here it is what happened to me…..back in the middle of May I received a call from a Wells Fargo Rep offering me Refinance Program Options, in the past we were very skeptical about this, but we decided to give it a tried.
So, I started the process Wells Fargo Home Mortgage and explained to him what I was expecting from this refinance, he send the first set of papers around May 26th, told that the process will be quick and easy that I will closing by June 15. So when I got the contract I noticed that it wasn't something that will work for me, first because he was asking for almost $7,000 in closing fee which I told him from the beginning that if I had to pay closing cost that to even bother. I called him right way and in our conversation I told him that I was planning on staying in the house for another 5 years or so and then sell, so he said that he had a better program the ARM Loan that for 5 years I will have a low interest rate and that after the 5 years the interest will go 1 point a year, that by being a lower rate he will be able to play with it and make sure that I didn't have to come up with any out pocket money, I said great send me the new contract. Next day (June 2ndrd) I received a Fed Ex, the contract inside the same as the first one except a couple of dollars difference, so I emailed to him the next day and asked what was going on and I put in writing was I was looking for with ARM Loan, I have done the research I read what my rights were in regards to this loan. He wrote back that they send the wrong documents, that what I was asking for was impossible, but he that he can offer something similar and he did (By them he's response to my June 3rd email was in June 6th). So again, I told him Fed Ex the new contract based on what we talk, I will go over them and if everything looks good I will signed and send back right away. In the meantime I was under the assumption that because he told me that the closing date will no later than June 15th, I thought I didn't have to make any more payment on my old loan, since I already got a letter that they send requesting the payoff for my loan.
On June 13th, I emailed him following up because until then I haven't heard or got the new contract yet and I was getting worried. He writes back that he was in training and that the Fed Ex he sent before leaving came back undelivered, which for me was strange because by now he has sent me 2 Fed Ex already. So I asked can you just emailed the document and he did, we signed them and fed ex to him the next day (June 14th). On June 16th he emailed me that he had to restructure my loan just a little bit to incorporate a year's worth of homeowner's insurance, that he had to change the interest rate and that payment will change a little, more specific $12.00 and that I will received about $1,600 of my escrow account back. (You are starting to see the picture). At this point I am okay send me the revised paper via email so we can signed them right way.
On June 16th I received a Fed Ex with a contract and a Disclosure Document book from Distribution Utility Center and I emailed him asking what was I suppose to do with it, if I need to signed and return. No response so again, I emailed him on June 21th, because I had received another Fed Ex with the same contract, same book as the one from June 16, but with different Loan Number and different dollars amounts. His response that copy is for your records no need to return.
I also asked about the status in specific about the closing date, his response was that the file was with the underwriter that it will not be much longer.
Around the week of June 24th I received a letter from Wells Fargo that because I was behind on my payment, that I was close to Foreclosure, etc. I call the 800 number back and explained that I was in the middle of refinancing my house and that I thought that I didn't need to may payments, he said that, that wasn't the case that I need to make the balance payment by July 13th. He said that there was no records of my refinancing, I told him the new loan number and he couldn't find, so that's when I noticed that because he had send me two (2) Fed Ex with the same documents, only one copy was the correct one, the Customer Service Rep was able to find my information. He told me to call the person I was working with and explained my situation. I called right after I hang up, and that's when he acted surprise that I was not paying my mortgage, I told that I assume that because I was suppose to close back in June 15 and that he already had requested a payoff for my mortgage loan, that I need to wait for my new payment, he said no that he will talk to someone and call me back.
He called me back Â½ hour later to tell me not to worried that we just need to accelerate the process and have closing by the end of June. Yeah right, this is what happened after my call.
On June 27th he emailed some document that we need to sign that I guess he forgot.
On June 28th he send me another email that the Title company was requesting a couples of items, plus our ID's and social security cards, emailed him everything back on the same day.
On June 29th I received another email from him that the UW was requesting Utility Bill and letter explaining why my current phone listing stated on the application was a different name. But right away he said to disregard that this wasn't mine.
On June 30th I email a follow up to see if the documents I sent him for the Title Company were correct, no response.
Well yesterday, Friday July 8, I emailed him in the morning to follow up and check on the status, since by then I had received another letter of payoff and my new Homeowners Insurance Policy on the mail. I have not received any more calls from Wells Fargo about my payments so I assume well I guess everything is good, so I just need reassurance….guess again…he email me back and this was his response
"I just learned from underwriting that because you have not made your mortgage payments since May, you are disqualified to refinance using the FHA streamline program.
The only way you can complete the refinance not is if you can call customer service pay the mortgage and get them to not report you as being late.
If you can get customer service to report the mortgage on time, you won't be eligible to refinance again until you may your payments on time for 12 months.
Please let me know how you're going to proceed."
Now you see my dilemma, I have never being late or missed any of my payments before May, even when I lost my job back in March 10 and was without of job for 7 months until I started in January on a new job, paying half of what I was making on my previous job. So when this deal was present and he told me closing in June 15 not payment until August, I said great I will use the money that I am suppose to pay my mortgage with and start trying to payoff some of the credit cards that I max out in the period that I was jobless.
He is washing he hands because one of the things he said when we were back and forth emailing yesterday, he said "You weren't advised of the situation when you told me about being contacted because I tried to still get the refinance done with late payments" When that's not what he told he said we just need to accelerate the process to closed soon by the end of June. Now is all what he said and what I said.
The reason I was able to provide with the detail and dates is because I have all communication saved.
After all this, now I am behind almost 3 months, late payments, credit ruin and no money to get myself back in track.
I will not lose my house because of the negligence of one of Wells Fargo's Mortgage Consultants.
The only thing I blame myself is for trusting this employee from Wells Fargo and going forward with the refinance, I should have just let it go, I still have a pretty good interest rate and I was doing good before.
Product or Service Mentioned: Wells Fargo Refinance.