Complaint Rating:

Company information:
Wells Fargo Financial
One Home Campus
United States
Phone: 866 416-5896
www.wellsfargo.com/about/corporate/executive_officers/kovacevich

After re-financing my home in Jan. '06, my loan was sold by GMAC Mortgage to ASC (Nightmare Company). Since Jan. '06 I'd never been greater than thirty-days late for my mortgage payment. While traveling for work, I made arrangements with my county's tax department to pay my property taxes, albeit late, I'd be assessed the fees. ASC decided to 'exercise its vested-interest and pay my property taxes, not only the delinquent ones, but the current year's (early) and the ensuing year's taxes. My present would be an escrow account in which that affixes interest to. Therefore, the original tax fees due now are assessed with interest rate. Once I realized this, I attempted to solve my taxed bill with the company but was told that because I was in default and that it was necessary for ASC to intervene to bring my taxes current, I'd have to remain in an escrow account for an additional year from the date the repayment was implemented. The company has full sovereignty to attach interest to future tax dollars as well as past ones until Nov. '09.

So, shy of a re-fi, what do you do, suck it up and wait until the market tapers off and your house is within the eighty-five-percent margin of equity worthy refinance qualifying status. To make matters worse, I was/am set for an adjustment on my ARM March '08. The increase on my mortgage will be an excess of greater than $1100.00 with the tax fees. Since I'd never been late on this mortgage I attempted to renegotiate a better mortgage rate. That was flatly denied and it was suggested to me to go in default of my loan and once it solely reflected on my credit report that the company may reconsider. I thought this to be ridiculous so I retained an attorney. The customer service agents at ASC decided to be as diligent with my attorney as they'd been with me. They gave him the run around, refused to allow him to speak to management and finally suggested that I authorize him to have access to my account so that they may perhaps initiate a 'modification-program.'

The result of that January '08 request has yielded the following, a declaration on my credit report that I was greater than thirty-days late because I stopped the payment of my mortgage check until we could negotiate, per my attorney's advice. The repayment of the stopped-check, payment of both Feb. and March '08 mortgage at the adjustable rates that had reset to greater than $1100 of my previous mortgage. A decrease of my FICO score with Equifax by eighty-nine points because of the "one-time report." My Equifax score has pummeled from the highest of the six-hundred range to the median of the five-hundred range, all because of this one event.

An attempt to correspond with Wells Fargo's (ASC) Chairman, Kovacevich, CEO/President, Stumpf, CFO, Atkins, CCO, Loughlin, Gen. Counselor Strother, Federal Trade Commission Chairman, Majoras, Secretary of Treasury, Paulson, FL, CFO Sink, FL Gov. Crist, FL Attorney Gen., McCollum, Tax Collector Belden and Federal Comptroller Dugan yielded one consistent result. The delegating of task to someone other than the addressed Executive or Bureaucratic contact I'd intended the correspondence for. To boot, I am now being reported by ASC to the credit agencies as delinquent on my mortgage account because the company, once again, with full sovereignty to destroy your credit is stating in my mortgage file that I have $xxxx in SUSPENSE BALANCE. I've been miserably paying the mortgage the company's assigned and it's flat out falsifying that I’m delinquent on that very amount, of which ASC has cashed checks for.

The news reports that hold up Wells Fargo, Bank America, Countrywide and some of the other mortgage companies supposedly attempting to help its consumers is propaganda that the news reports are utilizing to keep its ratings up. I know from my experience that these banks and its executives, and to that end, the bureaucrats do not care what happen to honest hard working Americans attempting to keep their investments in tact.

Finally, why should I ever believe anything that Geri Willis of CNN ever has to state when, I'd attempted to contact her on enumerable occasions in Jan. and Feb.'08 for the real life nightmare of this consumer, when this consumer was indeed doing all that was recommended to do.

America's Servicing Company is an high-tech-Federally protected loan-sharking company that it’s Executive Board Members and Wells Fargo Investors should be proud of. It's working hard to destroy people and its investors are benefiting. What a nightmare, may God help all of us!

D.C. Moore.