New Reviewer

WELLS FARGO FINANCIAL LOAN SHARKS

I TRADED IN MY 5.25 NEG AM LOAN FOR A 8.53% LOAN WITH WELLS FARGO FINANCIAL BANK...WHAT A *** I WAS!!!...THEY PAID OFF SOME DEBT, BUT CHARGED ME 28,000 IN LOAN FEES, AND DOUBLED MY PAYMENT. THEY APPROVED THE LOAN KNOWING I COULDN'T MAKE THE PAYMENTS DURING THE SUMMER MONTHS. THEY MAKE BAD LOANS, ALL THEY WANT IS YOUR MONEY..NOW I AM FIGHTING THEM TO SAVE MY HOUSE FROM THESE LOAN SHARKS. THEY SCREW EVERYBODY, BUT ESPECIALLY BLACKS AND MINORITIES!! I AM DEDICATED TO HELPING PUT THESE BASTARDS OUT OF BUSINESS THE SONNER THE BETTER!!!
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3 comments
#48844

Craig, I guess this is what WellsFargo does to military indiv cause they have a lot of military accounts. My son had the same problems.

After having vehicle and paying for 4 years, he still owes 17,000 for orig 19K. Then we tried to get a payoff, non for 3 years. Drop lien and then repo/stole vehicle after 2 years no contact. U 2 should write a complaint 2 Federal Trade Commission.

May enough complaints and they will do something. (Maybe wishful thinking).

#43621

This bank is full of unscrupulous bastards! They constantly harass me that my daughter's car loan is late.

Sending mail and phone calls non-stop. I get on-line to review her account information and even their records indicate she is current. They put unnecessary insurance on her vehicle without contacting her, trying to charge her extra, until she proves she already has her own insurance. They take extra out of her account for her payment.

Her payment is $345 a month and sometimes they take a double payment and then act like it was her fault when her account didn't have enough to cover it, charging her another fee. I hope Wells Fargo folds and another banking company with some morals buy's these idiots. They are ridiculous and deserve to be out of business.

My daughter is in the military, serving our country and this is how she is treated. Sickning!

#24252

As far as I am concerned that is much better than your neg am loan. You will at least now pay down the loan instead of owing more than what it started at.

No one forced you to take the loan that was offered.

I would bet you didn't eliminate your debt after it was paid off. You need to learn to manage your money.

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ID
#108551 Review #108551 is a subjective opinion of poster.
Location
Kissimmee, Florida
Service
Wells Fargo Mortgage
New Reviewer

WELLS FARGO TURNS AMERICAN DREAM INTO A NIGHTMARE!

WELLS FARGO, dba, AMERICAS SERVICING COMPANY TURNING THE AMERICAN DREAM INTO A NATIONWIDE NIGHTMARE My lovely home of seventeen years is up for a Sheriff's sale on October 3, 2007. My home. I pray Disaster Relief is made available immediately for families in crisis. For a record number of home owners, the American dream is currently a nightmare. Wells Fargo dba American Servicing Company (ASC) hopes to take my home. The balance on my loan is very small, less than half of the home's appraised value. My mortgage payments are low, I can afford them, and I have always made them on time. My mind spins as I try to understand how something like this can happen. But the truth is nothing is for certain. Last February, I received a letter from ASC. Effective immediately, my mortgage payment increased 200%! I called Customer Service and was told my payment increased due to a negative balance in my escrow account. I told them they didn’t escrow on the account, had never escrowed on the account, and I confirmed with them my monthly mortgage payment would not change. They told me I would receive a letter confirming the details we had discussed within 7 to 10 days. I was to learn letters with good news never came. Somehow the letters threatening foreclosure were relentless. At first I tried to talk with the same employee who had promised me he had “noted everything in the record” and “he had discussed my account in detail with his supervisor to make sure all the problems on my loan had been fixed.” agent who just promised you all was taken care of arrived confirming assured me over and over and over, that yes, definitely this time, they had truly made the corrections I thought had already been made. And they definitely would be reinstating my loan, the one I thought had already been reinstated. I was always told I would receive a letter confirming all was well with my loan. But the promised confirmation letters never came. November, ASC suddenly, without reason, began to escrow on my loan. They had never escrowed before. I didn’t receive any notification or indication that they planned to begin to escrow. But their error, and they do readily admit it was their error, was not But ASC paid two additional property tax property tax two more times, and paid the annual premium for home owners insurance. I always paid them monthly. On August 14, I was told, again, my loan had been reinstated. While waiting again for another confirmation letter that never comes, I call them again. I I didn't contact anyone else for help because I didn't think I needed to. ASC was always so sorry after they didn't follow through on one of their promises. Then they reassured me all was well. I was very stupid. But ASC made an error, and that’s OK. But their error, and their inability to quickly correct their error, I might lose my home. My home was my savings account. And it was my retirement account. More important than anything, it was my security blanket. I am so very sad! In 1990, WATERFIELD MORTGAGE CORP, honored me by approving my request for a mortgage loan. It’s difficult to comprehend how truly good something is until you experience something bad. I miss Waterfield Mortgage with all my heart. I know help is coming soon for families facing foreclosure. God Bless anyone who helps someone keep their home. Kelly L. Hansen Overland Park, KS ctsmyhon@***.com
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3 comments
#23226

At a time when banks & companies were over burdened by handing out loans like candy I was buying my first home. I had contacted several lending companies to only have them take my info over the phone tell me what I would quali for & not follow through.

Wells *** was the only company take the time to return my calls & actually speak to me. The agent informed me that due to my resistance in having large quanties of charge cards with balances on all of them & my bad habit of actually paying off debits, it hurt my standing in getting a low intrest rate but promissed that with timely payments he would pay the aprox $850.00 refi fee in a year so I could lower the intrest rate. I was in a spot & needed to get fiananced so I could close on this house I found. I took the deal.

At no time was it disclosed to me that this was a variable intrest loan that could double at the end of two years. I had spent two months going over the draft loan papers having errors they made corrected. I discovered variable rate while reading through the papers at the signing. A year to the day I started searching for a refi, with a $8500.00 fee payed to Wells Fargo.

I was able to prevent my payments from doubling and got a rate that was .25% above prime (with my anti-credit card, debit paying poor rating).

I was one of the lucky few to excape the Wells Fargo *** with alot of work, scrambling & a friend. I won't outwardly say their agents lie due to laws & such but they are good at omitting & bending facts.

#3408

I understand your feelings about fees that banks charge re credit cards. In some states these delinquent interest rates, were what loansharks charged, and this very statement was made by a senator/or congressman when the credit card companies were called on the carpet last summer or fall for raising an up to date credit cards interest rate to a delinqunt interest rate, because the person was behind on a different credit card an outrageous practice.

After the congressional hearings most credit card companies have stopped this completely outrageous practice.

One thing here, though Turner, that is important. If you like the credit card company or not, by closing the account you lowered your credit score. Part of your credit score is based on available credit, so if you pay off an account, leave the account open, it will heighten your Fico score, showing you have additional borrowing power should you be behind on another card, you have the ability to transfer a balance, by closing accounts you cut yourself off from that additional availability of extra credit, and you lower your total point score. Pay off yes.

Close the account no. Source www.answersfordebt.com

My sympathies to the lady who had the problem with Wells Fargo. Please keep in mind all banks have a mortgage mitigation dept.

Most consumers do not know this and banks have complained to the media when people accuse banks of being insensitive about foreclosure that their depts were never contacted, and were willing to work something out. This is true to a certain degree, most consumers, do not even know about mortgage mitigation depts.

#3397

I had an old wells fargo credit card. After the predatory lending charges and fees were paid off and the card paid off we cancelled the account vowing NEVER to do business with Wells Fargo again.

Amtrust just sold my Mortgage to them. So now I am back in business with those *** BAGS.

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ID
#105639 Review #105639 is a subjective opinion of poster.
New Reviewer

WELLS FARGO WILL STEAL YOUR HOME!

WELLS FARGO, dba, AMERICAS SERVICING COMPANY TURNING THE AMERICAN DREAM INTO A NATIONWIDE NIGHTMARE In November 2007, Wells Fargo d.b.a. American Servicing Company (ASC) decided to escrow on my mortgage loan. For no reason. My taxes and insurance were always paid on time. They’d never escrowed before. Then, instead of paying my annual property taxes once, they paid them twice. And I had already paid them. Then they pre-paid my property taxes that weren’t due for another year. I’d never had an escrow account with them, so usually the balance was zero. Now it was -$5500.00. My mortgage payment increased from $655 to $1446 a month. I can’t pay it. Wells Fargo admits their error. They promise to fix it. Then they don’t. Again they promise to fix it AND reverse all the late charges. Doesn’t happen. No one corrects the original mistake so the snowball effect is creating havoc with my mortgage, with my credit, and on my life. ASC Phone calls and letters threatening foreclosure were relentless. I have spent hours on the phone trying to resolve the problem. So many ASC Customer Service agents promise all your problems are taken care of, rest assured. When you check the next day to confirm all is well (you’ve learned to check) they can't even find a note in the record that you ever called. So then I am forced to start the process to correct my loan all over again with a different agent (weird isn't it that you can never get the same agent because they don't have extensions, and they refuse to give you their last name. They will give you their three-letter employee ID code that has never helped me a bit. Many agents refused to give me the company’s physical address when I wanted to talk with someone face to face. Over this six-month nightmare I was assured over and over and over, that yes, definitely this time, they had truly made the corrections I had been assured already been made. Yes, isn’t it wonderful, my mortgage loan had been approved for loan modification and the loan I’d been told dozens of time had been reinstated, had really for sure this time been reinstated. I was always told I would receive a letter confirming all was well with my loan. I was told not to make any monthly payments on the loan because until the correction had been processed through their system, the payment would be considered a partial payment and would be returned to me. So in February and March I couldn’t send in a payment because the monthly payment amount was never corrected. I was forced over and over again to start the agonizing process from square one with another agent. Most agents couldn’t find any notes in my record. I had the brilliant idea that faxing the whole story, along with receipts, and other requested forms, would be the answer to our communication problem. I would finally receive a letter confirming receipt of the requested documents. Four days later I’m told my documents were never received so my home is in foreclosure. On April 23 I was emergency admitted into River Oaks Mental Hospital for 10 weeks due to a complete emotional breakdown. I was suicidal and unable to care for myself. Wells Fargo Mortgage made a mistake, and acknowledged it. However, they were unable (or unwilling) to fix the problems their error created. My sister was given power of attorney so she could resolve the issue. Upon discharge from the hospital an ASC agent confirmed my loan had been fully reinstated, the payment had been corrected, the escrow balance adjusted. They promised the late charges and additional interest charged because of their error would be credited back to the account. I insisted and they agreed they would contact the credit agencies to report their mistake, remove all negative remarks, and change all comments they had made regarding my mortgage account to “paid as agreed.” My home was my savings account. And it was my retirement account. More important, it was my security blanket. In 1990, WATERFIELD MORTGAGE CORPORATION honored me by approving my request for a mortgage loan. It’s difficult to comprehend how truly good something is until you experience something bad. I miss Waterfield Mortgage with all my heart. I know help is coming soon for families facing foreclosure. God Bless anyone who helps someone keep his or her home. Kelly L. Hansen Overland Park, KS Ctsmyhon@***.com
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2 comments
#56092

A lot of people considered their home (and what used to be) their acquity as their saving and retirement investment. Why would you question that Caveat Emptor?

After all, for MOST people that is the biggest investment they ever make.

Unfortunately, now that home prices have nose dived, many people have a big liability (their home) instead of a live in nest egg.

#10587

You had me up until the end. Your house was your savings and retirement? That kind of shot your credibility to heck.

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ID
#105462 Review #105462 is a subjective opinion of poster.
Service
Wells Fargo Mortgage
New Reviewer

WELLS FARGO WILL STEAL YOUR HOME!

WELLS FARGO, dba, AMERICAS SERVICING COMPANY TURNING THE AMERICAN DREAM INTO A NATIONWIDE NIGHTMARE My lovely home of seventeen years is up for a Sheriff's sale on October 3, 2007. My home. I pray Disaster Relief is made available immediately for families in...
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7 comments
#537600

I live in Wenatchee WA. Wells Fargo stole my home too. We had to declare bankruptcy in 2007 because of medical bills, but had ALWAYS paid our mortgage on time. In 2010, my husband lost his job and I went right away to Wells Fargo to tell them what happened. I immediately was told to pay as much as I could and to apply for a Home Modification.

Through the next several months I got all the paperwork and went through countless hours talking on the phone and jumping through their red tape hoops. I thought it was worth it to get my interest rate down to 2% from 8.5% and saving the hundreds of dollars a month and still stay in my home. In filling out the forms and writing the hardship letter, I specifically told them that although my Husband was now getting a retirement check, he worked 9 MONTHS out of the year as a substitute custodian at a school district. I had proof of it too.

To make a very long story short, Wells Fargo DID approve the Loan Modification, HOWEVER they calculated my husband's supplemental income INCORRECTLY. The problem was that they multiplied the monthly supplemental income by 12 to get a HIGHER gross income, then divided by 12, instead of multiplying it by 9 and dividing it 12 to get an ACCURATE monthly income. They miscalculated enough that we were no longer "qualified" for a 2% loan but a 4.5% modification. We were still going to pay more than we could afford by about $300 monthly.

I quickly got on the phone and spoke to the person who was supposedly "helping" us. She was so rude and unhelpful. I explained to her that the miscalculation was not right and it needed to be re-done. She said "it's set in stone. You can't change it" and most horribly, "It's not OUR problem that your husband is seasonal labor". She was snotty about it and was completely ignoring my tears. When I asked about talking to the underwriters, she said that NO ONE talks to the underwriters and they don't "even have phones". WTH!!?? She said the only options were Foreclosure or Short-Sale. I tried to explain what good is it if they get less for the house if WE could pay it ALL off if the interest was lowered? She just said "It's not our problem".

I tried talking to other people in the short sale department and told them of the horrible treatment from this witch. While they were more sympathetic, they were no more helpful.

A few months, later, my house sold for $60K LESS than the amount of my original mortgage contract, and the people now in my house pay LESS than what I'm currently renting for now. I am heartbroken and may NEVER again have a home of my own. WELLS FARGO IS EVIL!!! and they didn't even TRY to work with us and ACCURATELY depict our income. :cry :cry :cry :cry

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#105436 Review #105436 is a subjective opinion of poster.