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Wells Fargo Home Mortgage / misleading statements

1 1739 E. Colorado BlvdPasadena, CA, United States Review updated:

During the first week of January in 2009 I started the process of refinancing my home loan. By 1/10/09, I provided all the requested documentation t0 secure the loan. The loan was funded on 3/27. Amazingly the loan officer did not need a single piece of additional information. Communication from my mortgage specialist was poor. I often found that I needed to be the one to follow-up with him. He told me verbally and documented in an email that he would automatically lower my rate anytime during the process. This was not done. When I noticed that rates had dropped I was the one who reached out to him. In discussing my options with him he told me that he could lower the rate but we would need to restart the whole loan process again. I have sent him 3 emails asking him at what point during the loan process did we reach the point where he could no longer automatically lower the rate. His responses to me have not answered my question, in fact this were a little rude to the point that I now plan on reaching out to his supervisor.

In addition I had to sign my loan documents twice as the first time he put together the documents he used the incorrect dates. Below are some of the email's:

____________________________________________
From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Tuesday, January 6, 2009 1:25:56 PM
Subject: RE: Follow-up from our Phone Conversation

Hello Mr. X,

It was nice speaking with you. For an estimate with a complete breakdown please click on apply now on my e-card or website link below and fill out 10-15 minutes of information. Your information will be directly transmitted to me where my team and I can begin working on your estimate. Typically I will have this back to you within 24-48 hours.

I have also attached a list of the documents I will require for full approval and to lock in your rate. I recommend locking as soon as possible and remember I will automatically lower your rate/payment if rates drop anytime during the process.

Please feel free to contact me if you have any questions.

Best Regards,
Mortgage Consultant at Wells Fargo

________________________________________________
From: Mr. X
Sent: Thursday, March 26, 2009 11:28 AM
To: Mortgage Consultant at Wells Fargo
Cc:
Subject: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

Thank you for getting back to me on my question regarding the application fee, I had expected to see it as a credit for the cost of the loan, I see that is not.

Additionally thank you for offering to answer other questions if I have them. In fact I do.

I would like to understand why after having to go through the process of resigning documents this week why my rate stayed at 5% and why it was not lowered given the rates dropped below 5%. According to your email, you indicated that you would automatically lower the rate/payment if drop anytime during the process. Seeing as are still in the process of, I would like a clear why the rate did not drop and at what point did it required to be locked. Anytime implies anytime before we close. Please explain, email response requested.

Regards,
Mr. X


____________________________________________
From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Thursday, March 26, 2009 1:16:39 PM
Subject: RE: Home Loan - Rate Follow-up

Hello Mr. X,

I recall we discussed in detail on 3/19 the rate was only an .125% lower with a very minor difference in payment. I told you we would have to re-send the file through underwriting again, have it re-approved and delay the funding.

You said no, just to move forward with the way we had it set up. Once documents are drawn the only option would be to cancel documents and go through the above mentioned process again.

Regards,
Mortgage Consultant at Wells Fargo

____________________________________________
From: Mr. X
To: Mortgage Consultant at Wells Fargo
Cc:
Sent: Friday, March 27, 2009 3:01:30 PM
Subject: Re: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

From our conversion on 3/19 when I asked the question about lower rates you did highlight that you would need to re-send files. This was prior to having to resign the loan documents. In our conversation you called out a risks of going through the re-approval processes. I said no based on this needs and the hassles you highlighted. I was asking again based on the fact that I needed to resign documents this week.

When we discussed the loan you called out as documented in your email that you would automatically lower your rate/payment if rates drop anytime during the process. My question still stands, I would like to know at what point in the process did we reach the point of not being able to automatically lower the rate? It sounds like you are saying that point was when the file went through underwriting, so I would like to understand the date when this point was reached. I would like to know this for future home loans.

You gave me the false impression initially that through the load process this would happen, I suggest in the future you are clearer to your customers and avoid using terms like "anytime", like you did in your email to me. ("I will automatically lower your rate/payment if rates drop anytime during the process".)

Thanks for the return phone call to confirm the loan has been funded. It is hard to believe that this process was started back on 1/6/09 and that it took until today (3/27 close) while taking into consideration I provided all of the needed documentation the same week we first spoke. I fully understand there are a number of factors involved, I'm just glad this is now complete.

Mr. X


____________________________________________
From: Mr. X
Sent: Tuesday, March 31, 2009 12:28 PM
To: Mortgage Consultant at Wells Fargo
Cc:
Subject: Re: Home Loan - Rate Follow-up

Mortgage Consultant at Wells Fargo,

I have not heard back from my and my question is still open, I would like to know at what point in the loan process did we reach the point of not being able to automatically lower the rate?

Regards,
Mr. X

_________________________________________________________________

From: Mortgage Consultant at Wells Fargo
To: Mr. X
Sent: Tuesday, March 31, 2009 5:07:18 PM
Subject: RE: Home Loan - Rate Follow-up

Hello Mr. Z,

We can lower the rate at any point during the process. The day it dropped lower you told me not to go through with the process of lowering the rate because you did not want the loan delayed any further.

Regards,
Mortgage Consultant at Wells Fargo

____________________________________________
From: Mr. X
To: Mortgage Consultant at Wells Fargo
Sent: Tuesday, March 31, 2009
Subject: RE: Home Loan - Rate Follow-up


Mortgage Consultant at Wells Fargo,

Based on your guidance and explanation that we would basically need to restart the entire process, you are correct I said no. I had the understanding that that since I had already signed the escrow papers (the first time) that it would basically need to start the entire processes again. The last thing I wanted to do at the time was to go through another almost 3 month period to refinance. Our conversation started about a lower rate when I happen to be the one to initiate the conversation.

My question remains, you said that you would automatically lower the rate, at what point during the loan process was it no longer possible for you automatically lower the rate? As I stated, I would like to understand the date when this point was reached so that I know for future home loans.

Regards,
Mr. X

Mr
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Comments

  • Sh
      26th of May, 2009
    +1 Votes

    i need to know who to speak to. wells fargo and their lawyers stole my home. in jan 2008 i was out of work due to being sick and unable to work. i had been having problems with paying my mortage. due to illness, job loss. my home address was 2291 redman. st. louis mo. 63136. i only owed less than 15.000.00 on my home in a good market my home wld be worth 200.000.00. ive never refinance my orignal loan. i was working with 2 agency to keep my home which was naca og memphis and urban leadge of st. louis i had spoken with hope also. wells fargo did work out a program with me i sent in a check in june to cover the 1st of our agreement my purse was stolen along with by debt card and ck book which caused my payment to bounce i called and explain so i could send the money. but they told me the agreement was void we wld have to work out something else. i was told by one of the customer service people i wld have to come up with 3, 000.00 dollars which i did come up with i cwas told i wld have until 5;OO AUG 20TH TO PAY, I CALLED TO GET ADDRESS TO SEND WESTERN UNION ON AUG 20TH AND THE PERSON I S/W TOLD ME TO CALL THEIR LAWYERS i called lawers and they told me my home was sold at 10;00 that moring i call wells fargo about 11;30 florida time. they sold my home for 26.000.00 dollar a steal for anyone. this was not fair this was a stealing. i took a job in florida in order for me to keep my home of 25 years. i was mislead by your cutomer service dept and you lawyers. i never burrowed form my home where is my equity i had establish over all of those years. i just finish fighting with the new owners over rent i owe them which i ddnt owe them a thing, the st. louis base laywers and the new owners work togother, i found out through lawyers who wldnt take my case. g. stafford and co. brought my home for 26, 000.00 a steal for a home that is worth 200.000.00 in a good market. with gods help and all the money i have it take the rest of my life i will fight you people for my home my safe have for my grandchildren. it is a sad day that with everything that is going on in the world and people and famlies are losing people like you and your lawyers are taking advantage of us poor people. where is my equity from my home. where is the money i paid before to keep my home. what happen to my 5;00 dead line to pay you again 3, 000.00 that i had to pay to keep my home. i have died, and i have mourned my lost but i shldnt have lost my home now just like JESUS ROSE FROM THE GRAVE, I, VE ROSE FROM HURT, SHAME TO FACE MY GRANDCHILDREN ABOUT LOSING MY HOME. MY GRANDSON ASK ME GRANNY DID THEY GET MY FISHING POLE AND TRAIN FROM YOUR HOUSE THEY TOOK. NO I CANT ANSWER HIM BECAUCE I THOUGHT I WAS GOING TO LOSE MY MIND. no more i, m going to fight to get my home back. i was less than 4 years to pay off, never borrowed aganist my home and i be dame is some greedy lawyers and some low life oriperty owners who out to make money off of others. my grand son fishing pole and train is coming back to his home away from home. my temp address is 1529 nw 52nd st . miami florida 33142. my st louis address is 2291 redman rd. st. louis mo 63136. please pass this on because i, m ready to fight. and who ever will listen i, m talking. god gave me that home and i will not let no one line their pocket with my home.

  • As
      3rd of Dec, 2009
    +1 Votes

    My story is the same, but the difference is that I have been given a new modified loan through the loan modification dept after a year and a half of rudeness, harrassment, and lies, not to mention constant repeating the same story over and over to customer service reps from every state in the union...

    The Modification Dept namely the person that supposedly worked personally on my modification STEPHANIE ID # OZ8 said that I didn't send in some important paperwork. She then (without notifying me) canceled the contract that was already signed with the new agreement, the amount of payments behind put at the end of the loan, new % rate, and lower payment that was due Dec. 1, 09. The reason was for not sending in a faxed copy of my divorce papers and a $331.62 payment for costs. Stephanie said that the $331.62 was waved because I told her that I just couldn't afford it at the time. This was in November.. I did send in the divorce papers within minutes of speaking to her. I have proof of the fax and tried to tell customer service that I had sent in the fax of divorce papers and that the $331.62 was waved by phone with Stephanie. I have since sent in a money order for that amount and have sent in the proof of the date that I sent in the divorce papers. It's a good thing that I kept excellent records through all of this !!!

    I was notified after the fact of all of the above that now my home was in foreclosure for not submitting the copy of my divorce...and paying the $331.62 to complete the entire process. I was sent a letter from a attorneys office and talked with the person handling my case. She said that they would be putting the home up for sale in 8 days!!!

    I called H.O.P.E. and had a agent by the name of Ruby go on a three way call to help me get through to someone that could clear all of this up. Remember...Wells Fargo has all of the documents (they found the copy of my divorce papers that I sent and told me to send in the $331.62 to get things back on track...

    Loooong story short it is now Dec 3rd and I don't know if I have it straightened out or not//////I was on the phone today for over 5 hours and I still don't have a yes or no answer from anyone there!!!

    I have the money for my first payment that was due on Dec.1 with the contract, but I can't get a answer if I still have it or not...

    FOX NEWS and a CLASS ACT LAWSUIT IS IN ORDER for all of us that are being put through this needless harassment and unnecessary emotional trauma. GIVE US THE NUMBERS TO THE PEOPLE THAT ARE HANDLING OUR CASES !!! THEN GIVE US THEIR SUPERVISORS NUMBERS...We are all out here losing our homes one after another...Going through the same treatment from your company...andyou are just using the customer service workers as a wall to protect your sorry ###...

    If anyone wants to contact me my email address is astoria_jan@yahoo.com I will gladly help to pursue any action necessary to help others out there in my situation. A few thousand of us could make quite a stink using the media...! Fox News would love this story, I'm sure...

    Best Regards, Janice L Brown

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