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Wells Fargo & Company Home Mortgages Consumer Reviews - Page 2

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HORRIBLE Refinance Attempt - 4 Months and Waiting!
By -

WAUSAU, WISCONSIN -- With credit scores in the mid 700's my husband and I applied for a refinance from Citi to Wells Fargo in mid March 2009. Instead of being referred to our local branch in northern Wisconsin, we were sent to a location 1 1/2 hours away. After being given a list of everything we needed to apply, and willfully submitting all of it via fax, we assumed we were off to the races. And so we were... just not the kind we expected.

A couple weeks went by when I called ** and asked if we were approved. "You're in the stages right now, things look good" she would say. We went through this until May 20th when she finally called and said we were approved and an appraiser would be contacting us. Keep in mind that my divorce decree and his child support order was "lost" twice. We were also told it would look good if we opened a WF credit card (which I thought sounded fishy...). I agreed to do it, and ** said she'd call the next day... She never did.

Called her the next week, said things are still moving along and wondered if the appraiser ever called us. Told her no - I called every appraiser in town and no one was more than four weeks out. Of course we have no idea who the appraiser is, nor can WF tell us. Then we got a call two weeks ago out of the blue from ** manager. She said WF needs my husband's divorce decree and my child support order. Not only have decree's support! After a heated phone call, she apologized and said she's email underwriting. She also said she needed copies of our driver's licenses so she could request the appraisal. Funny... we were told to wait for the appraiser to call 6 weeks ago.

I gave them two more weeks to produce this 4.5% fixed 30 year mortgage (which I have no documentation to make sure it even exists). It's been 4 months, and ** says WF is so backed up they've stopped taking applications. I'm angry that they are allowed to play with people's lives like this. I could have refinanced with someone else back when the rates were lower, and could have saved us hundreds of dollars per month. By the way still no call from an appraiser.

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The Deception That Is Wells Fargo Home Mortgage
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I thought I would go with my present lender, I thought it would make the process simpler and expedite the application process. I was wrong. After talking to a representative on the phone, exchanging every bit of information needed, crunching numbers and agreeing to their terms, I gave him my credit card number to take $341 for out of pocket upfront application fee. I was not told at that time (and that would have been the right time) that it was non-refundable for 'any' reason. I was not told they have a certain policy criteria that if not met would result in a loan denial.

This supposed criteria could have been analyzed before I gave them $341 out of pocket. It was a simple calculation of "benefit to borrower" (their term, it should read "benefit to LENDER") or how long it would take me to recoup the closing costs of the loan. But I was pulled through the application process, got to the point of getting a commitment letter, a closing date, a closing officer and was all set to close.

Then I got a phone message left on my machine that I was being denied due to their so called "benefit to borrower" criteria. No explanation. The message was cut off and she didn't even have the common courtesy to call back and complete her message. I got no replies to my calls or emails. Impossible to get through to this representative again. But eventually she did leave another message on my machine. This message said she was going to try to refund my appraisal fee. That was weeks ago. I am not holding my breath.

They are also guilty of breach of contract because that I have a signed document stating I must receive a copy of the appraisal report within 30 days of it being done and I did not. The Good Faith Estimate was sloppily done and actually wrong on a couple items. Very unprofessional. To add insult to injury, this closing officer called my homeowners insurance policy holder personally and changed my coverage without my authorization.

I have since talked to many banking professionals, lenders, attorneys, brokers and all say they have never heard of a "benefit to borrower" criteria. They all think I have legal cause of action. To which I am actively pursuing. DO NOT get sucked into the complacency I was, do not buy into the supposed reputation of Wells Fargo. Go local. Go small. All the TARP money (taxpayer money) they received did nothing to improve their customer service.

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Hemp / Hamp
StarEmpty StarEmpty StarEmpty StarEmpty StarBy -
Rating: 1/51

NEW JERSEY -- I have attempted, since April of 2011, to either re-finance my current mortgage with Wells Fargo (formerly Wachovia) or to qualify for the HAMP/HEMP programs. Customer service informed me that in order to qualify for Obama's program, I would need to be behind in my mortgage. Although frightening, I believed the representative and was assured that during the application process, my home would not be placed in foreclosure.

Well, Wells Fargo not only placed the home in foreclosure during the process, they continually harassed me with phone calls. The restructure process continued for three months with no resolution or acceptance. In fear of losing my home, I brought my payments current, and was then advised I did not qualify for any of the restructure programs!

Now my credit is destroyed, based on Wachovia's advice, and they have consistently refused to either remove the bad credit reports or complete restructuring my loan. I imagine that since Wells Fargo received billions of dollars of taxpayer money, they should be using it to assist those who need to reduce their payments. This company is extremely talented in stealing, giving the consumer the runaround, and generally being disinterested in helping their customers.

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Wells Fargo Bad Service
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I have the misfortune of using Wells Fargo for two accounts. One a business account, and second a home mortgage.

For my business account, Wells Fargo mailed my account statements to me in Spanish for the first six months. This wasn't very helpful. And when I traveled to Canada on business, I would notify them in advance, and their fraud department would still assume that my cards were stolen and shut them off while I was conducting business. I have since moved to a business friendly bank.

My home mortgage has been fairly flawless, they take their money every month. Over the hard winter (global cooling) my pipes froze and burst. The insurance company issued a check for the entire repair amount minus the deductible. The check was made out to my wife and I, and Wells Fargo as they own the mortgage. Wells Fargo Home Mortgage is impeding the payment the contractor by asking for more information than the insurance company did.

The only thing Wells Fargo should be concerned with is that the house was repaired. The excessive paperwork is unnecessary bureaucracy making life harder on me, and the contractor. Once this house sells, I will be emancipated of Wells Fargo entirely. Suggestion - Don't use Wells Fargo for anything. They have become so big that they don't have to care about their customers.

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Wells Fargo Mortgage Foreclosure
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SAN FRANCISCO, CALIFORNIA -- After dealing with Wells Fargo for the past 16 months and getting denial after denial Wells Fargo FINALLY came up with their version of a loan modification. After making my three installments of $1845.17, as requested by Wells Fargo, I was given the Loan Modification Agreement with less than 5 days to go over the terms proposed by the Wells Fargo legal staff. Furthermore I contacted Wells Fargo immediately to get a detail of the terms since my English is not very good. Wells Fargo on February 12 informed me that a letter was sent out to further explain the terms. NO LETTER arrived. And no explanation provided either.

If you look at the records, I spoke to someone at Wells Fargo nearly every day and not once did anyone mention that I had until February 18 to get the papers back or Wells Fargo will foreclose on my home. Now Wells Fargo has taken my money, time has expired and Wells Fargo has a foreclosure sale date of March 4, 2010. Now I am told this process has to start all over again if Wells Fargo does not foreclose first. Why?

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Wells Fargo Home Mortgage FHA Renovation 203K SUCKS
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I have gotten Wells Fargo home mortgage renovation loan (FHA 203K) for 320K (240K+80K) in Nov 2009. I was given 3 points higher rate at 7.5% (vs. 4.8%) and it has been a nightmare getting money released or getting refinance to lower rate from Wells Fargo thereafter. Wells Fargo's and FHA home mortgage renovations 203K policy is a screwed up and expansive that no one should ever consider it.

It has been 8 months of nightmares and due to Wells Fargo's idiotic pathetic bureaucratic policies I can not still get refinance to lower rate. I have been spending tremendous amount of money for Wells Fargo's charges, FHA consultant, inspectors and higher renovations contract fees. I requested several times for loan re-modification after President Obama's law and I was told by Wells Fargo that I must be 60-90 days delinquent in payments to be considered for loan re-modification for lower rate. I unfortunately had to be delinquent for 3 months to find out by Wells Fargo again that I had to be now current to be considered for loan re-modification.

I paid the delinquent balances after 3 months of bad credit score in dropping more than 40 points in my credit score to be told by Wells Fargo again that now I am current with the payments and I will not qualify for loan re-modification again as was ground zero. This has been nightmare experience with Wells Fargo and I have complained to Pa attorney general and to President Obama but no response or help has been offered. Any help and suggestions will be greatly appreciated.

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Wells Fargo & Company Home Mortgages Rating:
Star Empty star Empty star Empty star Empty star
1.0 out of 5, based on 2 ratings and
16 reviews & complaints.
Contact Information:
Wells Fargo & Company
420 Montgomery St.
San Francisco, CA 94163
866-878-5865 (ph)
626-312-3015 (fax)
www.wellsfargo.com
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