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Wells Fargo Bank Na Mortgage / reneging on approved loan commitment

1 Westbury, NY, United States Review updated:
Contact information:
Phone: 516-535-1600

Mortgage broker Steve Tandy and the Wells Fargo Bank Mortgage people are refusing to honor my written contract approved mortgage committment. We have had 3 prospective closing dates that have all been aborted by Wells Fargo due to some mysterious new problem each time. We moved out of our (sold) old house and are now kept homelss while waiting to close on our new condo. They have thought of every excuse in the book for not giving me my mere $80, 000 mortgage on the $418, 000 property. They do not want to honor my mortgage contract with them. How is this possible. It all has to do with some internal guidelines that can be overridden In-House. The mental anguish of this tortorous rollercoaster ride is now unbearable. I already had the certified checks cut for the last scheduled closing and we were walking out the door when they called and said "no closing" due to some documentation problem. My mortgage was approved and packet received on January 23, 2009. Today is March 12 and they still won't release my money! I want to sue them for the mental stress put on me and my family - and for the rental cost of living like a gypsy during out state of being in Limbo. This is an absolute disgrace. Our builder has not seen anything like this in 21 years of construction. The bank attorney has also stated he's never seen anything like this ever.

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  • Br
      11th of Apr, 2009
    0 Votes

    Sorry to hear about your experience. I also warn everyone NOT to deal with STEVE TANDY/Wells Fargo Garden City, NY. He is the most unethical and [censored] mortgage loan officer I've ever met.

    January 2009, we approached Steve with the hopes of renovating our house and availing of the REHAB loan (the only loan I know of that is primarily based on the future home value post-renovation). We asked several times if the loan amount (existing mortgage+construction cost+contingency+closing+gazillion FHA fees) is a realistic/achieveable loan amount. Without batting an eyelash he guaranteed it was all possible.

    We waited more than a month and half for the appraiser ROBERT to get in touch with us only to realize he cannot appraise the house without the 203K(?) report (detailed listing of the home finishing for example, granite countertops, ceramic flooring etc...). After more than 1 week of follow up phone calls with Steve and assistant Sandy (both lying that report was previously sent to appraiser) and Robert (consistently denying receiving such - "sounding automated/robotic whenever he denies about receiving the report) the house was finally appraised but much lower than expected. I honestly don't know where Steve got the information when completing the 203K report because interior finishing was not discussed in anyway/form.

    Anyway, we did our own comparables and forwarded to Steve with the hopes of having a higher appraised home value. Every time we'd follow up he sound like he has no knowledge/info re: our loan. He never returned our calls even when told we would cancel the application due to inability to provide the Good Faith Estimate Loan amount. Eventually, he claimed to have tried to get in touch with the regional manager (of whatever appraisal company they deal business with) but days turned into weeks and now more than a month. We began this loan application in January 2009 and we haven't had any updates until now (Mid April 2009). He claims loan application process normally takes 60 days but we are past that period and not even halfway thru the process.

    We have terminated our contract with the builder (project was set to start in May) due to inability to secure a loan thus losing $3500 in architectural fees, another $1000(?) for town permits plus $3000 in pre-purchased bathroom fixtures. We've suffered so much mental stress and anguish over this loan application and looking into suing and filing a BBB complaint as well. We're so devastated with this failed loan application we are afraid to try elsewhere. Our dreams of renovating our dream home has been shattered...

    To future mortgage loan applicants, STAY AWAY FROM STEVE TANDY/Wells Fargo Garden City, NY.!!

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