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Wells Fargo Mortgage / refinance nightmare

MA, United States Review updated:

I refinanced with Wells Fargo last September under the Make your home affordable program. My mortgage was reduce by almost $280.oo a month. I was ecstatic. Unfortunately that was very short lived. Just last month I received a letter from them stating that due to my taxes going up they did an analysis on my loan and my payments were going to go up by $200.00. I was convinced this was an error because there was NO WAY my taxes went up that much ($2400 a year). After many conversations and speaking to about a dozen people and getting about as many different stories as to what happened, turns out that when they wrote up my refinance they only estimated my taxes to be $1500.00 a YEAR rather than $3200.00 a year and now I have to pay the difference . I was LIVID to think that such a mistake could happen and that nobody could give me a striaght answer. My savings is now only about $50 a month and I added an additional $7, 000 to my loan for closing costs which will take mover about 6 years to make up the difference. The only thing they will say to me is sorry and nothings else. I can't wait until the housing market gets better so I can refinance with another insitution because I am done with Wells Fargo

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Comments

  • 75
      8th of Oct, 2011

    On April 21st and May 9th I posted comments on this site regarding problems with Wells Fargo. Since then I have written a number of letters to Wells Fargo and the Comptroller of the Currency and spoke with several, higher-level people with Wells Fargo. I have the names and addresses of the bank vice presidents if anyone wants to write letters. Wells Fargo's bank president is John G. Stumpf. His work address is: Wells Fargo Corporate Offices, 420 Montgomery St., San Francisco, CA 94104. His home address is 1090 Chestnut Ave., Apt.12, San Francisco, CA 94109-1230.

    For Wells Fargo it all comes down to taking your money and not honoring the interest rate that they promised. They refuse to refinance my mortgage that is already with them and they will not give me a refund of the $609 they took from me. Michael Salmon and Michael Dullea received their commisions as well as the title company and appraiser. Believe me, these people are liars and cheats and will wear you down. Wells Fargo does not have to answer to anyone. The Comptroller is a total joke and will just refer you back to the bank to resolve the issues. I am continuing to fight and may have a large number warning posters printed up and put on cars in their parking lot. For me, it's now a matter of principal, not money.

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  • Lo
      19th of Apr, 2013

    I bought a new car in 2011 through Wells Fargo. In 2012 my husband passed away and I was left with everythine to pay. I have never been late on my payments of $49832 which is a little steep...I recently tried to refinance the car and was turned down as my finances have drastically changed. Each time I called wells farge, I am told to fill out a auto loan form, each time I did, they denied me. My credit is not all that great but then it wasn't great when I bought the car...I am seriously thinking of letting them have the car back! They are rude and want all the money they can get and doesn't care at all about their clients. I am trying to pay my payments and a little help of lowering my car payment would be a blessing to me.

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