I'm a 24 year career vet, who unfortunately retired in 2008 and bought a home in Phoenix that same year. Little did anyone one know Wells Fargo was at the heart of the housing crisis illegal activity AND would accept a $25 Billion bail out of tax payer dollars for their trouble. These crooks are still at it.
In 2012 I was offered were a management position in Eastern NM with a company I had been commuting 740 miles for the past three years. The catch was I needed to move there. My VA insured loan was $80-120k under water. I had been maintaining a second apartment at work in addition to my home in AZ. I sought help from Wells Fargo, which refused to even give me a point of contact to speak with, u till I missed a payment. This was totally against all I stood for, as I was raised to pay all debts in full and on time, and my credit and mortgage reflected that. Finally I found a Wells Fargo Rep who told me miss a payment and I would be contacted as their departmental policies prohibit them from working with customers who are current. I asked him to send that to me in writing and was refused. I spoke to several short sale specialist and was offered the same advice. Ultimately, I missed a payment and had Wells Fargo on the phone four days later. I was directed to their short sale department and given all the qualification requirements which I met, based upon need to move for employment. The house was placed on the market and sold in four days. Closed without any issues in four weeks. I also receive a letter from Wells Fargo stating they would come back to me or the VA for the short sale deficit.
Skip ahead two years, (Fannie and Freddy) required waiting period to qualify for a Convention mortgage. We moved to a rental for one year, then entered into a lease purchase contract for a home with $20k in escrow looking to close a conventional mortgage with 20% down or a VA loan which I intended to place the same down payment.
First I tried to re establish my VA eligibility. The VA claims I owe them $70k that Wells stated they would not make a claim for.
Second. As I work with a mortgage broker it is discovered my credit score avg of 720 means nothing since Wells Fargo put the words "Foreclosure started, loan paid off" in my credit report. That kicks me to ***/FREDDY's seven year foreclosure waiting period, even though Foreclosure was never discussed or happened. The sale HUD statement even states Short Sale accepted by Wells Fargo.
Third. Wells Fargo refuss to admit any error or change any report, yet they sent me a letter stating that would be willing to change some legal description on the report if I put in writing that they reported correctly.
RUN AS FAR AND AS FAST AS YOU CAN FROM WELLS FARGO. LIARS and CROOKS
Product or Service Mentioned: Wells Fargo Mortgage.
Reason of review: Poor customer service.
Monetary Loss: $310000.
I didn't like: Incompetant, Misinformation, Corupt, Rude representatives.