Wells Fargo & Company Complaint - BEWARE - Home & Auto Refinance
HOUSTON, TEXAS -- Be very careful when you do business with Wells Fargo. A couple of months ago I contacted Wells Fargo to refinancing my auto in an effort to reduce my debt. I received an offer with a higher finance rate so I declined. Plus, the monthly payments were more than I was currently paying. Financially it wasn’t helpful in my efforts of reducing my debt. A couple of weeks after I turned down the auto refinance offer, I received an invitation from Wells Fargo to apply for a home refinance loan. So I applied just to see if it would be beneficial. About a week later, I received a letter in the mail from Wells Fargo declining me for a home refinance, no big deal. Then, about a month ago I was contacted by a Rep of Wells Fargo who asked me if I was still interested in refinancing my house. I explained that I’d already been declined. She told me the letter was a formality and it was “something Wells Fargo sends automatically”, and there were no problems with getting a home refinance loan. The Rep also inquired about the auto loan I applied for. I explained to her that I declined it because the rate was too high. I made an appointment to meet the Rep to discuss refinancing my house with cash out to pay off some creditors. I supplied all the required documents prior to the meeting. I met with the Rep on July 21st to sign the papers for the home refinance loan. During our meeting the Rep brought up refinancing my truck. I explained why I declined the auto loan. The Rep suggested that with the cash out from refinancing both my truck and house, I could pay off a majority of my creditors, thus saving money. I told the Rep that I didn’t want to refinance my auto. The rate was too high and it was not worth it. I was already 2 years into a 6 year loan and didn’t want to start over with another 6 year note at a higher rate. The Rep explained that with the cash out from refinancing my auto, I could pay off a creditors and it would help get a better rate on the home loan. The Rep again pointed out that with the cash out from refinancing both I could pay the majority of my creditors and with the money I’d be saving monthly, I could pay more towards my truck and still have it pd in 4 years. I made it clear that I DID NOT want to refinance my auto unless it was 100% SURE I was approved for the home loan. Otherwise, it made no sense to refinance my truck. Her exact words were “You’re approved. I’m working on the rate. The loan has been approved.” She ASSURED me the home refinance loan was approved so I refinanced my truck based on her assurance. I refinanced my truck that day. Plus, I signed all the papers for the refinance of my house, leaving 100% sure that I was approved for the home loan based on what I was told by the Rep. I took the check I’d gotten from the cash out on the auto refinance (about $1,500) and paid off a creditor as was planned. I didn’t hear anything for a week so I called to check the status of the loan. I was assured there were no problems. I asked her if she knew the finance rate on the home loan yet and she told me no but said she’d let me know when she knew. Another week passed with no word. I emailed the Rep to check the status and asked if there were any problems with the loan. Again I was told there were no problems. After a few more days, I checked again and was assured there were no problems. In fact, I was told I “should be hearing from the Appraiser any day”. Finally, on 8/10/09, I rcvd a call from the Rep telling me my home loan was turned down because the pre-appraisal came in lower than what they thought. I was very upset. I told the Rep that no one had come to appraise my home. I told her that she had assured me several times I WAS APPROVED, that’s why I refinanced by auto. Now she’s telling me I’ve been declined. I WAS MISLED & TRICKED INTO REFINANCING MY TRUCK. I refinanced my truck based on lies from the Rep of Wells Fargo. I NEVER would have refinanced my truck if I was not 100% sure I was approved for the home loan as I was told by the Rep. I can’t even cancel the loan since I’ve already taken the money I rcvd from the cash out to pay a creditor. Basically, I've traded a $1,500 creditor for a $30,000 auto loan. THANKS WELLS FARGO.