Consumer Complaints and Reviews
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.
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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?
I have been faithfully paying my mortgage to this company (which I never picked, I was whored off to them), never was late, then I lost my job and wanted to see if they have a mortgage pay option (they keep sending me emails stating THEY DO) - I jumped through hoops for the required paperwork, just to be turned down because - get this - I don't make enough money... Seriously? I am just about to tell them to shove the house where the sun don't shine. There is one option - "if you DO NOT work you can pay just 25 bucks"... so... I just might go on welfare. THIS SUCKS.
I'm trying to refinance with a different lender and they won't send the necessary papers so I can. They keep trying to get me to reuse them. But This is a good place to get information. I don't believe it has the most accurate all the time but better than most sources. I believe the reality of our situation is much more dire than any popular site dares or is able or allowed to say.
The Wells Fargo representative I worked with when applying for a mortgage was extremely helpful and walked me through every step; they made me feel confident that I was making the right decision. I am happy with Wells Fargo in most cases, but like everything there is always room for improvement. I do wish my interest rate could be lower and that they could make it a simple inexpensive process to be able to do that.
They will not work with you to help you remove your mortgage insurance even though your home has almost doubled in value. They Wants you to totally refinance even though you have never been late on a single payment in 5 years. I wouldn't recommend them.
Wells Fargo misapplied our mortgage payments and then foreclosed. We have been in the same house for 11 years and never missed a payment because of WF did an auto draft payment that was set up twice a month. My wife looked into a loan modification and we waited to hear something back and never did. I then received "junk mail" from a lawyer saying that they can help stop foreclosures. I threw it away, but it did pique my interest as to why I would get something like that. I looked up my credit report and found out that we were in pre-foreclosure.
My wife, being a former WF SVP for private banking knew the questions to ask. They said that they saw where the funds had come in and that the funds were applied to a dormant checking account (one my wife had to open when she became an employee) but when she left 10 years ago, she took out all of the money. They could not explain why it was going there but they said that they would freeze the foreclosure process. This all happened around Christmas and the New Year time. We called back after the new year only to find out that the person helping us, is no longer with the company. We had to start the process all over again. They repeated everything the 1st person said. They then escalated it to "Executive", which I have no idea as to what that is.
They strung us along saying all the money (5 months worth) was in that account. Nobody was applying it to the mortgage! It wasn't until 5 weeks later; we get a call from our homeowners insurance company saying that they received a letter from the lender saying the house was foreclosed and that there was no need for us to keep the insurance.
We spoke to the "NON-EXECUTIVE" who then said he told us that the house had been foreclosed on. Said he told us that they sent the Foreclosure notice and eviction notice via the US Postal service - NO SIGNATURE REQUIRED. He then told us that everything has been kicked over to 'PREMIER SERVICES' and to contact them. We did, the lawyer will not return our calls. We spoke with the real estate agent representing them, and she said she had the paperwork.
We called again to their lawyer, no answer, but spoke with an office assistant who told us that the 'eviction notice' had been sent via FEDEX. Asked for the tracking number and she didn't give it to us. She said it was delivered on 2 Feb 20107 and left on the front porch, no signature required. DUMB!!! We called FEDEX and did a reverse check to see if anything was delivered to our house and gave them a time frame, not the exact date. FEDEX said nothing has been delivered by them since a package in mid-December (Christmas gift). We also called the post office and they said that they have not delivered anything that had a tracking number.
We called the real estate agent and she made a call. We then received a summons to vacate from the lawyer, USPS - No signature required, but the date on the statement was 17 FEB. Not the one they said they sent in January. Called WF again, and the young lady said there is nothing they can do... "BUT AT LEAST YOU WILL HAVE SOME MONEY TO RELOCATE".
SUMMARY - WF never contacted us. Said they tried, but the home phone had been disconnected and we updated our POC info with both cell phones. We did this again during the loan modification request. They do not have one central database. EXECUTIVE said they could not apply our funds because they decided to accelerate the payments and with the late fees, we didn't have enough in that dormant account. Although the first couple of persons we spoke with told us that they would do that.
They never sent any correspondence to notify us. They do not even communicate well with their own departments! Wrongful lawyer documents - should have received the original documents, not ones that were done again... 1 month later! 6 LAWYERS all told us that we have to vacate, we cannot get our house back. Trying to sue WF would be a nightmare!!! All because the COMMONWEALTH OF VIRGINIA sides 99.9% of the time with the lender, even when the lender is wrong!
Personally, I had a potential buyer for my home being financed through Wells Fargo FHA program. I was told by Wells Fargo loan officer it was being denied because septic tank may fail sometime in the future causing the buyer extra expense. The septic tank met the FHA guidelines. It's a sad situation for the buyer after they have paid out over almost $1000.00 in fees. I believe if Franklin R Codel, Senior Executive Vice President of Consumer Lending learned of this heads would roll. I wish I could find his email address, help.
I really wish I would have read these reviews before 2011. We started our own business in Spring of 2011 and while getting bank accounts set up at our local Wells Fargo branch a young lady banker suggested they have the home modification department call us maybe they could give us a better rate. So in June a young man calls and I go over our business plan; he said he was blown away. I then presented to his boss a supposed senior VP who was also blown away. They proposed that they reduce our mortgage to only $500 a month for the first year while we are starting our business. We would review it quarterly and put the outstanding balance on the back end of our mortgage. Music to my ears; my bank wants to work with us!
I was told in mid June of 2011 to await the paperwork which should arrive in 3-5 business days. After 2 weeks I call and was told they have been busy and I should get it any day. I call first week of July and say my payment is due but was told not to make it as it would throw off the figures, paperwork arriving soon. In August after many phone calls I was told Justin was no longer there. The Senior VP had also gone awol. But my case was being handled personally by the office manager. Don't do anything and sit tight. This went on despite many many phone calls, letters, etc. I had been a senior executive in IT and was not used to being blanked as the office manager never took my calls.
Finally on December 23, 2011 I got a call from Savannah from the same office asking why I was not making payments! Whenever I called I talked to Joel, same first name, as he was the only one picking up the phone and would relay the office manager's instructions. Savannah talked to Joel who called me in January. He said the deal was off the table and "that was then, this is now".
Finally he called like from a parking lot on a cell phone and said for me to trust him that he was going to save our home? I said "wtf do you mean. We had an agreement." He just said for me to get my paperwork in order. In the end they made me sign a 40 yr. mortgage, attached outstanding interest and increased the loan to the level of when we purchased the home 5 yrs before. The payment is actually $50 more than our previous 25 yrs mortgage loan? Joel told me to pay on it for six months and refinance it. While doing so Wells Fargo trashed my credit so I couldn't refinance the loan. So I'm stuck at the moment, but besides almost losing our home feel lucky after reading some of the other situations on this site.
Trying to get a new loan modification on our home as our interest rate was high and I had lost my job, I contacted our mortgage lender Wells Fargo spoke with a Mr. ** who sent us an application. Mr. **had given us a list of documents needed. We had to pull basically our whole financial history which is normal (we had 60 pages in all that we faxed).
I sent Mr. ** our paperwork ASAP as he said he needed in within 2 days! After I submitted my documents I was told the whole entire process could take up to 30 days although within a week after I submitted our paperwork my husband received a call saying Wells Fargo did an analysis for the area we live and we did not qualify for their program! I did my research prior to sending them my paperwork as there would have been no use in attempting to get a better interest rate if we owed more than the homes were selling for in our area. Just to have some knowledge for ourselves if the homes in our area are selling for less or more than the balance we are paying for our home. In fact two homes on our street just sold for $100K more than we owe! We were thinking we would have a pretty good chance as possibly qualifying.
However it seems as though Wells Fargo did not go by our credit, did not come evaluate our home nor do we think they did an accurate evaluation of our area! We are unsure why they even made us submit paperwork/documents if their ONLY decision was going to based on a analysis of an area and not even an accurate evaluation. Maybe Wells Fargo should do this analysis prior to a person taking the time to gather all their financial history and personal information sending it to them just to be disregarded over Wells Fargo supposed analysis... Which seems pretty inaccurate after seeing two homes on our street sell for the prices they did.
It seems as though the joke was on us to have taken the time to call Wells Fargo, then gather all of the paperwork, then take time to submit the paperwork to them ASAP or at least within that 2 day request! Then only to be rejected over some facts they say they have for a area is not even accurate is a joke to the consumer. I am hoping to have a new job soon and we will definitely retry to look to refinance in the near future but NOT with Wells Fargo.
I do want to say that Wells Fargo seemed legit and with their long reputable history we had high hopes in them. We have had our mortgage with them for over 10 years! Wells Fargo has always treated us fairly until we experienced this bogus and bias reasoning they gave us, and not to even consider the real facts seemed really dishonest and not reputable at all to us. So just a thought if you are considering using Wells Fargo as lender your credit may have nothing to do with being approved for a home. You may also receive a denial depending where your home is located and their bogus analysis of home values in the area.
UPDATED ON 03/31/2017: We are or were in the process of attempting to apply for a modification with Wells Fargo for our current mortgage loan. Our current interest rate with Wells Fargo is at 7.93%. (We know it's high!!) We have fallen behind on a few payments and are attempting to try to keep up on them as much as possible. We have been struggling since 10/2015 when my father passed away unexpectedly and had to pay his funeral and also having to place our mother in a nursing facility within a few months with Alzheimer's and a job loss to say the least well... Life happens. We have tried to do our best to keep up paying on our beautiful home, but have fallen behind at times.
So far Wells Fargo has always worked with us seeming compassionate and usually always willing to work with us, sometimes by allowing us to move some payments back when we need to. Even though we have late fees they have always worked with us which as made us feel like we are still valued as customers. We started the process of modifying our loan I believe in late January or early February 2017 with a representative: Levar ** with Wells Fargo. Mr. ** contacted my husband I believe in February to inform us that the modification did not go through because of the home values in our area (Not based on our credit, Not based on the value of our home or balance owed) which made absolutely no sense since we only owed about $284K and home values were up in the area around $400K or more in our area.
We were then contacted again by a representative who said we could appeal... so we did! We were very excited at a second chance to appeal the decision as we do love our home and would LOVE the opportunity to just get back on track, thinking to ourselves how great it is that Wells Fargo is going to give us the chance to appeal their decision. AWESOME! We are still valued customers!!
Within a few weeks 3/8/17 we were contacted by Brad ** who told my husband the appeal process was denied... Then just last week we had a moment where we were really thrown into a loop when our insurance agent contacted us asking about a credit on our mortgage insurance. He was stating his office received a large payment and he attempted to contact Wells Fargo concerning the payment received but he could not get an answer on why Wells Fargo had sent a payment since we paid our own escrow mortgage insurance and our own escrow property taxes since we bought our home in 2005!! I called Wells Fargo on 3/17 and made sure they were aware that in fact WE paid the insurance and property tax ourselves. The representative indicated someone manually had to change that in their system, But reassured me she had manually changed it back to reflect we paid the escrow portion of taxes & insurance.
Over the weekend of 3/17 we received a mortgage statement with a new surprise it!! This new statement now reflected how our mortgage payment went up $432.49!! Why: Because Wells Fargo now added in for the escrow insurance & property taxes!! I'm confused. Are we not are trying to modify the loan so we can get a lower payment and maybe a little assistance and get back to paying them on time and keep our home? This definitely doesn't seem very helpful to the consumer to add to it! And I did call them to inform them of their mistake! We NEVER HAVE authorized Wells Fargo to pay on any escrow insurance or taxes.
With this new notice I called Wells Fargo yesterday 3/30/17 to check on the process of appeal and to discuss this increase and ask why they paid and then added onto our payment. I called Brad ** extension because I assumed we were still in the appealing stage of the modification process and I was unaware the final decision was already made. (Remember the email said it was still in process!) Mr. ** mentioned how he had already informed us on 03/08/17 of the decision made. That the modification was denied due to the equity in our home. I informed him that we were told the modification was in the appeal status and how I had received an email from Mr. ** recently showing it was still in process with no decision made yet. I asked even though my email came after 3/08? The email from Mr. ** was received on 3/17/2017!
Mr ** said he said no the decision was made 3/08/17. I mentioned how I was confused since we had the email from Mr. ** indicating the process was on-going and we thought one had not been made. Mr ** said no the decision was made. Yet Levar ** also called my husband on 3/17 as well saying the process was still being decided. Talk about confusion!
I then went on to ask him how can Wells Fargo make the choice to pay for the taxes & insurance without authorization. Mr ** said we knew they would pay for those when we submitted our paperwork for modification. I replied I did read that but I think that was only if the modification was approved. You're stating it was not. Mr. ** said he would have to look into that but the insurance company and the taxes would have to be paid back to Wells Fargo. I replied "I know it would and it looks like we would be paying it back with interest as I seriously doubt if the city or county was going to refund Wells Fargo's funds."
I also told Mr. ** that Wells Fargo could contact our insurance company to get that refunded... as we were already paying it and that was not our fault that Wells Fargo took upon themselves to issue any payments without our consent or notifying us! And went on to tell Mr ** how there was no communication of any of this from Wells Fargo and we wouldn't have even known that Wells Fargo paid anything if our insurance agent hadn't contacted us. Mr. ** only replied that Wells Fargo would look into it. (We ended this call.)
I then called back to move our payment back a few days within minutes of speaking with Mr **. I spoke to a representative named David who was very friendly but mentioned we are in the rears of payments and asked if I wanted to speak to someone to apply for a modification. I replied I was working with Mr. **, and explained how Mr. ** said our loan was denied. David asked if I wanted to proceed to try once again and speak to someone in the Re-Entry department to try one last time for appeal. I replied whatever it takes. We are just trying to keep our home and work with Wells Fargo.
David then transferred our call to a Javier who worked in their "Re-Entry department". Javier very was pleasant and he re-took some of the information for their paperwork to re-submit our modification request. Javier asked like banks always do if it's our primary residence. Me yes. Javier ask why we are behind. I explain... death & medical hardships with my mom and lost my job. Javier replies "you know you may want to really seriously consider selling your home and moving into a home you can better afford"... I know at this point we probably won't get this third chance approved by those comments and thought to myself why should Wells Fargo modify our loan if we are paying such a high interest rate. (Compared to today's interest rates!) And now Wells Fargo has added in the insurance and property tax to the loan without approval of any paperwork and our consent.
This now gives Wells Fargo has the advantage on our loan to charge us more and charge us the added amounts on the loan with the high interest rate they have on our account. I tell Javier hmm... "We like this home. We have lived here almost 12 years". And how we would like to try to stay here and how we hope this third time it goes through... I also explain how we have paid it down quite a bit. In fact paid off the second loan we once had on it. Javier says "oh then all you can do is re-try then".
I start thinking why wouldn't a bank/lender try to train their representatives to encourage consumers to try to stay in their homes. After Javier's questions and his replies to our conversation I sure get the impression that those questions of how we should sell our home and move were possibly a hint that they had no plans on modifying our loan and that Mr. ** and Mr **, and Wells Fargo as a whole are not on the same page and there definitely seems to be lack of communication in this company from the top to the bottom.
So do we now go by Mr ** conversation and email after 3/08? And that Email that is still showing that the modification is still pending! Or, Do we now go by Mr. ** conversation who told me that the modification was denied? Or, Do we now go with Javier's new submission with the Re-Entry team? Or, Do we now move on and forget this negative experience with Wells Fargo? Once again we are hoping for the best and hope we can still feel like we are valued customers but seriously we are not feeling confident and we are not sure how much faith we have in this new submission of modifying our loan and want to still have faith but it seems bleak.
We are unsure of how may consumers are having a hard time modifying their loans with Wells Fargo and are these just some hoops that Wells Fargo has the consumer go through just to be turned down to say we have these reports on loans & modifications that we Wells Fargo looked at to meet some quota someplace... I will do an update... as soon as this supposed third chance for us to modify updates. We would SO like to have faith in Wells Fargo but the lack of communication and confusion with this modification has been overwhelming and draining.
I have been trying to get a loan modification for over 2 years. In June, 2015, my adjustable rate increased by $1,000. In addition my roommate moved out that same month. By October, 2015, I was no longer able to afford my mortgage payment. I had seen this difficulty coming and long before the rate increased, I applied for a loan modification. After reviewing me for over a year, I was denied.
After the payment increased, I applied again in October 2015. Feb 3, 2016, I was denied again. I appealed the decision and that was also denied due to equity in my home. I was told I had negative NPV. After obtaining an independent appraisal showing I did not have equity, I hired a loan modification company to submit another loan modification application. It was submitted with my increased income, bank statements and profit and loss to support my income. Again, my request was declined. The bank has ignored my current earnings, questioned all my deposits. Then went on to use old tax returns, knowing they would not support my current increase in income. An appeal was also denied. Meanwhile the deadline for HAMP modifications had expired. So I lost my opportunity to get a 2% fixed rate.
While working with another loan modification company, the bank issued a sale date. Then reality really hit. I was truly losing my house. All my efforts to save my home had not stopped the bank from moving forward. I felt terrified of where I would go, knowing my credit is ruined. I have lived in my home 44 years. To think of being evicted by this ruthless bank was the worst! I couldn't sleep nights worrying and began to have health problems.
Finally I had enough. I hired a lawyer and filed a lawsuit. After finding a legal technicality in my foreclosure, the sale date was canceled. Finally, I was able to sleep. Even though my battle is far from over, I feel a sense of hope. The bank has violated the Homeowners Bill of Rights with dual tracking and other issues. I am fighting back.
My income has continued to increase with each loan modification request. Still the bank refuses to work with me on an affordable payment. It is clear that I can made a modified payment. Instead I am spending thousands of dollars to hire an attorney and loan modification specialists. It is costly. I should not have had to resort to a lawsuit had I been treated fairly. It is very clear to me after this nightmare experience that Wells Fargo has no intention of helping homeowners. Instead this greedy bank seeks to steal homes. All the while claiming they are helping homeowners.
I spoke to a Loan Officer at Wells Fargo in-depth, prior to our application. I am and self-employed for 3 years, have $0 debt, a credit score of 800, a great income and available down payment. I made sure I obtained all paperwork and requirements prior to submitting our application. I was specifically told Wells Fargo only needs two years of tax returns. In my case, I advised them I would be submitting 2015 & 2016. Our 2016 taxes were all ready to go the first week of January 2017. The Loan Officer approved those two years and input the application. I was pre-approved for a loan amount and put an offer on a house. It was far less than what I was approved for.
During the mortgage process, the underwriting department requested a 4506-T form, which would allow Wells Fargo access to pull a transcript of our taxes from the IRS. That would be no problem, but they now insisted on access to every year dating back to 2012. I disputed the request, was told they do not need those years and was advised to cross them out, initial it and resubmit. I was then told by underwriting that they would not accept my application without access to those extra years. My loan officer did some further investigation and was told Wells Fargo does not need access to more than the two years and, in most cases, does not even pull the transcripts.
No one had any idea why they would not allow me to submit the form with only two years or why the underwriting department refused to change it. I refused to allow them to go on a fishing expedition into my taxes for 5 years. My Loan Officer was at a loss for an explanation. I would never have allowed Wells Fargo to pull my credit under those circumstances. Luckily, I am working with other companies that do not have these requirements of more than two years access. Be warned, you will need to provide Wells Fargo access to at least five years taxes, despite being told you will only need two.
If I had a choice I would not give a star for this bank. I have been banking with Wells Fargo since it was Wachovia. After Wells Fargo took over I stopped banking with them. About a year ago I decided to reopen an account with them... This was the biggest mistake I have ever made. I have always been a stickler for overdraft fees and pride myself on maintaining my accounts. I make sure to go the extra mile to sign up with their alert system, so as to assist in me keeping track of my books and spending. However, despite my best efforts they're always giving me some story as to why my account has been hit with an overdraft fee.
Today I checked my account and 2 charges went in and threw my account -$88.39. I quickly deposited $100 to clear the negative balance. In the evening I decided to check my account again, this time I checked my account and the account was overdrawn by -$58. When I called Wells Fargo, they had the nerve to tell me that they cannot reverse the overdraft fees and I would be getting additional fees if I do not pay the $58. These people charged me overdraft fee for the -$88 and then came back around again and charged me additional overdraft fees despite the fact that I cleared my account earlier in the day of the $88.
This is unfair and unethical business practices, and if this is how Wells Fargo handles their customers then it is sad. This is the height of wickedness and I would definitely not recommend this bank to anyone. To make matters worse their manager was very rude and disrespectful. If Wells Fargo continues to treat their clients in this manner then it's sad to say they won't be around for very long.
So my husband and I went to Wells Fargo to get a loan to buy a house. They pull his credit and say someone will call him. They don't and we get a letter saying denied. We apply with BRAND MORTGAGE and we get approved. Fast forward 1 1/2 years. Wells Freakup buys our mortgage. We pay on time for 5 years. Paying $1,000 every 2 weeks. I get pregnant with twins and we go to try and try to refinance. They tell us and send us a letter saying we have to wait until our balance is $178k. We owed $214k at the time. So we ask what can be done?? A modification is what they say... But we have to be 2 months late to apply. I am like why would we do that?
We just hired an attorney to modify our home because Wells Fargo is trying to foreclose after 90 days late... At the bottom of the letter they sent they state that "if you have to pay someone to modify your home it must be a scam." NO the SCAM is WF trying to steal our home because it has appreciated to over $320k and they want to make the profit and displace us. Also, by there being 3 late payments at this point the credit has been hit and we will not qualify for a lower rate. But do not fear as soon as the lawyer works this out for us and we get our score up. We will be selling and getting our money back out this house and WF can take a hike!
I was a customer of Wells Fargo and had our home financed for 12 yrs. I had to refinance my house, and during the processing of paperwork, Wells Fargo Charged me $500.00 for the Appraisal not once but four times for a total of $2,000.00 and never sent someone to come appraise the home. Wells Fargo made excuses that more paperwork was needed. The paperwork never got completed, they kept my money, never offered a refund for their mistakes. I had to refinance elsewhere. Another issue that occurred, I had a direct deposit each month. When I went to go pay my mortgage payment my money there wasn't enough money to cover the payment. So I got charged for insufficient funds and extra charges. About a week later the extra money appeared in my account. I finally closed my account. But, I would like my $2,000.00 plus interest in return. For extortion and fraud.
After Hurricane Matthew we lost our roof system which lead to loss of all furniture and personal property. We have sent Wells Fargo over 90000.00 in checks for damages. They have only sent us 18,000 out of this amount. Personally we are out of pocket over 40,000 which I have robbed from savings and retirement funds. For the past three weeks they have said they were going to send us a draw for over 48,000 after three weeks. This has not occurred. Only lie after Lie from Wells. I am sure this should not be shocking to other people who have WF as the finance company.
In the next week I will need to find 24000.00 to finish repairs. At that time WF will owe us well over 60,000. Once repairs are done we will re-finance with a replicable finance company. I have called at least once a day for the past two months only to hear lies after lies. The rep indicates a supervisor will call. I have never had a call from Wells Fargo in reference to our loss or damages to our home...
I lost my home to a fire in 2016. It was financed through Wells Fargo. Our home was a total loss. So my insurance company called and verified the payoff amount with Wells Fargo. They then wrote a check for that amount. We mailed that out in April 2016. Here it is Jan of 2017 almost a year since we lost our house and they still have not applied the check to my mortgage. I have been told soooo many things from WF. I have been accused of cashing the check and not using it to make repairs to my house (how do you repair a home that was burnt down to the ground). They needed an inspector to come out (which we have done on a house that isnt there). I have been charged late fees and all other kinds of fees. And the latest is that they are going to foreclose on a house that isnt there. They have charged me taxes on a house that isnt there and insurance.
They decided that since my insurance company no longer provided insurance that they would take it upon themselves to use their insurance at a substantial hike. I have been on the phone with them soooooo many times, been late to work and cried myself to sleep many nights worrying about how am I going to resolve this. They are now saying I owe them five thousand more dollars until I can pay off my home. I dont know what else to do. If I pay how do I know they wont just sit on this check too. They have no compassion for anyone and they are one of the worst companies to work with.
Wells Fargo Mortgage Company Profile
- Company Name:
- Wells Fargo
- Year Founded:
- 420 Montgomery Street
- San Francisco
- Postal Code:
- United States