Las Vegas, Nevada
Not resolved

Our complaint sent to Wells Fargo and Co. CEO John G. Stumpf on 9/30/2013:

Mr. John G. Stumpf

Chairman, President and Chief Executive Officer

Wells Fargo Bank NA

420 Montgomery Street, San Francisco, CA 94104

Dear Mr. Stumpf:

We became customers of Wells Fargo in March 2008, when we purchased a foreclosed property from Wells Fargo for $237,000 with $30,000 down and a 30 year mortgage for $213,000 at 5.625% annual interest. Over the years we made every payment on time or early, plus extra payments whenever we could, as our goal is to be entirely debt-free at retirement.

Late 2012, we received numerous letters from mortgage lenders, Wells Fargo included. The letters advised us to take advantage of historically low interest rates and the Government’s new HARP program to refinance our home. We contacted 11 of these lenders, who, after checking our credit history, income and estimated home value, offered us interest rates as low as 2.625% APR on a 15 year note, with 0 points and 0 out of pocket costs, other than a required $425-$575 appraisal fee. A few of them guaranteed our loan would close within 30-45 days.

On January 3, 2013, we called your “Home Mortgage Specialist”, Michael Fontana, who provided a long list of benefits to retaining our mortgage with Wells Fargo. The primary reasons that influenced us to “stop swimming with the sharks” included the fact that we were “valued, current customers with an unblemished record”; that, “Wells Fargo was a direct lender, not just a “broker who would end up selling our loan back to Wells Fargo anyway”; that we were “guaranteed the lowest interest rates and fees available in the market, with zero out of pocket costs, other than a required $22 to run our credit history”. The most persuasive reason Mr. Fontana gave us was that “no appraisal was required”, which would “save us even more and accelerate our closing”. At the end of this conversation, we agreed to start the HARP loan application and authorized him to charge our credit card.

We deeply regret that decision. Your company strung us along for five stressful months, holding our mortgage hostage, and then abruptly cancelled our loan for reasons entirely beyond our control. Meanwhile, interest rates increased and all the while you continued to collect 5.625% interest from us. We suspect this was deliberate.

As a result, we’ve suffered a financial loss of no less than $17,297.14, not to mention countless hours of our wasted time or interest we could have earned on all those “unapplied” extra payments we made towards our loan over the years.

The attached document outlines our horrendous experience with your company. With the millions of mortgages you service, we’re confident our experience isn’t unique, If you wish you avoid the cost of litigation and attorneys, we expect a response within 10 business days with a fair, reasonable and adequate settlement, considering the strength of our case for which we will most likely prevail at a trial.


Gordon C. Gephart and Christine Wallace

Product or Service Mentioned: Wells Fargo Refinance.

Monetary Loss: $18000.

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Thank you so much for taking the time to share your experience with Wells Fargo. I was just about to call them (I'm in a similar situation, plus divorcing), and so your post has prevented me from experiencing additional stress (heartache...suicidal thoughts - half kidding). Seriously, thank you for your well-documented and well-written post.


If you can answer "YES" to ALL the following questions, please contact us. Our attorneys are investigating cases for a class action lawsuit and may be able to help you recover from the financial loss you and your family may have suffered from their deliberate fraud.

1) Is you current mortgage serviced by Wells Fargo Home Mortgage and is you annual interest rate greater than 5.0?

2) Did you receive a letter from Wells Fargo encouraging you to apply for a HARP loan to lower you interest rate?

3) Did you complete the application process?

4) Was you application denied or cancelled due to circumstances beyond your control, or did the reason for denial seem unfair or unreasonable?

5) Did more than 90 days pass or beyond your rate-lock agreement before you were informed your loan was denied?

Wells Fargo Mortgage department may be charged with the following civil and/or criminal violations:










Please call me

Michael Plumley