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Wells Fargo Mortgage / mortgage principal going up instead of down

10506 Kosub Lane, San Antonio, TX 78223, San Antonio, TX, United States Review updated:
Contact information:
Phone: 210-687-0705

I've been making payments on my home for the last 17 years through Wells Fargo Mortgage. Instead of my principal going down, it is going up each time I make a payment. Creation of an amortization schedule provided by another bank, indicates that I should be at a current principal balance of $56, 000; but WFM indicates $74, 000 this year, and $69, 000 a year ago. How can this be, since I'm making all of my payments. Furthermore, they misplaced 3 payments from last year, so took 2 of the payments I made last month, and applied them to last year; but tacked on penalties and extra interest. They also continue to claim that I am behind and have now accelerated my account to a foreclosure status. This is devastating news to me, as my home is my livelihood where I do my business. I explored options with the Gov't. Make Homes Affordable Program; but Wells Fargo makes you jump a lot of hoops and in the end, do nothing at all to help you save your investment. I contacted the Senator's office in Texas to ask assistance with this problem. The Senator's representative set up a 3-way conference call between their office, Wells Fargo and myself. The Wells Fargo agent insisted that the Gov't agent shut off their recording machine, and further demanded that the Gov't. agents supervisor come on line to verify that the recorder was indeed shut off. It was only then, that Wells Fargo agreed to have the 3-way conversation regarding my eligibility for the Make Homes Affordable Program. In that conversation, it was determined that I completely qualify without a doubt. Two days later, a letter arrived in the mail telling me my request was denied, and it was suggested that I pack my bags and plan on moving. It was also suggested that I go for a quick sale, and sell my property for less than half of market value. I spoke with numbers of Wells Fargo Mortgage people--you never get to talk to the same person twice and you never see results. It's a game they play to keep you in limbo, when truth be told, I believe they are trying to grab up everyone's real estate, and then will sell it off at a profit. You can call the same toll free 800 number ten times a day, and it will go to 10 different states. What a run around !! I want to know who you talk to at Wells Fargo to get down to the final solution? Wells Fargo decided to use their own attornies against me, and then took their legal fees out of the mortgage payment I sent in, and that made the mortgage payment come up short; so they marked it delinquent, and added penalties, interest, and late fees to it. Wells Fargo is sending people by to make sure my property is still occupied, and each time they do this, they charge me a fee for that as well. This can't go on. Because Wells Fargo put a bad mark on my credit report, I can't get refinanced by a reputable mortgage lender. I've always had good credit, and do not have any other debts. They doubled my monthly mortgage payments making it completely unaffordable. Everytime you call in to make payment arrangements, they always want to go up, not down where you can afford it. They always have excuses for why they can't lower the interest rate. How come Internal Affairs isn't looking into this? I'm looking for other disgruntled Wells Fargo Mortgage customers who would like to pitch in on a class action with me against this scamming mortgage lender.

Dd
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Comments

  • Je
      2nd of Feb, 2011

    That's Wells Fargo...Last time I refinanced it was because I wanted to be away from Wells Fargo Mortgage and told the
    escrow closing servicer I did not want my loan sold to WFM.
    (I'm looking for my closing paper currently) I was told that I had no choice on who the loan was going to be sold to and here I am
    again...reading all the complaints after trying twice to get a
    straight answer and assistance with WFM HAMP. I don't
    trust them and am fearful I will be done unto as they have done unto others.
    This is commercial terrorism!!

    0 Votes
  • Ka
      20th of Apr, 2011

    I have had similar dealings with Wells Fargo. I was told I qualified for hamp but was then denied also. Since what I was told by them does not jive with what is on the hamp website, I contacted them. After providing basic information, they are checking the decision and WF actions. It may be that I don't qualify but WF does not provide too much detail. With so much grief and so much taxpayer information on the line, I would urge you to call the number on the website and have a free counselor contact WF rather than a class action suit. They are a terrible company.

    0 Votes
  • Ka
      20th of Apr, 2011

    **taxpayer MONEY not INFORMATION. sorry

    0 Votes

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