On August 24, 2011 I contacted a Wells Fargo branch manager at an office in New Jersey to ask about refinancing my mortgage. This guy was fantastic. He was so nice and so helpful. He told me that because I had never had a late payment on my mortgage and because I had good credit and because I had my existing loan with Wells Fargo and because I was underwater on my mortgage, I was eligible to refinance under the HARP program. He offered me a decent interest rate, but I would have to pay a point and a half to get it. That seemed okay to me...he made it sound so great. He told me that I wouldn't have to come up with closing fees out of pocket and that they would roll that amount into my loan. He even said that Wells Fargo would send someone to my office for me to sign the paperwork so I didn't have to go out of my way. He made the whole process sound so easy and simple and basically too good to be true. Well, guess what? It was too good to be true.
As soon as he had me on the hook, he dumped me off onto his associate and I basically never heard from the man again. He wouldn't answer emails and if he did it was only one terse line that didn't answer my question or help me in any way. It was if I ceased to exist. He was not helpful in any way after he made the deal with me.
But, his associate was just lovely. A sweet kind helpful woman who answered emails and patted me on the head and reassured me that everything would be okay until I asked her a question that she didn't want to answer. Then, no answer and I've not heard from her since.
Anyway, I was told in writing by Mr. Branch Manager and lovely associate that I would close in Early October and would not have to pay my November mortgage payment. I was thrilled because that meant I could buy fuel oil and have some money for Christmas. Needless to say, I never closed and it is now December 7 and I am no closer to closing than I was in August...in fact, I believe I am on the *** of being rejected altogether. They are going to take my money and I am going to be left with nothing.
I have been consistently lied to and given the runaround. I was locked into an interest rate in August by Mr. Branch Manager and made to pay them a 395.00 dollar required appraisal fee. They gave me 48 hours to provide them with many required documents, which I did even though we got hit with a hurricane that weekend. I was told that the interest rate that they gave me would expire on November 22 but it would be no problem because I would close way before that date.
November 22 came and went and when I asked what was going on I got the runaround and vague answers...no real explanations and no apologies. They had sent my application from New Jersey to Iowa to some awful woman who yelled at me and the members of the executive board of my condo association when we were trying to help her gather information to move things along quickly. She was rude and unprofessional and reduced me to tears. She embarrassed me in front of my colleagues. Because of this awful woman in Iowa, my rate expired.
I asked the lovely associate in New Jersey about my expired rate and asked that since it had expired and now that rates are even lower now, if I could please get a lower rate, especially since I've waited so long. She told me right then that they aren't "allowed" to let a rate expire, so they just went ahead and re-locked me into my old rate from August and didn't tell me. When I complained that they didn't tell me that, she let me know that Mr. Branch manager took care of the fee for extending the rate-lock for me (apparently, because he is such a great guy that way) My rate expired again in early December and again I asked to get a lower interest rate now that it expired a second time and now that rates are lower. That was when the lovely associate in New Jersey stopped answering me.
My application has now been sent from Iowa to California, and the president and treasurer of my condo association are being bombarded by another Wells Fargo person with outrageous lists of questions for them to answer that have absolutely nothing to do with me or my mortgage. The woman in Iowa asked tons of questions over several weeks and drove the treasurer mad, and now there are even more questions and requests for further information. They are making it impossible for me to get approved.
Wells Fargo says it is Fannie Mae's fault. That Fannie Mae has stringent rules about condo complexes and the condo complex has to be approved in order for my application for refinance to be approved.
I have asked when/if my application will be approved. I asked for the worst case scenario...6 more weeks? 8 more weeks? 12 more weeks? Lovely associate said "I have no idea". I asked her if she could please find out. No response from her.
I have come to find out that Fannie Mae does have incredibly stringent rules about condo complexes and in the state that I live in, Fannie Mae has only approved FOUR complexes. In the whole state! Needless to say, mine is not one of them.
So, I imagine that Wells Fargo staff are fully aware of Fannie Mae's rules about condos. Yet, not one person at Wells Fargo informed me of this very important nugget of information. I found out about it by doing research on the internet.
I can guess that I will be told that my complex is not eligible under Fannie Mae's rules, so therefore Wells Fargo cannot refinance my loan and they will reject me. They will take my appraisial fee and I will be left holding the bag still paying the same interest rate that I did when I bought the condo five years ago.
I feel like I have been scammed by Wells Fargo. I am extremely disappointed and frustrated and I wish I had never started this process. This HARP program, although it sounds great, is really not that great. It's almost impossible to get approved.
That's my story. Thanks for reading.
Product or Service Mentioned: Wells Fargo Refinance.