Post Number: 1
|Posted on Thursday, March 27, 2003 - 07:31 pm: ||
My wife and I tried to refinance with Wells Fargo about 4 months ago and we were made to look like fools. We own a 100 year old beautiful Victorian home fully restored with 19 rooms worth $300,000.00. We owe $150,000.00 on it and we financed through Wells Fargo 5 years ago. My wife and I wanted to add a garage that would protect our autos. We applied through Wells Fargo for a second and we decided to refinance to a lower interest rate while we were applying for a second. Our credit is average about a 793. After our application was finalized we never heard back from WFHM. I called them and no one knew who I was nor did anyone know about my application. Well, I gave them all of the info that I thought was processed. After 4 days and 16 calls I finally got a letter with my agents name and telephone number. I called him and his voice mail said that he quit that company. Again, no one knew what I was talking about. I called one more time and I talked to a man named Ben Kelly who kinda knew about my file. He helped me in the process of my loan application. At first WFHM said that I was declined on the second mortgage with no explanation. Then Ben Kelly said that it was the amount that was declined. Well, we applied for a lessor amount and that was approved. Ben Kelly called me and told me that I have some good news for you, your second was approved but we would need an appraisal on the house. The appraiser came out to the house 2 hours late and appraised our house 75,000.00 less than what it was appraised for when we bought it 6 years ago. Ben said that the appraisal didn't matter that is was a formality your loan was still approved. Well, with the verbal approval, I called the contractor and we signed a contract to build the garage. We were scheduled to close 7 days from that conversation and my wife and I were happy. On the day of closing, Mr. Kelly called me and told me that your second mortgage was declined becaues is was never apporved in the first place. I got so mad. My wife and I sign a contract with the construction company and we were closing on the refinancing and second tonight. This was on a Friday night and we were closing tonight at my home. My wife cried because I called the contractor and he said that he bought material and would sue me if I didn't go through with the contract. We closed on the refinancing because they had us where they wanted us. We couldn't stop it because we would have lost our good faith money of $350.00. or that's what they told us.
We were scheduled to close at 7:00pm. with an appointment with one of WFHM vendors that they use to close loans. At 7:10pm. I called the vendor and he was sleeping at his home. I told him that we had a closing appointment at 7:00pm. He replied, o'yea, I'll be there in 5 minutes. When he arrived at my home he looked like a bumb and smelled like on too. I almost didn't allow him access to my home. He also told us that he would take care of the stopping of the re-occuring payments that were taken out of our personal account on a weekly basis. Being a rep. of WFHM we thought that this was liget. Well our account was debited for the amount and the funds were not there because we transfer money to a seperate account for that purpose. We suffered over $250.00 of over draft charges.
I did file complaints with WFHM to the CEO Pete Wissinger personally to his personel e-mail. He replied back to me saying, "Ill personally take care of this myself." He turned it over to Ms. Lansing who is an executive with the complaint dept. She asked me for 10 days to respond in a letter form. Sixteen days later she responded in a letter form but fail to address any of the above issues. She only gave me time and dates of telephone conversations I had with people I didn't know or talked to. I e-mail her back and asked her to address the issues and re-stated the issues. I told her that I only want 2 issues addressed.
1. Will I be re-funded the over draft charges that was the fault of your vendors conversation with me at closing.
2. Why did Mr. Ben Kelly tell me that the loan was approved and a week later on the day of closing tell me that the loan was denied and was never approved to begin with.
Ms. Lansing never would address the second issue and told me that I would not be able to return any lost money from over draft charges to your account because it was my responsibility. WFHM never apologized for their mistakes nor did they ever acknowledge any wrong doing.
I e-mailed every board member with the Mortgage Bankers Associations of America and told them my story. I recieved 3 e-mails back so far and 2 were positive. The Chairman ofthis assocation said that he will take issue with this the next board meeting. One wanted my business. I will be forever sorry that I ever did business with WELLS FARGO. We did get a second mortgage with our local bank and we were treated like royalty.
I've learned two things through this experience;
1. Never do business with Wells fargo again.
2. Never take a verbal on anything again.
Post Number: 723
|Posted on Friday, March 28, 2003 - 12:59 am: ||
Thanks for posting!
It's so important that everybody get everything in writing and also READ conditions for approvals. Many so called approvals are not at all what they seem.
You did the right thing letting so many people know about the WF business practices. Thanks!
Now I just hope you at least get the refund for the overdraft fee.
The reason why they never acknowledge doing anything wrong is because admitting it would give consumers a legal right to compensation.
Post Number: 14
|Posted on Monday, March 31, 2003 - 09:08 pm: ||
sue them it is the only thing they understand I guess
By law they do not have to pay any damages to anyone unless sued am I correct?
Post Number: 732
|Posted on Saturday, April 05, 2003 - 09:54 pm: ||
Yes, you are correct.