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Wells fargo Mortgage Complaints & Reviews - Renovation 203K mortgage Loan

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Wells fargo Mortgage

Posted:    drexelhill

Renovation 203K mortgage Loan

Complaint Rating:  93 % with 15 votes
Contact information:
Wells fargo Mortgage
United States
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. Dinesh Tewari (610-203-9365)
Comments United States Mortgage Companies
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 4th of Aug, 2009 by   Mike Exarhos 0 Votes
I'm sure they twisted your arm and made you take the loan... They are the only bank that I know of that will do such a loan...
Yes you have to pay an outside agreed upon third party to inspect the work before they release the funds..
You already knew that before hand also.Yes you have to pay out of pocket for the consultant to inspect the completed work and it's about 200.00 for each inspection/ draw request.
You cant expect the bank to pay for work that has not been completed. You knew the interest rate upfront and now your complaining.
I have the same loan ( 203k ) I was a bit annoyed at the fees and the interest rate I got also.. It is a bit of a wait to get the draw funds wired but what are you going to do?
They are taking a bigger risk with such a loan and if you wanna play you gotta pay... That loan allowed me to by a foreclosure at a great price and gave me 49, 000.00 for the repairs when no one else would..
My rep at Wells Fargo, Jeff Tauman really stepped up to the plate..
I hope things work out for you and stop blaming them because you can't make the payments..
 18th of Sep, 2009 by   GENVIGEN 0 Votes
5/3 BANK ONLY REQUIRES A 580 CREDIT SCORE AND THEY DO 203K LOANS! MONDAY SEPT. 21, 2009 THEY ARE CHANGING THEIR MINIMUM SCORE TO A 620. IF APPLIED FOR TODAY, SEPT. 18, 2009 AND YOU HAVE A 580, THEY CAN PROCESS YOUR LOAN!
 30th of Nov, 2009 by   LoanModificationPrograms 0 Votes
They are many companies that are legitimate and can help homeowners stop foreclosure and keep their homes.

Mortgage Assistance Group is one of those companies that holds an "A" rating with the BBB and has help over 500 homeowners keep their homes.

They give a discount to the homeowners who have been scammed and treat each client with respect and dignity.

You can reach them at 623-486-4505 and at www.mag-az.com.

Thanks and good luck,

Randy D.

P.S. If you know someowner they can help, They will pay a $100 referral!
 8th of Dec, 2009 by   Reality Check2 0 Votes
First of all, Wells Fargo pricing policy wouldn't allow you to be charged 3 points higher than the going rate. However, if you get a 203K expect to pay more, they carry more risk and that is how lenders compensate for more risk. Pretty simple.

Did you check with another lender about the refi? I'll bet you got the same response as WF is telling you.

It sounds like you went into the process uneducated, bought over your means or the house dropped in value and now want a handout.
 15th of Mar, 2010 by   drexelhill 0 Votes
Thanks for all your educated people responses with Pro knowledge in mortgages and I agree that I signed an loan which was 3% higher than market rate and I have been forced to pay the interest for unused money still in renovation escrow for 2 yrs and no modification has been offered. The house is currently on foreclosure list with the bank and I guess that is what Wells Fargo has been interested. Good luck to on preying on people with financial compromised situations. May god bless have mercy who can not get any help from lenders? Dinesh (drexelhill@gmail.com, 610-203-9365).
 13th of Nov, 2010 by   kdpa 0 Votes
My husband and I have a 203k with SWells and have no problems with our rep... it is the reno specialists who will not return our calls or emails. This has become a major problem as our contracted reno work is completed, yet, no one will respond to our requests for the final inspections to be completed so our contractors can be issued the final draw amounts. We had the same problem with the initial draws but assumed it was just a glitch because we had such a great rep. Thus being said, the customer service after the closing is AWFUL and I would hesitate to recommend WF to anyone...and I'm in the process of being licensed as an agent. WF loss as far as I'm concerned... don't be fooled by them!!!
 21st of Mar, 2011 by   Top Gun II 0 Votes
I have to agree on some issues but the person that said wells fargo is the only Bank that does these loans is full of crap. You even said 5/3 does those loans in your latter statement. I would bet you work for a bank and possibly the one we are complaining about. I am dealing with wells fargo myself and I can say it has been a pain from dealing with the loan originator to dealing with the funding dept. on repairs. The tried the same crap with me on the % rate I use to be a finance Manager for a mobile Home Dealer the could not get this over on me plus I do have good credit. The loan officer was very nice but very poor job on follow up. They all will lie to you! The way I see it their is not any much better unless you deal with a Hometown Bank. As before the butthead earlier said not many Banks do a 203K loan and wells fargo is going to get woke up one day they are forgetting who their customers are they put more faith and respect towards inspectors and such than the one paying the Bills. I hope you don't loose your Home good luck!
 5th of Jun, 2012 by   Visvire 0 Votes
I had a 203K done, unfortunately the house is still unlivable. The contractor didn't finish certain jobs, but I didn't notice until after the fact b/c I don't have easy access to a ladder and didn't notice small things (like unpainted 2nd story window). I'd recommend not using this product unless you 100% trust the person doing the work, and really - how many of us know or have the time to find expert//trustworthy contractors- this is a loosing proposition and poorly poorly regulated industry. Contact me for more details if interest. visvire@yahoo.com
 15th of Mar, 2013 by   thegreatnw 0 Votes
I am working with Wells Fargo on a 203K on a investment property. This is not my first parade here; I am competent with the financing process. What a bureaucratic nightmare! I have jumped through every hoop possible regarding financial documentation (our credit score is in the 800’s) and they still keep requesting redundant financial information, most of which I have already provided. Apparently, know one in this process actually reads any of the information provided. Wells Fargo seems to be ignorant regarding tax returns because they keep requesting a Schd A tax form which we don’t use to file!
Add to that the nightmare of working with Granite Construction, Wells Fargo’s bid inspection sub contractor. The inspector that came to the house approved the scope of work and the bid with no additional recommenders. He forwarded that to Granite, who by looking at the photos from the comfort of their desk four states away, now demands I up the bid price (and ultimately the mortgage principle) for items such as brush clearing, paint (the house is completely painted inside and out), demolition of out buildings, etc. Many requested items are already on the original bid…again; don’t they know how to read?
Of course, the 203K FORBIDS the buyer from performing any of the work themselves. So what, I have to pay a contractor prevailing wage to cut bush from outbuildings? What person in their right mind would add that cost to a mortgage and amortize it over 30years? Mind you, all these additional items will greatly enhance the bottom line for both Wells Fargo and Granite Construction. I sense collusion here.
Everybody profits and the buyer is left with a mortgage that is more than they wanted to spend. Note we have been working on this loan for 2 months. The seller is exhausted and will not give another extension. So really, it is too late to go elsewhere. I wonder if Wells plays it this way? By the time they start upping the bid, the buyer is too far into the process to go elsewhere. It also makes me wonder how many people have been forced into properties that are a financial push only to not be able to make the payments. Then the bank forecloses, and sells the property back to Fannie or Freddy at inflated prices, the bank also gets paid by their lender’s insurance rider, not to mention the upfront fees they collected in the thousands of dollars. They profit greatly. I have tried to contact the Feds regarding this, but no one seems to know if the bank/construction sub contractor can arbitrarily demand the seller include aesthetic repairs and superfluous items. I have no intention of leaving the property with berry bushes close to the outbuildings. I don’t live like that and my other rental properties will prove that fact. Unfortunately, this is what happens when corporations collude with the Federal Government. They profit but the little guy pays. Thank you Senator Dodd and Senator Frank! What a mess you created and then retired!
Don't use this program. Seek private finance. It will cost more but you will benefit in the end.

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