Wells Fargo Mortgage — refusal to refinance
I had purchased a condo in January 2008 at an interest rate of 5.875%. My original mortage company had sold the mortage to Wells Fargo, and they have been servicing it for about 6 months now. Last month, I responded to an ad that Wells Fargo ran for a NO FEE refinance, that would bring my rate down to 5.25%. I thought, this is a no brainer, especially since Wells Fargo already has my loan in their possession. Well, after dealing with an appraiser who came to my place, and several customer service people over the phone, I was told that my property did not qualify for this program and I was declined - apparently too many units are still outstanding, and you need to be over 50% sold!! Needless to say, I was furious! After all, Wells Fargo already picked up my loan and is servicing it, and I have great credit and financial background!!
No wonder why Wells Fargo had a record quarter!!!
Obama - I hope you are watching!! Another example of the consumer getting screwed...