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Wells Fargo / awful company

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Contact information:
Wells Fargo
2650 WELLS FARGO WAY MINNEAPOLIS, Minnesota, 55408 U.S.A.
Camano Island
Phone: 866-917-1877
Wells Fargo is a well entrenched corporate evil that feeds on the wrecked lives of it's victims.

After the turn of events post 9/11 my family endured a down sizing of our life stile as i was laid-off from work and we ended up filing for Bankruptcy. In the rearrangement of finances i did keep the house as we had sold our old home and downsized to a home we could afford on my new - reduced wages. The payments were well within reach in our budget.

Soon Wells Fargo was contacting us implying that we were late on our payments.

I had the receipts for the checks sent in, no problem. After the 3rd time sending them in (by now we are into the second month, delinquency fees accruing and being tacked on) I contacted our VA representative. The rep tried to work this out with Wells Fargo to no avail. Later the first VA rep was rotated out and off the case, (i don't know why, we were fully compliant). The second VA rep wanted nothing to do with this case. He made that more than clear in his communications to us. All the while we were still making our payments in full as assigned by the monthly bill. It was an excessive amount based only on the erroneous notion that we were delinquent in our payments. This served to bleed what little savings we had to nothing very quickly.

Months went by, with constant communications in trying to make arrangements to bring the account current. Each time a deal was struck Wells Fargo would clam they never received required paperwork, or something was not in order. Finally things got so far out of hand we decided to sell the property, cut our losses and run screaming the opposite direction from Wells Fargo. We contacted an investment buyer who had cash in hand at a full price offer. Wells Fargo Sabotaged the deal no less than three times by loosing paperwork, missing deadlines and claiming ignorance to details.

This went on, back and forth for over a year. The proverbial straw that broke the camels back was the contemptuous deceit the company pulled on December 24th of 2004. A get well plan had been extended to bring the loan current. A loan modification with a lump sum payment from us, was to make it all better. It had to be a money order, in full at their office back East by opening time three days from this date. We made it. Certified letter, received on time, in full. We were notified Dec 24th by phone that the company would not be accepting the amount remitted as payment in initiation of this plan as with review they felt i could afford to pay more on the payments than this plan accounted for. Further requests to re-initialize the loan modification were flat denied. The lump sum amount remitted was to be applied to the remaining delinquent amount and we were still in arrears.

We stopped throwing good money after bad and settled on the fact that we had been taken to the cleaners by corporate America. The house went to foreclosure and we departed used and abused. They had no intent of ever allowing this loan to come current. That was obvious in there actions. Good news is they lost there ### at auction. The place sold for MUCH less than they had it appraised at for the purposes of the loan, and MUCH less than the full price offer our investment buyer offered them. I'm sure they wrote the loss off at tax time and shared the burden of the actual loss with the American Tax Payer via reimbursement from the VA.

My best advise with reference to Wells Fargo -- RUN -- Don't look back lest you'll be turned into a piller of salt.


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N  26th of Nov, 2008 by 
Agree Disagree 0 Votes
This isn't necessarily a tale of a company ripping a consumer off, but it is a tale of apathy and disloyalty. I'm simply offering the following as advice to you should you find yourself contemplating a choice between Wells Fargo or another company for handling of your mortgage. Long winded, not very exciting story follows: When my ex-husband and I got married, we purchased a little 55k house in the City of Pittsburgh. His job was to make sure the bills were paid every month, and mine was to make sure the mortgage was paid. Which I did religiously, never missing a payment, nor was a payment ever late.

Somewhere along the line, my ex-husband developed an aversion to working, and I thus filed for divorce. While waiting for the final divorce papers, my mother and I began to receive many threatening calls from companies after my ex-husband. Multiple court summons were being sent to the house in his name. Speaking with one company (who had my mother crying, by the way, with threats to her since my ex-husband wouldn't talk to them) the representative told me they are ‘coming after the house'. I told him that such is not going to happen, because as part of the divorce, the house is going to become mine, not my ex-husbands. He said I had better ‘hurry up' because they had filed against him (my ex-husband) in county court. I knew the threats of court were real, as I had seen the many summons notices sent to the house in his name.

I finally got my final divorce papers, and immediately called Wells Fargo, who had been my mortgage company for the six years that I owned the house. You see, I couldn't remove my ex-husband from the mortgage until I received the final papers. I told Wells Fargo that I wanted to remortgage in my name only, explaining the divorce. Initially all seemed well, but then the Wells Fargo representative told me that it ‘couldn't be done'. And that he was sorry, but they cannot help me because of my ‘bad credit'. Now my credit was not the best, but it certainly wasn't bad! He wished me luck before he disconnected the call.

I then logged online and viewed a copy of my credit report. I was shocked to see my irresponsible ex-husband's handiwork – among a few other things was a joint retail account had been ‘charged off as bad debt', and there was a $10, 000 loan that I had cosigned on for him that he hadn't made a payment on in over a year.

I called Wells Fargo back and argued that I was unaware of these blemishes on my credit, and that I would take care of them . . but how can they deny me when I never missed a payment to them in six years? The representative agreed that I had never even had a late payment in all that time and that my payment record with them was flawless. The representative said he hoped everything worked out for me before he disconnected the call.

I scrambled and was eventually forced to sign an 11.5% mortgage with a company called HomEq. Once again, I'm not saying Wells Fargo did anything wrong – companies don't have to be faithful and understanding. I'm just presenting my story for you to keep in mind should you have a choice between them and another mortgage company down the road.
N  25th of Dec, 2008 by 
Agree Disagree 0 Votes
Was on and ARM mortgage. Knew is was going to mature in Sept or Oct. Started working early ( I thought) to get a fixed 30 yr. loan. At first in Feb. 08 I was told I was upside down like everyone else in the valley here and could not be helped. I waited.

At the end of May a friend and I went to see the mortgage manager at a local Wells Fargo branch. I told him I had 2 full payments and by the next payday I would have the 3rd. I told him my concern was that being in and ARM that was going to mature I needed to try and qualify for some government. I told him I did not know what was available. He told us that there was some programs but that I needed to be behind in my payments. I asked what he would advise me to do. He said with no hesitation, 'STOP MAKING YOUR PAYMENTS' and apply for a program. He gave me the number to call.

After the June payment was late I called them and was told they could not help me that the payment had to be 30 days late. I waited till after July 1st and was told I had to be 60 days late. I was then told 90 days and by the time it got to that they filed a default against me. Now I was really in a mess. In the meantime I am putting money back to make monthly payments.

During this process they gave me a fax number to send my financial information into them. After 3 different fax numbers that did not work I asked them if there was any one there that knew a working fax number. All I got was try this number. I faxed the information and also got the Ft Mill address and sent the information certified/return receipt requested. I did not really know how or what information to send so I was eventually denied. I was told I could reapply and I have.

This time I understand the paperwork a little better. I sent them property listings for other homes in the immediate area. I sent it in to the Hope4Homeowners program. I sent in a work up sheet with a basic estimate using a guess as to the current value of my home. I know the loan could not be for more than 90% which includes property taxes and etc. I have found out that it has gone to a negotiator as of Nov. 10. I sent in another hardship letter that went in on Nov 17th. I have not talked with them since doing this but I also went to file for widow's benefits with Social Security.

I simply need a loan modification from them. They have acted as though they are completely adverse to doing this. They would be willing to lose money, do a short sale, sign over my deed to them, anything else other than give me a modification that I can do that would keep me in my home. All I want is to stay in this home. I am so upside down. My loan is currently around $197000 and a best guess at the current value based on other homes in this area is $80000.

I am waiting to hear from them. I called last Wed. and I will call then again this Wed. or Thurs. So far they have not set a sale date. I want all sale dates stopped. I want a modification and if they are not happy then put it on a probation type staus. Just give me a chance. My current payment is $1585 or something a month. I need a modification if based soley on me down to $650.00 a month. If I rent one or two bedrooms out then maybe to $950.00 a month. I just need it to go down and be given a chance. It has to be a 30 yeart fixed rate loan though. Wells Fargo has been most uncooperative and you always get a different person. I just want a chance.
N  26th of Jan, 2009 by 
Agree Disagree 0 Votes
This has been a very difficult year for many people. My wife died of cancer almost 5 months ago and I was the primary care giver for 5 months before that and unable to work. My job is in the financial services sector and on straight commission and needless to say even when I could work, there has been very little business. I had money in savings, but through medical expenses and no work, it has been depleted rapidly.

I have contacted Wells Fargo Home Mortgage several times about either reducing the rate on the mortgage and principal balance based on a conservative 30% drop in home values (based on my direct conversation with a county tax assessor and may be more than that with an epidemic of foreclosures in this area). They had no programs available for assistance and finally referred me to HUD and Hope for Homeowners. I ended up with another number that went to their collections department. They said any adjustments made would adversely affect my credit and any reduced rate of payment, the interest lost would be added back to principal.

In essence, they were offering nothing and destroying my credit rating. I have not fallen behind on my mortgage yet but on the edge. I didn't want to go into default and completely wreck my credit rating and had thought about not making a payment for 90 days, but reading through some of the other entries, Wells Fargo either doesn't get what is going on in the market or they want to be owner of the largest number of homes in the US. They indicated that there was a magical date on their calender of December 16th that they were introducing a streamlining program that might help-haven't been able to get any more information on that. People in their refinance department also have no information about assistance to struggling home owners trying to meet their obligations but find themselves in dire circumstances.

I really should have known better than to go with Wells Fargo. Before I did this large mortgage with them, my son went in to one of their branches locally to get change for a $100 bill before we went to the local farmer's market. They would not give him change for a $100 bill because he didn't have an account with them-great PR and winning business. He wasn't cashing a check. Total inflexibility and confusion on their part has lead to frustration and not knowing what to do next.
N  5th of Feb, 2009 by 
Agree Disagree 0 Votes
I have been trying to negotiate a mortgage issued by Wells Fargo on a brand new modular home which was left unfinished and with major defects. Every government agency I contacted, DEC, EPA, Board of Health, Governor, Senators, Reps.Building Code enforcement, have all agreed that, Yes, there is a major problem, however we are not regulatory and therefore can not enforce the rules. You should contact an attorney, which I did, only to be told you have a good case, however as soon as the builder hears lawsuit he will liquidate his assets and you will get nothing. I have had to spend thousands to make the home livable, I am a senior, still working as a nurse to survive and have tried to get Wells Fargo to take some responsibility for having appraised this house and issuing the mortgage which is at a high interest rate and high monthly payments. Wells Fargo offers a loan to bring my loan current at 5% interest over 3 years. I am behind by one month, plus all the late charges and added interest. All I originally asked for was one months deferment, in order to catch up. Now I am in default with credit cards and behind on others. At this point 'walking away from this whole deal sounds like an option' Wells Fargo has not been helpful, take no responsibility for granting the loan in the first place, although it was their appraiser, who accepted the word of corrupt public employees that a CO would be issued on this house. I really don't know what to do and hope someone in Cyber space might have a suggestion.
N  28th of Apr, 2009 by 
Agree Disagree 0 Votes
We are casting a documentary about unfair bank policies. Looking for stories with complaints about banks. If you are cast we will pay you. If interested contact bellmartel@sbcglobal.net for more information. Casting needs to be concluded by May 1st, 2009.
N  5th of May, 2009 by 
Agree Disagree 0 Votes
Up until February 2009, I was current and making payments on time to Wells Fargo Home Mortgage. February 2009, a family emergency set me back 1/2 of payment. Wells Fargo. I was referred to loss mitigation department who closed the case without speaking with me. The reason was the person called me twice and I did not return the call. No notification was since prior to closing the case.

Since they did not help me, I had to borrow the other 1/2 payment with an interest rate of 24% because my credit rating dropped due to the 1/2 payment and them reporting me late to the credit bureau. I was told that no late charges would be assessed and late charges were assessed. I sent them a payment of $4198.96 and was told that the money would not be deposited until a decision was made concerning the late payment in February 2009. The payment was cashed and a late payment is still on my account. Lack of integrity and lack of honesty and lack of helping a customer when the customer is trying to rectify the problem.

It must be duly noted that Wells Fargo Home Mortgage is not trying to help customers and please do not believe them. Only God can be trusted. People cannot be trusted. I took this time because I did not want the CEO of Wells Fargo to "hang himself" or commit suicide because of not knowing what his/her employees are doing. They are harassing people, hanging up the telephone, and yes acting like crooks and jerks. Why get offended when you are given the truth.

My request is for a reversal of the late fees because I was told that since I called and made payment arrangements there would be no late fees. The payment arrangement was negated March 9, 2009 because I only had March 2009 payment and not the other 1/2 payment. This was not my doing but the doing of an employee who made the payment arrangement with me. She was probably fired because she was really trying to help me resolve my situation. My second request is for Wells Fargo to contact all three credit bureaus and remove any negative information from my file. I have been in constant contact with them notifying them monthly of my situation and trying to resolve it without their help. I am requesting that the $111.96 is removed immediately, late charge assessed when the family emergency.actually occurred.
A  30th of May, 2009 by 
Agree Disagree 0 Votes
Wells Fargo is a wretched company. I have been trying for the last six months to get a modification. The WELLS FARGO agents lie outright. They tell you whatever crap and the next agent disowns the previous agents statement.

I will never bank with WELLS FARGO again. I am sure other banks will come out of this mess and then Wells fargo will realize how important customers are.

They gulped 25 billion of our taxpayer money without a belch and refuse to help customers.
A  15th of Jun, 2009 by 
Agree Disagree 0 Votes
Just recently I received a notice from Wells Fargo, stating that my interest rate was increasing. This increase was based on my other credit issues with OTHER companies. I have always paid my Wells Fargo credit card on time and have never missed a payment. My new interest rate brought me up to 25.65%. Needless to say I immediately called the company and canceled my card. My husband and I are full time college students and were recently laid off from our jobs. It's hard enough to even feed the family, let alone keep up on the bills. Why would a company try to screw you over more when your already being screwed in this damn economy?

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