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Wells Fargo / refinance fraud

1 Crystal Lake, IL, United States Review updated:

We applied for a refi on our home 4/4/09 and rec'd a rate of 4.5%. That was later changed to 5% with some Wells Fargo trickery. We have an excellent credit rating and they said that because we were an existing customer all they wanted to do was make sure we paid our bills on time and we would go to close within 60 days. It is now the middle of September and we still have not closed! Our mortgage rep said he could not tell us when we will close...maybe a week or two more. Our file is currently with the final underwriter and is considered at the 4A stage. We have jumped through hoops with all matter of paperwork. This extreme delay has even caused them to reorder title because it expired! They are either forcing us to default or get so behind in payments that they then will tell us they won't give us the 5% rate. This is unconsciounable and a true travesty to an American particularly after reading a WF executive has taken up residence in a tony neighborhood in Malibu on a foreclosure! Something must be done...NOW!

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Comments

  • To
      31st of Jan, 2010
    0 Votes

    exactly the same they did to us! scam!

  • To
      11th of Feb, 2010
    0 Votes

    We have spent years keeping our credit A-1 and now no one will even talk to us now about getting a good mortgage, this is our dream house that we built and would really like to keep it and with good loan. We have never been late on this Mortgage!
    I guess I was asking Wells Fargo for too much to be a great customer and prompt payer, they would rather jerk people around and get that high interest no matter who they destroy.
    Here are the 3 different mortgage scenarios we are going through with Wells Fargo Financial, very unhappy with abusive predatory tactics/promises/lies!
    On 02/18/08 we financed our home with Wells Fargo Financial to pay off dept that we inquired during the rebuilding process of our home, the home was previously free & clear, we dealt with Trish she contacted us cold call, and we were promised a 9% a fixed rate loan, no problem, get to closing and it turned out to be an ARM @12% interest with 3 year adjustment, my wife had a few things on her credit that was paid off so according to Trish that we can refinance at a good rate in 1 year, Great! Now we have good credit, no late payments on anything and I mean everything. also extra used funds to put in a new septic system & other improvements so we can get ready to refinance, ( last & final time, but Wells Fargo wants to keep us bouncing around in their corrupt system) at 95% of value next year as Wells Fargo will do that, but for them to get around that, they have their own appraiser and he low balled the appraisal by $20, 000, We had the house appraised for $90, 000 a few months earlier by another appraiser, (that deal did not go through due to old septic and water system), and Wells Fargo says it is only worth $70, 000 and that was after many expensive updates. remodel, the home will be worth $90, 000+ now.
    Now comes April of 2009 and we were contacted by David Olson one of the managers at the Grand Rapids, Mi. branch and said we are ready to roll this loan into a 4.5% 30 year mortgage, $7500, in closing costs, very high but he said was negotable, Great! We sent all the paperwork in, in April which was all there, complete, easy to find since we had the recent refinance. David also said the sooner we get our paperwork in the sooner we close this loan, so I did just that, 4/15/2008.
    Then 05/28/09 comes along and we finally got the Truth in lending Disclosure, Great! every thing looks good, the terms and everything were good for us.
    Ok, now that the home still needed a little work to be perfect, I finished some small projects and still needed to complete the garage, siding, electrical, so I contacted David Olson and he said the loan is all approved and just waiting on the appraiser, So I waited for a while and asked David Olsen again what was going on? and again he said the loan has been approved and still waiting on the appraiser, busy guy, So I asked if I could get my own appraisal and he said no to that and David Olsen told me to borrow money to finish your home before the appraiser gets there to get the best appraisal,
    OK, put about $5000 on credit cards to finish home and everything was good to go now, 6/15/09. just waiting on the appraiser. Now I also asked David if we should get someone else to refinance since they were having trouble getting a appraiser here and he said just be patient, the loan is all approved and the appraiser will be there, just wait for his phone call. Well this went on all summer, if I would have known this guy was lying to me, I would have found another finance company, but I would have 2% prepayment penalty on the loan, so I would just stick to the plan.
    Ok now here comes 08/31/09 a refusal letter stating that we insufficient income, and owe too much. We did not the year before and had many more obligations, yes that is true but since we borrowed money to fix up home, Thanks to David Olsen, I would think that would be expected, since I was going to pay off all dept with loan proceeds and we are on a path to great credit, I have been borrowing money to pay some bills till this loan went through, well since the loan did not go through, I cannot pay my unsecured debt, Now I am in big trouble, it is my fault for listening to these lies from Trish and David Olsen and Wells Fargo. I should have seen it coming.
    Ok, now comes the Home Affordable Modification Loan since our income has dropped due to my tenants not paying and the overwhelming unsecured debt etc. (my wife is a Vet and we are both on Social Security fixed income due to disability's), that was 09/11/09 We sent all required info for the Home Affordable Modification to Kerrie Holst and on 11/04/09 Kerrie Holst needed more info, we sent that out promptly and about a week later Karrie Holst called me and said we do not qualify for the Home Affordable Program, we made too much money and the payment would go UP instead of down, I then asked her if there is another way of getting this home in a good loan, and she said it was in a good loan and 12% ARM is a very good rate? WHAT? and she kept insisting me that she trying her best to help me? WHAT?, well that conversation did not end well.
    1. OK now check out these 3 situations- 02/18/08 had good credit except wife, not too bad, we get 12% ARM 40 year $675 a month, Ok no problem at time told we can refinance next year when these marks are off of credit
    2.OK, Been 1 year now, David Olson called us (cold Call) Apply for a good loan all credit issues cleared up, April 2009 4.5% 30 year fixed-$399.51 a month, down from $690.00 mo. perfect! come 08/31/09, got refused for this loan, findings-could not afford this loan? WHAT?
    3. Now we apply for the Home Affordable Modification 11-09, got refused because we make too much money and the payments would go up instead of down, Well That is my nightmare with this bank.
    Now How do these numbers really work, approved for $675. per month -currently,
    Credit cleared up and apply for 4.5% 30yr fixed loan $399. per month -did not make enough money What?
    Apply for Home Modification loan, got denied, payment still $675 per month, -now receive too much money and payment would go up instead of down, with and less income now than in the past 3 years. What?
    !Please help!
    Thanks, Todd & Cori Runnels

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