Wells Fargo review: loan refinance 380

This is amazing. I wish I had read this before I began the process. There is letter after letter here that sounds like I wrote them. I'm 13 years into a 30-year 6 1/8% fixed with Wells I tried to refi for 15-year @4%, and refinance another home to a 20-year 4 3/8%. Stellar credit, 50% equity, income in the nation's top 10%, long-steady employment, tons of cash in the bank (with Wachovia no less), NO other debt, no brainer right? WRONG. I was told by other banks and real estate attorneys that Wells would NEVER close. They would assure up-front it was a slam-dunk, take your application fee, charge you for all the appraisals, then bury you in ridiculous requests for meaningless documentation for months before they declined you for no apparent reason. This is EXACTLY what happened to me. If this happened to you, the US Dept of Treasury Office of the Currency Comptroller has a website to file your complaint. Go to www.helpwithmybank.gov, and/or call them at [protected]. If you go to the website, click START HERE on the homepage and it will walk you through filing a complaint, which they say will take about 40 minutes.

I won't even start tell of our nightmare with the Wells Fargo construction loan department in Utah...but will say - they sent an appraiser to verify the number of bedrooms in our house because we said it had 5, when it really has 5, and they claim that the appraisal said only 3. I had to teach them how to read an appraisal, for an exposed ranch style usually has the main floor bedrooms listed on the 2 page along with comparables, then lists the additional rooms & bedrooms of what is considered below grade in the addendum section towards the end of the appraisal report. They had no clue, until we explained how to understand self employed figures and accounts. We are keeping our departure house as rental property and building a new home/business combination...just like we have now. They said we needed to move out of our current house and rent it out before closing on a new home construction loan. We did give them a departure rental lease agreement to take place for when we were to move into our new place and had to SPELL out for them the facts that they already had in front of their face -that our business was and had been renting and paying for 1/2 our mortgage, utilities, taxes, etc. Conditional use permit for home occupied business. Why would we move our business out, just to rent to someone else, then have to pay triple rent somewhere else until our new property was ready. Our (local) Wells Fargo end loan officer was so livid with our treatment by the construction loan people that by the end, she offered to hand over our entire Wells Fargo file to another lender...which she will be doing. Kudos to her for some respect is still to be found within the company. Guess it's true about a few bad apples. Just sorry that it cost us time and money to find that out.

soo... what actually happened with the wells fargo?
it seems like they charged your account a late payment fee? that about all I can understand.
If thats the case, I agree. There should be some grace period. but all banks work the same way. It dosnt matter who you chose, if your late you get a fee..I have PNC in MD, and i've been late once in my life and that waived it, but had i not called.. the fee was like $32.
just make payments online and no one is to blame.
I was also told that if you dont have the money right away, you can call customer service and let them know ahead of time, send what you have and they can work something out.

They are the worst bank. Frankly they should not be even allowed to operate. Just got a run around for trying to refi an affordable mortgage for the last one and half years. They give contradictory reasons. Don't trust these leeaches. A class action lawsuit is the only solution.

Wells fargo is a quack, a cheat and dishonest company. Right from the agent to the CEO, it is a bunch of crooks, running the company. Just wasted one and half years of refi effort with them. They are not even ashamed of giving contradictory reasons. Stay away from these leeaches.

I too am in a nightmare renovation refi with Wells Fargo, have been since November 2009. I am a sliver away from crazy because of the frustration in dealing with this banks incompetency, stupidity and stall tactics. They continue to ask for the same information that has been given to them over and over again One guy told me there was a 12 hour lag time to receive my fax, where are you, the 19 70's... As far as I'm concerned there should be a class action lawsuit filed against them for mental anguish to the public...Yeah the public tax payers that bailed them out.

Atlanta GA

I have been working with Wells Fargo since about July 2009 to get a Home Loan Modification, as outlined in the federal program (www.makinghomesaffordable.gov). I finally received my paperwork this week, and it is as if they "rewrote" the modification the way THEY WANTED TO, not following the federal guidelines, which are clearly written in a 17-page memo to lenders.

Also, they did not offer me the $1000 per year "incentive" that i am eligible for, for up to 5 years, if I enter into the agreement and make my payments on time. This helps "pay down" part of your principal... they totally ignored that ... probably since the guidelines (to lenders), states, "borrowers are eligible for (the $1000 a year incentive) ..." instead of saying "(Lenders), you MUST include this in your loan modification agreement."

Here is what has happened with my loan modification, so right now I am wondering whether to sign or not to sign... and they gave me only 10 days to sign and return... while it took them almost 8 months to get my loan modification through a trial period. !
But here is what happened with my modification:
my mortgage should have been reduced by about $250 - $280 ... but was only reduced by about $98! Borrowers are supposed to bring your payment down to 31% of your Gross Income, and are supposed to reduce your interest rate (as a first step in something the Gov.'t calls the "Waterfall Procedures", which are specific steps Lenders are to take to reduce the mortgage so the CORRECT AMOUNT OF modification agreement can be determined... This is NOT what was offered in my case.

I have been trying to get my home loan modification with them for about 6-7 months... I did EVERYTHING THEY ASKED, sent all forms, resent forms, resent proof of income, the signed affidavit. about 4 months ago, they sent the amount of my trial payments, which was encouraging because the payment dropped from about $1250 (which I can no longer afford, due to a sharp decrease in my income.; my payment for the trial period was reduced to about $980.

I also want to note that i did not have a sub-prime mortgage, that i have always been current on the mortgage, and that my home in Austin TX is worth about what I owe on it. Also, I do pay Private mortgage insurance (PMI), and I'm reading from many with problems, that some banks are not working with them... preferring their home to go into foreclosure, since the home has PMI.

The "making home affordable" gov. website calculators show that I'm eligible, and that $980 (trial payment) was actually somewhat more than the 31% of my income. I thought i was "good to go..." and made every trial payment.
Now... this week, i get a letter from Wells Fargo that offers me something they call a "Home Affordable Modification Agreement", and they only gave me until 3/23/10 (less than 10 days), to sign and return it to them. THE TERMS ARE NOT AS outlined on the Gov't site at ALL! To reduce my mortgage, they offer to EXTEND THE TERM OF THE MORTGAGE, and only to lower the interest rate by about one-half percent. This is NOT how the Gov't site said as to mortgages being modified. My total monthly payment only went down $98, if I sign this, and again... this payment is MUCH more than the approx. $960 that my loan modification should be (according to the calculator on the fedeeral "making homes affordable.gov" site and other federal web sites.). Do they think we don't read or multiply ? Also... they didn't make my escrow payment with my trial payments, and so they informed me i now owe escrow of $1876 ! (this is something the government guidelines to lenders ALSO tells lenders, that they MUST make the escrow, if the funds are there ... which mine were, as part of my $980 trial period payment.!

They did write in something they call a "borrower incentive" that if i make payments on time, i will "accrue " a "benefit" equal to $54.58, which is 1/2 of the reduction in the monthly mortgage payment. There is nothing that i can find about this being in the government program -- it reads that with a home modification you no longer have to pay the PMI. (because the government is in effect insuring your mortgage, at least that is my understanding of why you no longer have to pay PMI).
I feel WFargo has "rewritten" that program benefit more to THEIR benefit, in their legal terms ... saying, "if your modified mortgage loan ever becomes 90 days delinquent, you will lose all accrued but unapplied principal reduction benefits (the $54.58)... and will no longer be eligible to accrue additional principal reduction benefits..." THAT is NOT in the government guidelines at all.

I don't know what i am going to do at this point, because it seems as if WFargo is really trying to screw me. That is not a word I ever use, but it fits with this situation. In my opinion, they are purposefully ignoring the government guidelines on how the FEDERAL home loan modification program was written, and have written their terms... much more favorable to them.
If anyone has any suggestion, please contact me at my email:
tonklover@mail.com. Thank you... and good luck. We need it.

Yours truly,
LSB / Austin TX

I did get behind by one month. I contacted them immediately and told them my situation. It had been an unexpected medical bill and I had over extended my credit cards. My fault I admit. But I want to work it out. Wells Fargo does not give us a contact person you are to just talk to the collections department whom ever picks up the phone. I sent them all the items they requested about my finances and I get a call to my husband that stated they didn't have anything. They then gave my husband another fax number. He asked them where did our stuff go at the online fax number? they couldn't answer. So I sent everything in again, and then I get a letter stating what our new pay schedule was, they were trying to add so much to each payment to get the lost month paid within a year. The problem was that they had the first two payments all on one month. which was well over 3, 000$. I called the collection department again and said that if I could pay that amount I could make my payment I missed. Oh they said that is a mistake we will fix it and send you a corrected one. few days went by and nothing I called them again and a person said oh yes that was noted but you have to sign the original one and send that back and then we will send you a corrected one. You are kidding right? well in the mean time I lost that letter so I called again today to try and straighten this out before I lose my home that I have lived in for the past 26 years. and they said again that it was there mistake and that they would re-submit it. I asked for a supervisor on this call and that is what they said. I am afraid because of their dis organization I might lose my house. I am afraid to make a payment because of the previous note above. There has to be someone that I can call and get this straighten out. I have never known a bank that didn't have a contact person for things such as this. What is happening out there. What would wells fargo do with my house anyway. I am willing to pay for it, its my home. They would get more out of me by just helping us by putting the defaulted amount on the end of the loan. What is wrong with this company I use to think they were one of our oldest and most trusted banks. What has happen to honesty and integrity in our business. thanks for letting me vent. Which out for Wells Fargo

Same situation; lost the first refinance at a different bank and a lower rate because Wells Fargo could not do paperwork in a reasonable amt of time...so I refinanced from Wells Fargo to Wells Fargo at a rate lower than what I was paying but not as good as the first try. We are now 5 months into the refinance process and there has been nothing but problems; the new loan is now 80% done, but Wells Fargo still cannot do the final paperwork.

Nice people, completely incompetent. I don't think the issue is fraud... just incredible incompetence. No wonder the banking industry is such a mess. After screwing up every step of the way on the refinance, they had the gall to ask if I wanted to open a checking account w/ them. Sure... I enjoy incompetence, doing things over and over and over again because something is always wrong is fun...

How can we hold wells fargo acountable all they do is give the run around, loose paperwork, and come up with new reasons why they can't help you once you resolve one issue they have another. They told me I had liens on my house so they would not endorse my insurance check to get work done on my house that insurance has already sent me a check to repair. I gave them a search letter from the court house that states I have no liens or judgements. Then they said it was frost bank and some supply house. So I went down to the courthouse and got copies of the liens with same name different ss# address and dl#'s. Then they come up with a list of 40 other liens the say to go get copies of. All different people same name. run around after run around excuse after excuse and every time I call I have to explain the whole situation again and still get nowhere. some one please file a class action there has to be some law against your mortgage company always finding ways to not help you get things done on your house. I've been dealing with this over a year now.

Wells Fargo promised us a 25 day closing on a 203K loan. We are currently on day 90. I have sent all information three times. The appraiser has sumbitted his appraisal 18 times and is just a fed up as we are. The seller refuses to get us another extension past today unless the closing package has been sent to the attorney. Our loan officer refuses to give us her supervisor contact information. I have never dealt with any company as unorganized and unprofessional in my life. We had company come into town last week to assist with the repairs, we have had to delay putting our current home on the market, and the last straw is we had to cancel our Christmas plans at Disney because we will hopefully be closing Monday or Tuesday. I have five very unhappy children,

My husband and I are currently trying to refinance our home with Wells-Fargo and it has been a nightmare since the beginning! They ask for everything but the kitchen sink and when you send it, they lose it! Our agent never answered her phone or returned our phone calls in a timely manner. After two months of red tape, we finally had our closing scheduled for today. One and a half hours before closing we get a call saying that 'their computer has not sent the closing documents to the attorney'? We've known about this closing for over two weeks ? This is totally 'UNACCEPTABLE' and 'UNPROFESSIONAL'! Now we have to reschedule and our 'lock-in' rate is about to expire. If we had not invested so much time and money already, I would just walk away. If this is the level of service we can expect as customers, we are in for a long ride!

goto www.naca.com--- call them they WILL help you. They were founded by Bruce Marks out of Boston, MA... They have just had the largest HELP! Seminar in Mortgage history in Charlotte, NC. Call them, google them and get ready to be helped!

This is the real deal... save your home!

Anyone/everyone dealing with any bank -- perhaps, especially Wells Fargo -- ask them to produce the note. Here's a story of a typical Wells Fargo "non-loan-modification." The mortgage division of Wells is a nightmare, and I can only think that the rest of the bank must be also. Here's one person's story: http://facesofforeclosure.com/?p=670

And ask them to Produce the Note . . . if they cannot track it and show your legitimate paper from the current note holder, there is no proof of ownership.

Here are notes on that: http://facesofforeclosure.com/?p=1050
Along with a PDF download workbook that might help: http://facesofforeclosure.com/?p=670

If worse comes to worse, consider a forensic audit. It seems that I may have to go that way. Good luck to all of you.

Wellsfargo Bank does what they want without protection for their customer, they let Wellsfargo auto finance take money out of my wife's savings without mine or my wife's permission and claimed they had the right to do it. We had been talking with them about the problem and they said that no one had talked to them and I have names and dates. I do not know who to talk to as I never heard of a bank letting anyone have access to an account. John A. Emanuele

I have been trying to help my mother to get re-financed with WF since February 2009. Just like so many before me, we have submitted the same documents to them several times, have had two appraisals done 6 months apart, WF has been listed as lien holder on the homeowners insurance, they issued us a loan number, and even sent us "good faith estimate" ...ect. the worst part is that Mom is at risk of loosing the home that she has been in for over 43 years because the original note with another bank had matured in April and we continued to believe the promises that we will close "next week' and next week still has not happened! This has been a nightmare! Words cannot express the stress that this situation has placed on our family. We are still in search of a solution! 8 months of HELL! Pray for us!

how can our gov allow a bank with this reputation to keep taking advantage of home owners ? w f is nothing short of a bank robber, how ironic. my wife & i have a 9.25 rate & have had no help from w f in trying to refinance.they have dodged us, gave us the run around, & outright told us they could not help us. i lost my job about 3 months after we started trying to get a refinance . we have exhausted our savings & began borrowing money from family members just to keep good credit.i have no us for WELLS FARGO stay away from the.no good...bunch of crooks..

yes...Exactly what has happened to me over and over. i ssupect the company is in trouble and they are scamming money to stay afloat!. Also, in past they charged me 2.50 service fee that was not supposed to be charged to my type of account. I had to call 6 months in a row to get it to stop. Now, each time they did give me the 2.50 back but not as a reversed item. The 2.50 simply diappeared. How is that possible? if they cna make 2.50 disappear as if it never happened they can do this w/ any amount they feel like at any time. if you have money w/ wells Fargo, change bacnks now, before they go under...

In 2007 WF took over of was sold my mortgage by WAMU. In October of 2007, I recieved a letter from WF advising me that my flood insurance was deficient. I called and inquired on this and advised them that my flood insurance has always been the same and the last two companies did not have a problem. I was advised to either increase it or they will and bill me. So, I asked what are the guidelines and was advised that it needs to match the mortgage amount. So, I increased it and all was good. Now, two years later I get another letter telling me that it once again is deficient. So I inquired. Now they state it must match the amount of my homeowners policy. WTF, they change the rules when they want? Also, I thought they could not modify anything or demand a modification if I did not originally go through them. I did everything to keep them away from me and they still got me. Anyone else get those insurance letters?

Hull, Ma

This might be a happing ending - depending on how you look at it. My credit score is also in the 800's. My home appraised for way over the re-finance loan. My main goal in re-financing was to get out of escrow. I used the 123 loan. I thought the loan was going be processed in a month if not sooner. Nothing major with this loan. I wasn’t even cashing out.

I started the process in April of 2009. My first Wells Fargo Loan officer was incredibly unprofessional. He would not communicate through email, return calls, and stated that I could not get any docs through Adobe. The loan was originally denied.

I made some calls, and along the way met some horribly rude unprofessional people. I wasn't even sure if I wanted to continue to do business with this bank, but for me it was more about the principle. Wells Fargo had no reason to deny the loan. At one time, I was thinking of suing. I pursued the loan to get clarification on why it was denied. When I called corporate to complain, I was advised that they are aware Wells Fargo has issues with the 123 program. I spoke to a lady who stated the loan was denied in error. Corporate had another lady named Debbie contact me.

It was day and night with Debbie. Debbie was a true professional. We conversed through email, and I got the docs through adobe/email. I can tell Debbie took pride in her job. There were still some issues the second time around. Wells Fargo was concerned that I had too much money in my bank account. I thought this was funny, because I was worried they would say I didn't have enough cash on hand. I had to run to my bank, and get copies of cancelled checks. After showing Wells Fargo the cancelled checks, the loan was approved.

I did not see any hidden fees. So far so good. If I had to do through this all over again, I wouldn't. The hassle was not worth it. Although I must say, Debbie made a difference. Thank you Debbie, for being a true professional. Funny thing is that Wells Fargo now sends me letters for credit, and equity loans. No thanks, I will pass for now.

I wish I could point you guys to a better bank, but I can’t. Wells Fargo was bad, but there is probably worse. I couldn’t get any of the Mortgage professionals with Chase [my current bank] to return my calls. I called several times, and just gave up on them. I called Ditec, and couldn’t believe the fees. I was going to move all my money from Chase to Wells Fargo, but after this experience decided to keep it at Chase for now [although Chase has never done anything for me ever]. Good luck to all of you. Don’t give up, I didn't, and things worked out. Not sure if it was worth the hassle though. I started the loan in April 2009, and it was completed in August 2009.

Unfortunately I have to agree with everyone. Wells Fargo just lowered my home modification by $10. Yep. $10. I have experienced what everyone else is talking about and I think they did that so they can add me in their quota for the month of "helping" those that applied for loan modifications. I feel completely worn out by Wells Fargo. They call me almost everyday because they are so unorganized and to ask me more of the same questions. I feel as though I am being interrogated. My life does not change all that much day to day with the exception of losing more clients. They do not really seemed to be too concerned by that. I was told the reason they only deducted ten dollars was a trial for 3 months. If I am able to pay that trial then they will lower my percentage rate. I asked what that rate would be. I was told by customer service that she could not anwer that. I thought the reason for lowering my interest rate was to help me.

I agree with all of your comments that WF is completely unorganized and completely focused on profits rather than truly helping customers stay in their homes - I got the run around from a long list of WF idiots when we applied for refinancing back in April 2009. According to WF paperwork my credit score is 835 and my husband's is 788. We've owned our home for 4 years never been late on a payment, in fact we pay a little extra each month to the principle. Interest rates were hovering around 4.5% in April 2009.

We experienced a medical hardship (child death) and we needed to refinance quickly. Same routine, they kept asking to "refax" documentation then over a period of 4 months we kept getting "the appraiser hasn't gone out yet" They kept blaming the 3rd party vendor who was 2 months behind on doing appraisals for WF. Who suffers all this time? The customer, well interest rates creeped up and before we knew it it was August 2009. Some lame ### loan officer calls me to offer a 5.75% interest rate when my current rate is 5.8%. I asked "What the hell am I supposed to do with a 0.05% savings - in a frickin' 30 yr refinance I won't save jack ###. Instead WF will just make more money off of me.

Also their website advertised current rates for 30 year fixed at 5.0% so I inquired why weren't we qualified to receive the 5.0% rate with credit scores of 788 and 835. The loan officer conjured up some lame story that "well, we have to include the fees for processing and all that so really your rate that we can offer you is 5.75%." Crock of ### if you ask me.

Making homes affordable is a plan to help banks NOT Americans. The Presidential administration gets to credit claim that "yeah we're doing something by helping the American People" but in reality behind the scenes the only way to get the banks to sign on with the plan bank execs wanted the freedom to independently administer the program according to their own greedy policies. Case in point, they can make up ### about "fees' and jack up my interest rate, while getting incentives from the Fed Govt as long as I am current on my mortgage.

I even tried to go with a different bank for refinancing but Wells said "Oh, by the way, you can't leave, the terms in your original loan said that you cannot go with any other bank."

So much for a first time home buyer. WF sucks big cahones!

WORST BANK EVER. DO NOT USE... Everyone from George Zygmont, Tanya Terrero, Marie Herrero, Michelle Scarbaci should all be fired...they will give you excuse after excuse, and drag it out for months..DO NOT USE... YOU BEEN WARNED

My husband and I are retired and trying to negotiate our existing small mortgage rate of 6.625 % with Wells Fargo. I have applied online twice with no response, Called the local mortgage rep, Josie Perez. The first phone call she put me on hold and never returned. When I called back I got voice mail and every subsequent call thereafter. We would like the common courtesy of a returned phone call explaining why...or why not? We have a credit score in the 800s! We are both retired Real Estate Brokers and realize we are being shunted around by the bank. We have checking, savings and business accounts that may be moved consequently, which will probably not phase them at all. Wells Fargo is out of hand.

Apache Jct resident

Wells Fargo is awful. I have a 786 credit score, over $100, 000 in the bank and they could not get a refinance done which would result in a $150.00 per month savings. Wells Fargo is no longer in the business of approving loans to financially stable individuals. Now I am out the appraisal fee. Stay away from wells Fargo.

The #1 problem with Wells Fargo is they will not even give existing customers answers in writing, ie in an email. Once you start wanting that they say they want you to call them. I don't think it's a scam but it's more business practice and unprofessional. It is always best to get things in writing. Da!

I have had the same problems with Wells Fargo as many of these posts concerning refinancing. They already have my loan, my credit score is excellent, the refinance will lower my payments by about $250 a month, but these dummies have refused my refinance, after running me in circles for 3 and 1/2 months, because I refused to fix some drywall damage in my house. Mind you, this is not a structural problem, purely cosmetic! I will go elsewhere for sure.
Sungardens

It is amazingly difficult to find good mortgage info on the web- the sites that offer advice are usually soliciting business. So if anyone is looking for decent info - try mtgprofessor.com its run by a phd in economics and has no ads- but a pretty ugly setup - or bankapedia.com good info- no ads

found this helpful when I got my mortgage earlier this yr:
http://www.bankapedia.com/mortgage-encyclopedia/faqs/645-how-do-i-avoid-getting-ripped-off-on-my-mortgage

I have been working on a continually changing closing date from Wells Fargo for 2 months now. My closing date has been pushed back week by week for the past 7 weeks, and I was guaranteed a closing on last Friday, July 24th. At 5 p.m. on Friday, I was informed my mortgage application had been denied because they were unable to complete their paperwork. This denial has absolutely nothing to do with my personal finances, as the loan was approved for me, simply they could not get paperwork together about the property. Thanks to their great planning, I'm now moving all my belongings into storage and will now be sleeping on a friend's sofa while I am transferring my file from Wells Fargo to another bank to handle my mortgage. They refuse to refund the $400 appraisal (that they apparently never needed), and they are now also refusing to pay the late fees put on me by the sellers contract of $100 per day. That bill is now up to nearly $5000 that they had been promising to pay up until they day they dropped the ball for the last time Looks like on top of all the pressure and stress of buying my first home, I'm also going to have to be dealing with filing a lawsuit against Wells Fargo. Dealing with the incompetence of the people they have running their mortgage department, it makes me so sad that my tax money was spent bailing them out of a crisis they created as is now very evident to me. Any company that is dealing with the potential of making hundreds of thousands of dollars off of a loan they are processing for me should at least have the decency of returning a phone call. I've now left dozens of messages for the person managing my account, just as many for her boss, and just as many for his boss. I've yet to receive a single returned call. Only e-mails, and standard mail. Step one is filing a complaint with the Better Business Bureau, which I was sad to see has ZERO complaints about them. Step up to the plate people, We've got to do something to help ourselves beyond whining about the situation. If everyone on every site I keep finding would file a complaint instead of just complaining, this SEVERE misappropriation of our tax dollars might have been saved.

http://www.bbb.org/western-washington/business-reviews/real-estate-loans/wells-fargo-home-mortgage-in-oak-harbor-wa-13027286

I need it online in print that Rochelle Peschek, Mortgage Specialist at Wells Fargo downtown Seattle is incompetent, and it is difficult to understand how in this economy, with millions of bright people unemployed, that she has a job! I tried to re-fi in December and my story is like many above - she didn't listen to my financial situation, never requested a copy of my divorce decree and separation agreement that stated my additional income, slow to respond, never explained to me that my appraisal might come in low and affect my eligibility to refi. And when my lack of income was stated as reason for rejecting my re-fi, she said the fact that she FAILED to submit documentation of my alimony was a moot point because the appraisal was too low anyway. She is flat out incompetent. And not once did she apologize. I'm out $450 on the appraisal (which was an inflated price to begin with), but worst of all, I'll never get those hours of my life back I wasted dealing with an ignorant person who isn't worth the space she occupies on this earth. It's the dumbing down of America, folks, and she's one that is leading the charge.

what a horrible bank! and still allow to rob people out of not only their money but also hurt families emotinally.
SHAME>SHAME>SHAME>
WELLSFARGO

Does anyone have a good ending to these stories? I also have been going through hoops to satisfy Wells Fargo in securing a refinance with them, also my present lender. My house was appraised by them double the amount to be borrowed. I've dealt with rediculous costly cosmetic appraisal requirments, paying for two appraisals, upgrading insurance, their loss of insurance papers, then deemed inadequate when I sent it to the "correct" fax so I have to rush tomorrow to increase the flood insurance. I was told I was given an extension of lock in date due the their error and now I'm not even going to make that one; closing date is 3 days before 7/13 lock date expires was said to be too late, countless emails ad phone calls and now, scariest of all a message that I may have to send any paperwork already submitted that they may request. Is there someone to contact before this gets any worse? I can't talk to anyone there but the loan processor (the 3rd one now). I'd like this refinance and could have gone somwhere else. I live in NJ.
Mullica Township NJ resident

you guys are all lame.

Similar experience as others on this complaint with the 3-step no cost refinance program. 5 months later they have decided we do not qualify because we have a 2-on-a-lot and they refuse to refund the $300 we spent for an appraisal.

Anyone know where/how to report this fraud?

My expereince with Wells Fargo is terrible. They don't provide good faith estimate of costs, don't let you know the exact terms, give you the documents (which they never show you before ) to sign. At the last moment, they came up with a refiancing loan with terms that are worse than the original loan. A bunch of con artists. Stay away from this bank.

Add me to list of customers who got screwed by Wells Fargo on the three step plan. To make a long story short, it was the WORST customer service I have ever had and I got screwed because their online appraisal showed my house being much lower than it is actually worth. I therefore could have pursued a traditional mortgage and got a low rate. I was given 12-15 different 800 numbers to call along with several different names and not one person would listen to me. The last person I spoke with told me that I couldn't have even qualified if my house was worth what I said it was worth because of the 80/20 rule. I said the house was worth 255, 000 and my payoff is 200, 000! What an idiot, I told her 80% of 255, 000 is 200, 000 and she immediately put me on hold and transferred me to her boss who told me there was know way that I could get a traditional appraisal on my house. These guys are a bunch of idiots!

We have to refuse the loan WF finally locked us in at. They lured us in with a promise of 4.5% on a $302, 000 gov't-backed refi. Then called a month later to say we missed the boat and it would be 5.5%...we are at 5.625% now. To make things even worse they now claim the estimated closing costs to be nearly $18, 000. How can that even be? When I complained that was too high they start throwing numbers at me saying I would be stupid not to let them take the $18, 000 because "in the long run..." One thing I have learned over the years is that when a bank calls you stupid, get a new bank. RUN.

Wells Fargo dropped the ball on my refi. I have 60% loan to value, credit scores are 785 and 815 for my wife and I. We chose the 123 quick refi. They lost our paper work twice. On 2/27/09, we started the 123 qick refi process. I overnight mailed them all paper work they asked for to the address they provided. 25 days later, I get my entire paperwork back from them via overnight prirority mail with an email letter attached from one wells fargo employee asking another wells fargo employee "Can you help me out? I got this packet for a wells to wells refi in error. I dont know where it needs to go? Im asuming underwriting needs it but when I called them, they say they didnt know either." That was the entire email. Im guessing both employees had no clue what to do so they returned my docs back to me.? 2 weeks later, then they called and wrote a letter asking that I resend all docs needed for the underwriting dept. I mailed all docs back. They were all secured via a heavy duty staple going through the entire packet (w2s, bank info, assets, job info, pay stubbs, etc...) I called them 3 weeks later asking for the status. The loan processor told me they received SOME docsu but need the rest. I told guy over the phone to cancel the process I dont care to work with Wells Fargo. He asked "Why? You are going to save thousands of dollars." I said you guys lost my docs twice. I dont care. I have great credit, high loan to value, im the customer you guys want and you still cant get it straight. You dont deserve me. Good bye. " I hung up. 5 days later, I got a letter asking for the docs. I ignored it. 20 days later, I got a letter stating underwritng was denied due to lack of docs. I didnt matter as I refi'd with another company with a flawless experience, and a better rate. I must say thanks to Wells Fargo. They did save me thousands of dollars afterall! (and lost a good customer too).

I began my refinance adventure with WF January 7, 2009. I received a letter indicating that I had Priority Buyer status which is the highest letter of approval one can have. I paid the $400 up front closing fee on February 3, 2009 and was told that we would be going to closing within the month.

Sixty-nine emails later and dozens of phone calls I find out yesterday that I was denied. To make matters worse they are unwilling to re-fund my $400.

I plan on taking them to court. They are scammers.

Fort Worth, Texas

Wells Fargo is the absolute worst bank to do business with period. they have caused me so much stress that I have medical issues. they say they are in the mha program, blah blah blah. I'm telling you right now this is only for pr purposes. they do not want to help anyone. they only took OUR bailout money. they also paid off the senators so the 1161 cramdown bk wouldn't pass.
the banks rule and pay everyone off. our votes are all paid off, may as well not even vote any more.