Wells Fargo review: wells fargo fails to refinance-untruthful ( 44 comments)

While I am thankful for the potential assistance in reducing my monthly mortgage payments I am angry that it is taking so long for my loan modification application with Wells Fargo Mortgage to be reviewed.

After the company received my paperwork the first week of February and finally assigned a "negotiator" to review my file the first week of April, I am still waiting!

I call every week to check in with the bank but my case is still under review. I have never been asked for more documentation and have been told that it takes up to 60 days for a finding once a negotiator has been assigned. Considering I am approaching 4 months total, I think this wait is unreasonable. There are plenty of unemployed people who would glady accept a position with Wells Fargo to move this process along faster!

It was a very nice to share the thoughts. Let me share my experience with you guys. I got so much useful information from www.editmyloan.com on loan modification. This site is simply great.

I am in the process of getting my home refinanced through Wells Fargo Financial but we are going on 2 months since the beginning of the refi and have not yet heard from them - I always have to contact them. We are getting anxious and frustrated. I also call every week but they tell me that I have to continue to wait and they reassure me that it is "being worked on" instead of being on the bottom of a huge pile which I imagine it is. My husband and I are very skeptical since they tried to talk us into using my paid off car as a collateral. The loan officer first told me that the interest rate would be 11% but she later came back with papers stating a 22% interest. I just want everyone to know to be careful before signing anything. We are still trying to close on the refi since it is in the underwriting stage, but we still not 100% confident in their practices.

Lost my home due directly to illegal acts of the Wells Fargo Home Mortgage Banking Institution. Late for a mortgage, called, tried to sell the home for the debt only but of course not due to the loss of value nationwide. Finally after multiple of calls to the 'maze' of individuals in the banking institution a particular party naming self as Camica says just pay us a set up fee of 2500.00 and we will be able to modify your loan which then made the payments 2392.00 per month. So, we immediately did so. Then they switch it to a forebearance expecting us to pay them 12, 457.00 after they received the funds. Also, a letter we received stated explicitly that we would be refunded the money if we were not accepted.

Guess what this is now over a year ago and we never received the funds back, they took us into foreclosure and we are now out. We took this to the FDIC, OTS and the WA State Attorney Generals office and even the Better Business Bureau of the home state of the banking institution to no avail other than a lip service postage form letter. I must add though here the WA State Attorney's Offices were quite helpful with some confidential advice contrary to all of the other governmental offices that did nothing and are probably being paid by WF under the table to do nothing.

Yes, in error for a financial struggle but were caught up in all areas except this nonsense with the WF folks and were prepared to be caught up with them also. We had a combined income of over 10, 000.00 per month at the time and now all lost. Then we turned all of our paperwork over to a nationwide financial audit team with the possibility to investigate or at least a direction of protection from such and find that the bank, the closing folks and all were guilty of 24 violations relative to RESPA, bait and switch, loan closures, illegal manipulation of the interest rates from our offer through closing of the home plus, of course, the interest rate increase that was not the '6.5 but ended more after all is done.

The audit team suggested a law suit however we did not have the expected findings of having to put out over 7000.00 up front to a law firm (called on many and that was the average amount stated) due to the fact they would be doing battle with a bank that has large amounts of funds from depositors to delay any action and 'basically try to wear us out' with years of litigation expectations. So, we end up loosing our home and moving out of state, loosing employment due to this and now we must spend our energy presently to 'catch up' but will definitely keep all records for a potential class action law suit if this becomes a viable entity down the road - and we surely hope so. For, these people have not only ruined us but have heart us physically from it all too.

Stimulus? Where in the world is our government when the people need them for protection from the real enemy - the predators that are ruining this great nation! Stimulus? For who, those who have never had a home before with a loan and have never had a late payment and what? Get a life government folks and go get a real job for once that expects real results and come back with that kind of nonsense!

'Shut down WF' and the likes of them!

We are in a similiar situation our mortgage has been in review for 8 months and Everytime we call its the same thing, its still in review, we will send an e-mail to that department in the mean time we have not made a payment in over 8 months and now the balance is over 7, 000.00. I have finally had enough and have an appiontment with an attorney this week. I hope something can be resolved.

I recently submitted a loan modification request through a third party advocate company, Bro Redevelopment.
I have been laid off from my job since the end of January and I have stayed current on my payments. Although I have actively pursued a new job, the only income I have is unemployment and I have savings.
Wells Fargo advided the advocate they will not consider modification unless I am employed.
If I was employed I probably would not need the help. I thought the Government wanted these lenders to try to work with people in my situation.

I also have had terrible experience with Wells Fargo home Mortgage. I have been in loan mitigation since Feb. 09 and current on loan payment which they said we needed to do for the mitigation process. We have faxed over all documents requioed ( a few times) and call in every week with a different answer and rep each time. It is pathetic the way they treat customers. Then they sent out a letter requesting again another paystub and updated financial worksheet . I faxed that immediately received confirmation that they did receive the fax. I called the next week to check status and they said we had been denied due to lack of paperwork requested. I told them that I had indeed sent what the letter requested and had confimation that they had received it. The agent said oh we need 2 paystubs and a copy of a letter from you (again for the second time) that I contribute to the account since my husbands name is on the loan. So they kicked us out of mitigation and sent our loan for a short sale. I was livid and said I did not want to short sale and they are the ones that messed up and they need to put me back right away to the mitigation dept. They assured me that they would and I would be reviewed fromwhere they left off. I call in weekly and a rep will tell me 1 time that yes I am in for mitigation review and the next time they do not show me in there . The reps easch time promise they are putting in notes so the next time I call in they can see the progress. We had our 1sr and 2nd with SunTrust never a pro blem and Wells Fargo bought our first only. Sun Trust workedwith me and it took about 3 weeks only to bring my interest rate to 1/2 for the term of the loan with no penalties which took my payment down to half with no hassles what so ever. I would never ever reccomend wells fargo for anything. Very non pofessional service.

I waited 8 months for a modifcation decision and then was told I had to enter a payback agreement, but after 6 months I could modify the loan and get my escrow balance returned. I called back after 6 months and was told "the payback WAS the modification." I've sent certified letters to them and am contacting the BBB.

I don't know where to turn. My daughter and her husband applied with Wells Fargo mortgage for the federal mortgage relief program, because it was hard for them to make their payments and they wanted a lower interest rate. My daughter applied online with Wells Fargo and then talked to them by phone. They said there was a long waiting line and it may be 30-45 days before she heard anything. She was already 1 or 2 months behind on the payment and she asked the representative if she should make a payment while waiting on an answer to her application. She was told, NO, do not make a payment, just wait. After a month, with no response she called again. She was told again to be patient it may be another 30-45 days and do not make a payment. After a 3 - 4 months she got a letter that they were going to begin foreclosure proceedings! She was in shock! Then the next day another letter came saying they were turned down for the mortgage relief plan because they made too much money. Their gross wages are less than 50, 000 / year and they have two small children. Now they are telling her that she must pay all the late payments at one time and also pay attorney's fees to stop the foreclosure proceedings.
If their own company told her to not make a payment and now they want to foreclose, isn't that fraud ! Any advice would be greatly appreciated.
Thank you

I have been attempting to work with Wells Fargo the past Five Months to resolve an error they made which led to a negative credit report on my otherwise flawless credit history.

I received mis-information from two Wells Fargo represntatives regarding a refinance. They have been horrible about following up with me and I have to continue to contact them for answers. They refuse to acknowledge and correct THEIR error.

I manage approximately $8 million in annual revenue. I am looking to finance a second home. Based on the unbelievable poor service from Wells Fargo, they'll never be a banking option for me or my clients.

They just don't seem to get it.

I tried for nine months to get a modification with WFB. I kept getting excuses and then requests for more and more updated financials which I always gave them. It was horrible. I n ver spoke to the same person twice.

All this time interest accrued. Finally I was able to sell my home which I worked hard to do, the sell price was close and I had to pay 17K to make the deal work. This was not a short sale and I fulfilled my obligation but Wells' delays cost me almost 12K in added interest. They are horrible.

The DAY AFTER I closed I got a letter from WFB denying my modification! They string you along to get more fees and interst. I wish I could get back this interest. They tell me they looked into this and did nothing wrong.

I should have walked away from the property but I did the right thing they they screwed me big time. I have been a customer with them with various accounts since 1975 which doesn't matter to them.

Living a Wells Fargo Nightmare. I had an arm mortgage with Wells Fargo. Paid down almost 25 percent. Our income dropped still make a decent salary and I requested some kind of arrangement. It has been one year. The agents tell outright lies.

One agent will dispute what previous agent said. For those taking mortgage with Wells Fargo, Think a gazillion times before you decide to go ahead.

My experience is extremely bad, extremely unprofessional. I would never ever deal with this kind of bank again. I will boycott Wells Fargo for good.

There is absolutely no point in having a family linger on for a year, take their money and do nothing.

This bank is practicing economic slavery and they have forced me and my family through enormous hardships.

They had dragged my home modification request for almost 6 months now. I tried so hard to pay my mortgage ever since I got laid off. I think very soon I'm going to miss some payment, and probably that's when they will start taking me seriously. I do not want to have any business dealing Wells Fargo in future neither.

Wells Fargo Bank must PAY!

I agree with the previous comment about Wells Fargo. Wells Fargo indicated that our refinance would occur with 45-60 days and all fees would be rolled into the new loan, therefore saving us over $300 per month on our current mortgage. The appraisal was completed and said to have come in too low and we would need to bring $7, 500 to closing. I disputed the appraisal because the appraisor left out upgrades to the subject property as well as didn't use comparable properties with higher sales prices. I also questioned Wells Fargo why the appraisor was not selected from a local list of appraisors within the same county as the subject property, but from a different county within the state.

We got a loan modification that we were having no trouble paying. They sent us a letter stating we were renting the place out and the loan modification was null and void. The subdivision we live in has a postal area as they do not want just anybody driving around so our mailing address and physical address is not the same. When they came around with a certified letter we had to show ID and sign for the letter so they know we live there. Now they are starting foreclosure against us and they will not answer any questions or try to work with us so we can keep our house. Is there anything we can do to correct this problem?

i dont buy your story either. selling your house on a rent to own was a dumb idea... didnt you think you would get caught ?

banks are not stupid

Same as me - file a complaint w/ the comptroller of currency and regulator of national banks. See my complaint at Wells Fargo Mortgage — mortgage modification.

Let's stick together. They lied. It's fraud.

This is the same thing my wife and I are having with this company. It is frustrating to deal with so many incompetent people. If they lie to us one more time we will try to get a lawyer a sue.It is a pitiful way to business.

Couldnt agree with you more! I hope I dont have to pursue their stupidity with the attorney general or the better business bureau

As many I have Just read . I was severanced out of my Job. After 41 years in the Steel Industry. I used My 401 K money to keep up with house payments. I was getting low and with no Job prospects going, I called Wells Fargo and asked about Mortgage reduction. They sent me all the forms. I filled them all out and sent them in. After six weeks and many redundant papaers being faxed, I received a call that we qualified. I also had a line of credit with wells [censored]o and it was 9.75% so i called about doing the same. After i sent that paper work in . I got a call for the first Mortgae and was told I did not qualify on first Mortgae, I said wait you tpld me I qualified . and this was the same employee that told me I did qualify. She stated your wrong I did not tell you that. I was very upset and waited till I calmed down to call back and ask why becaue with my pension and unemployment and wifes income I mad to much money. I was told I don't have enough income to make payments even with a Mortgage reduction cause she said it wouldn;t be much difference. I said I have never been late and still making my payments, she said good keep it up. I owe 206, 000 on both combined and the house was aprasied at 270, 000 by them 12 months ago in the middle of the down swing. Our goverment bailed out the banks Not the people of the country. Now i am being told to check my credit because wells fargo will turn it into the credit companys to lower my credit score just for asking for reduction, the gover ment needs to step in and take Wells Fargo to task.

I too am in the process of losing my home due to foreclosure because wells fargo gave us the run around for over ayear and a half. Did not get modification because they never received my faxes and had two short sale offers on the table which the 1st one I made add was almost what i owed and the 2nd don't know they just sold my house at a auction. WTF? needless to say, no one has an answer they are all pointing the finger at each other. I will never bank with WELLS FARGO AGAIN AND YOU SHOULDN'T EITHER.

To me, this company is just out to let you lose your home. Beware future home owners and go with another bank. All you get from wells fargo is the run around. Very sad.

We are now in month 12 of dealing with wf and loan modification. the most frustrating and upsetting and lets not forget time consuming task i have ever been forced to undertake. they have sent back our 3 months trial money they have promised we were modified and we were not they have promised one contact who turned out to be a complete unprofessional nasty lady who should never have chosen a career in customer service. I have been lied to outright. My mother has been lied to outright. I am sick and scared to lose my house of 15 year everyday and every minute. I call every week to be told still in review or yes a rep signed off on your docs you are legally modified that cannot change. I look at my online acct. only to find out that we are over 8000 in debt to well fargo and my credit was recently affected with a 180 day late from wells fargo. Everything I have read online tells me my credit should not have been affected. I cannot cash the check they sent me because they included 4 people on the check because on our original note we had 2 cosigners and they live in ca and we live in nm. I have banged my head I have tried to talk to knowlegable people I have done everything short of selling our home or walking away. We Love our home. I no longer know what to do. last week I was told new documents were sent out yet we never received them. Good luck to any person dealing with this incredibly frustrating beauracracy of stonewallers.

We have been Jumping through hoops since November 2017 for Wells Fargo to qualify for a mortgage adjustment. They have told us in writing our credit won't be affected as long as we do as the program outlines. We have done everything required and then some and even done it earlier than requested. They reported us to credit bureaus causing a drop in our credit reports from high 700's down to low 500's. Now, we're even getting threatening foreclosure letters while we are "supposedly" in the program. WE ARE IN WORSE SHAPE THAN BEFORE STATRTING THIS JOKE OF A PROGRAM! Didn't they receive billions to help citizens like us? They should be ashamed and the American public should know what crooks they are if they didn't already. SHAMEFUL! Class Action, anyone?

I tried to do a re-finance with them. All went well until the appraisal. Nobody told me they were hiring some idiot who lived in another state to do the appraisal. The guy called me wanting to know what he was coming there to do, then couldn't find the place with a GPS (seriously!), flew through the appraisal and at the end started asking me questions that had nothing to do with the property - turns out he had pulled the tax assessment for SOMEBODY else's place, with a road name somewhat similar to mine. I hever heard another word out of anybody after that. I called appraiser 1 mth. later - told he couldn't talk to me or give me a copy, agent and loan officer at WF both refused to return my calls or emails. It has now been over 60 days since process started, I am out $350 for appraisal, no word on whether load is still "active" or not. Don't recommend them - I should have paid attention to the complaints and gone elsewhere.

Dear sir, I was very happy to read your complaint. Not that your pain made me happy, but I now realize that I am not the only one that has been totally ###ed over by Wells Fargo. I too have been looking to refinance my mortgage since Oct 2017. I went on their modification trial period while they processed all the paperwork, Like you I have never missed a payment and was just looking to lower my payments. from then until now Wells Fargo has harassed me when I callled to see how things were going, they conveniently lost all my paperwork, told me I was denied when I wasn't, then told me I was approved and to start making lower payments, then when the lower payments were made, they reported me to the credit bureaus. They trashed my credit score from 765 to now 618. and all I did was pay exactly what they told me to pay. Please keep you head up, I am with you. If I find a way out of this I will write it here, good luck!

suburban New Yorker.

The end of July we talked to a loan officer at the Wells Fargo in Canton Ohio. One question we asked before we started is will we have to come up with a down payment. We was told no. We applied & it was sent to the main branch in Indepence Ohio. They told us we was approved at the beginning of Aug & we had to turn in some more info. So we turned it in. Than they wanted more & more & more. The whole month of August was a nightmare! Each time they asked for something we turned it in within a day or two. To make a very long story short around Sept 2 they told us we needed $3, 200 for closing cost & down payment. I tried to call to find out how much was closing cost & how much down payment. No Answer so I emailed. The returned email stated we need $2, 065 of our own funds. But she still didnt answer my questions. So I emailed again & she told me to call. Well I finally got thru for her to tell me that I need $2, 065 & I have to show proof that it was in my bank for at least 30 days or it could be a gift but I have to show proof it was in there bank for 30 days!. WHAT?! I was told I didnt need any down payment! My closing date is the 28th and they just told me. Dont deal with Wells Fargo! We was first time homebuyers & now I dont know if I want to ever buy a house. Does anyone know who to call to complain? Even though Wells Fargo will ignore it!

I do have the $2017 in cash... the point is they said I didnt have to have a down payment. Also they are telling me it has to be in my account for at least 30 days. My closing date is the 28 of Sept! Why didnt they tell me this at the beginning.

That sounds like WF, on hand does not know what the other hand is doing. We lost our home financed thru them after they suggested we skip our payment to get a reverse mortage and pay for the appraisal. The appraisal was not accurate. We spent 8 months on the phone 2& 3 times a week, different person every time trying for a modification. Our home has been empty for over a year. If they would only have accepted a lower payment they would have had their money and not a loss. They show no mercy on elderly and handicapped with large medical bills.

Going through the same thing now...Started the refinance process in August and here we are in January, 2017! They are so incompetent, it is ludicrous. We have excellent credit as well and we are only trying to refinance an existing mortage with Wells Fargo! They have asked us for flood insurance, even though they hold the current mortgage and know we are not in a flood zone. They have asked for explanations about our lot even though they hold the current mortgge on the lot. They have stalled in every way possible. It is so obvious that they do not want to honor the lower rate. They are doing everything possible to make us lose this rate so they can keep us locked in at the higher rate. Wells Fargo is littered with incompetent employees that obviously have no interest in doing a good job or treating their loyal customers right.

Im going through the same thing with Wells Fargo - its been over 3 months and they have still no compleion on two nyc condo refinance. they drag their feet and have no answers- Wells fargo has so many issues on so many levels Im suprised they still exist.

I believe that a class action suit is in order...there seems to be more than enough evidence from the client and from the government. Where do we go next?

We tried to refinance our mortgage with Wells Fargo Mortgage and they appraised our property very very low. We found out that the whole appraisal was erroneous since the comparable sales used by the appraisal were wrong - for ex, the homes used for comparing had a lower sales price since they belonged to a different school district. Our home value and the neighborhood keeps up good values in homes since it belongs to more recognized and in demand Cupertino school district. We asked Wells Fargo to correct the errors but they would not. They charged us $500 for application that they are not refunding. I hope they are brought to task for such erroneous assessment leading to our whole mortgage application getting denied.

For 5 months, my fiance and I have been working on a home loan through Wells Fargo. We've done everything they've asked for. We got our credit scores up within a 6 month time frame, we've submitted our tax info and work wages, saved up enough money for the down deposit amount that they provided us, but yet, those weren't still enough. During the whole 5 month process, our file has been constantly passed down from loan officer to loan officer - each wanting something different or not satisfied with what was on file. So they ask for more. They denied us when they found out that my fiance was working for family. Their excuse was that her wages were inconsistent, made too much for what degree she has, or doesn't believe that she doesn't have any ownership to her father's business. I've never known a bank to turn someone down just because they made too much to pay them back. I would never recommend Wells Fargo to anyone. FYI, coming from one of their own loan officers, he stated that 45% of the Wells Fargo customers were unhappy with the way the bank was handling their business with the bank. I think that should be reason enough not to even attempt banking with them. Thank you for your time in reading this post.

Poor Service? They don't have any

Wells Fargo and USAA did not talk to one another regarding my insurance. I did not find this out for almost a year, and one day Wells Fargo began over drafting my account. I called to complain and they told me it was because my home insurance had expired. I asked how that was possible considering I had USAA and had them for over a year. Wells Fargo said another Mortgage company was listed (one I have never heard of). I asked why didn't they notify me; and they said they had tried notifying me in Afghanistan, even though all my bills come to my house in the states. They have been taking an extra 206.00 every two weeks, for the past 4 months! I am a single mother, who is transitioning out of the Army. They keep having excuse after excuse for the 'glitch'! Very unsatisfied! USAA refunded my money within 3 days! Highly recommend them!

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 [protected].

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.

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 [protected].

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.

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 [protected].

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.

i have been with wf for 6 years, never late on a payment and pay extra since loan begain, they offered
a suggestion about refinance, so i said ok. i did all the paperwork, and they said everything was a go,
so they ordered the appraisal, and i paid 387.00 for it, knowing there would be no problem on it, since
our house is worth lot more than what i owe, so they called and said they were ready to set the date
for closing as soon as the appraisal came, then a differnet loan officer calls today with total different
story, and said it was a no show. well why did they send an appraisal guy out then, they knew
to do their customer better, i said well just return my appraisal fee cause you said you wouldn't order
one if it wasn't a go on the loan, and besides my house is finance right now with you, so what is the deal