debt. So the court ordered WF to get it right or face trial. So they immediately made an affordable payment of $787 per month and their attorney told me by email I needed to pay directly to him. He was in court so I saw the guy and had to trust him since he was under court supervision.
After five payments no terms and no modification were offered despite my complaint after I made the first three. They attorney was removed from the case and a new bank specialist stepped in because I refused to pay anymore and demanded to know what had happened to my five payments. Two months later I get a written modification. I learn that all my payments were applied to the fees and costs the bank generated for the seven years they denied me a HAMP. They turned my $67,504 debt that I owed when I applied for a HAMP in 2009 to a $131,000 new loan amount. It showed that the bank treated itself to $30,000 for wrongdoing and not complying with HAMP. They rolled in $24,000 of excessive interest. They were supposed to lower to modify the payment 7 years ago. And they added in $6000 in fees and other costs beyond the five trial payments they stole.
What is sick is that I've been dragged through two foreclosure hearings over seven years. I'm still in court trying to keep Wells Fargo from stealing my home. I suppose I could have agreed to the new lower payment as long as I participated in fraud and let the bank get $30,000 by violating HAMP for seven years. I'm sticking it out in court to get justice. I have made it for seven years and the judge seems to be aware of what is taking place. Through the experience we've all learned that Wells Fargo can't be trusted and has a proven record of deception and dishonesty.
The fraud is so huge that even the current congressional hearings are revealing that the bank needs to be criminally investigated for fraud and the bank needs to be shut down. I am continuing the fight in court not just for myself but to hold this monster accountable for the despicable damage they have done to millions of families. They have stolen homes for profit and inflated the value of distressed mortgages by generating excessive interest and fees by fraudulent means. The fraud that the Congress is revealing runs broad and deep in Wells Fargo and they are finally starting to unravel a case of Racketeering that is going to explode and the fallout will be epic.
Wells Fargo Mortgage Company Profile
- Company Name:
- Wells Fargo
- Year Founded:
- 420 Montgomery Street
- San Francisco
- Postal Code:
- United States