Comments on: Why Wells Fargo Home Mortgage Sucks

By: Unknown

Unknown — Thu, 18 Dec 2008 06:30:37 +0000

Reading stories like the ones listed above really provides a clearer picture to everyones’ anger and frustration. While I can’t say much, please, please understand that you all do have rights. If your situations are as complicated as I read above you do have the right as a consumer to escalate your situation through your banks’ chain of command until you find someone who has the authority to give you the help that you deserve. I truely hope that each and every one of you that have posted on this site do get your situations resolved with your mortgage company.

By: TheLandlord

TheLandlord — Sat, 13 Dec 2008 05:53:09 +0000

Ron, there HAS to be a clause in your mortgage agreement stipulating a penalty for early termination of the mortgage. The only out can not be that you have to sell the property. I suggest that you take your mortgage agreement to a real estate attorney and let them know what you want to do (refinance, etc.)

This is a pretty standard request. If the attorney feels that the terms are “unconscionable” (a legal term) you may be able to sue Wells Fargo for abusive mortgage practices.

By: Ron

Ron — Fri, 12 Dec 2008 23:09:09 +0000

Well….. I tried to switch to another bank for the better mortgage rate….GUESS What…..they won’t let me ! I’m locked in for 5 years! I offered to pay a 3 month penality.
They said no such thing with us. your locked in , unless you sell the house !
Anybody got any suggestions ?
e-mail me at ….rpace@cogeco.ca
put in the subect line for the e-mail….” Help “

By: Alanna

Alanna — Wed, 03 Dec 2008 23:49:59 +0000

Yes i have dealt with Wells fargo for 4 years now, first 2 years I was paid twice a month so my paycheck on the 15th , that is 2 weeks prior to due date. Then due to job loss and change i paid on the 1st…right on the due date, 2 months ago my business closed no notice and i paid 3 weeks late…this month i am 5 days past the first and they are already harrassing me WTF is right. I mean harrass those that have been late all the time (late after grace period)..Then they procede to get info on all my income and bills and tell me my income is less than monthly bills by $600 NO sh#% i am unemployed!!!!!…seriously the banks got the bail out money..now what u gonna do to help us ??????????????

By: Did you actually read what I wrote?

Did you actually read what I wrote? — Mon, 10 Nov 2008 19:38:33 +0000

“@93. You might want to keep better documentation of your payments. How can you allow $4,000 to come up missing?”

Did you actually READ what I wrote? I DID NOT ALLOW $4,000 to “come up missing.” The whole point was that I made $4,000 IN ADDITION to my regular payments and now there is $9,000 missing. Of course I did not send cash. Of course I have a record of my payments. None of that matters to WF because they pay no attention to what they told.

I don’t understand why you even bother to post if you don’t read what people are saying. Unless, of course, you actually work for the Evil Empire of Wells Fargo. Which, judging from your reading comprehension skills, you probably do.

By: my2cents

my2cents — Sun, 09 Nov 2008 06:28:50 +0000

Chase, in all due respect, you are fortunate (or dare I say perhaps naive as to what this bank is up to these days). Up until about 3 weeks ago, I did close to $1M of business w/ WFB, but have now closed all my accounts with them due to their quite unethical and potentially illegal behavior. All I can say is be very careful in thinking this bank is not beyond reproach

In my case, 4 months worth of on-time loan payments have been held as “unapplied funds” by WF for no valid reason whatsoever. Even the Comptroller of the Currency for whom a formal complaint was sent has acknowledged that the issue with them is up to a court as a contract issue (not WF). They (WF) eventually sent me a check representing 3 of the 4 months paid upon my refinancing w/ another lender, but when I went to cash it at THEIR branch, they had put a stop payment on the check. To this day, I still can’t figure out how they could possibly feel entitled to MY money. This is just a small taste of what they are doing to me and many other very good customers. Move your money now folks - it’s much cheaper than hoping you can get it back after they file bankruptcy or worse, having to sue them once they rip you off for several thousands of $$!!

By: Chase

Chase — Mon, 03 Nov 2008 18:43:06 +0000

I ran across this while reading on Wikipedia and all I can say is handle your finances better. How can all the blame be put on WF for sending you to the Collections department when you ARE past your payment date of the 1st of each month. No matter what the grace period is you are technically late. You will not be charged a late fee because you are not past the due date of the grace period which gives you 16 allowance days.
Honestly I have several accounts with WF and have never received such treatment that you complain about unless it was my fault for not paying on time for whatever reason. Also a tip, ask for help. Late fee, overdraft fee, etc can all be reversed if you have a good reason, so it never hurts to ask.

Lastly I can not stress this more, handle your business. You are an adult and if you honestly think WF’s policy to send you to the Collection department is unrightful then you might want to rethink how you make your payments. Perhaps you should visit a branch or contact them through email instead of by phone. Complaining does make things happen but when you are not holding up your end of the contract by making your payment, then they have every right to let you know YOU ARE LATE.

Put yourself in their position, if you lend someone $100k or more, would you not care if the borrower were late?

@93. You might want to keep better documentation of your payments. How can you allow $4,000 to come up missing? No matter who had it after you, it was your money and should have kept reference numbers, if it was a check you should have cancelled it and written a new one. If you sent cash…well you might want to rethink your payment options. Perhaps start sending checks, money order, online payment, etc. to where you can repeal the payment.

By: Kiki

Kiki — Mon, 27 Oct 2008 16:38:05 +0000

I have found out they, Wells Fargo, do not post payment when received! I have worked for many credit card companies, collections departments and customer service departments. Hello! Wells Fargo, it is a law that you have to post payments the day you receive them for credit cards and mortgages! If it was up to the banks they could post when they want to to get the late fees from people. That’s why the FDCRA came up with the law. Most of the payments made to companies go to PO boxes and they only get picked up once or twice a week. They have to post when they get it not when they choose to pick up their mail. I have even done delivery conformation on my payments, because I could tell they were not posting when received. Sure enough, delivery conformation told me they got the payment a full 5 days before they posted it. I called the customer service rep and told them this and they completely ignored my concerns and just kept telling me they didn’t receive until then. It may be a pain but if they are doing this to you, use delivery confirmation on everything! That gives you the proof if you ever need it. Like I said, they can get in trouble for not posting payments when they receive them!

By: Update

Update — Sat, 25 Oct 2008 09:38:47 +0000

Well, there might be light at the end of the WF tunnel. The first lawyer we hired did nothing but try to talk to WF on the phone and could never figure out why they are saying we suddenly owe them $9,000 and why they have no record of the $4,000 we have already sent them. I finally found one lawyer who can help. He used to work for mortgage companies but now hates them so much he works on the other side of the fence. He is expense but I don’t care. He has sued WF many times and as soon as we can get the retainer together we are taking them to court. I now hate WF so much that I will sell everything I own to go after them. They have destroyed my credit and my peace of mind and my life has been hell because of them for the past year.

By: Liz

Liz — Thu, 23 Oct 2008 20:16:31 +0000

Anyone that has received a foreclosure notice from Wells Fargo or anyother lender, look at who the secured party is. The secured party and servicer of the loan may not be the same nor could they be the same lender that originated the loan.

The reason I’m saying this is because the servicer (unless they are also the secured party) has no legal standing to file for foreclosure as they are not the injured party. Only an injured party can file the claim, in the case of a foreclosure then the injured party is the secured party that holds the note. Make sure you read the documents you are sent as Wells Fargo just had 26 foreclosures dismissed because they were filing as the servicer not the secured party. This happens all the time but no one is checking the documents. Make sure you do. It won’t prevent you from losing your house but it will certainly buy you more time.