Post Number: 1
|Posted on Thursday, October 17, 2002 - 05:51 am: ||
I feel for Lynnette. I am having similar problems with Wells Fargo.
I have been looking to build in the Pocono area of Pennsylvania. On July 5, 2002 I had a falling out with the builder. I immediately informed my loan officer, Thomas Coronatto of Wells. From July 5 to July 15 I continually asked if anything needs to be done prior to closing knowing I will not build with the listed builder, Target Homes. I was informed by Coronatto it would be "just a few hoops". Even on the day of my closing, July 15, 2002 I contacted Wells Fargo to ask the question one more time, especially since Target was still listed as the builder. I was informed by Stephanie Sapp of Wells, "you just change the name of the builder".
17 days latter (August 3 and August 6 2002) I receive an e-mail from Coronatto and his manager manager, Carl Selitto, that to change builder I would need to have a release from Target Homes, and re-pay application, apprasial and other fees. I feel this constitutes Material Misrepresentation and Failure to Disclose. Had Wells Fargo informed me of this on or before closing I would have never signed the mortgage papers.
I have presented this to the Pennsylvania Banking Commission, who responded that since this was a Construction Loan they do not regulate the matter. I asked for clarification and was told by a Mr. Willis of the Commission that Wells Fargo had explained to him that I did not have a "mortgage" but a loan. I have now brought this matter to the Attorney General's Office and the FTC on the non-disclosure issue. I also asked the AG's office to look into the issue of collusion between Coronatto and Target Homes considering Coronatto wrote a letter on the behalf of Target Homes against a complaint I filed against Target with the BBB.
My other issue with Wells is that it plainly states that they need a "fully executed contract" prior to closing. The builder never signed the contract. For these 2 reasons I feel Wells Fargo wrongly took me to closing.
I have tried to petition Wells legal department, Cody Nelson, that Wells should refund all fees paid to them so I can either go elsewhere or reapply through a different office. They had originally agreed to do so, however I was concerned about having to pay additional third party fees to close again. As of today, October 17, 2002 Wells legal department has told me they consider the matter closed, they have closed out my construction loan, and have informed me they will no longer be responding to my letters/faxes.
I would be happy to hear from anyone in Pennsylvania who is having problems with Wells Fargo. Please either post or e-mail me directly.
Post Number: 327
|Posted on Thursday, October 17, 2002 - 02:16 pm: ||
Chuck, I moved your posting in a separate topic, and have a few questions.
Was this construction loan for a 1-4 unit residence?
Do you have any of your inquiries about changing builders or their replies in writing? Or was it later acknowledged?
How much are the fees in question?
Can you post the letter Coronatto wrote on Target Homes' behalf?
It happens a LOT that builders, lenders and real estate people have these "special" relationships.
"As of today, October 17, 2002 Wells legal department has told me they consider the matter closed, they have closed out my construction loan, and have informed me they will no longer be responding to my letters/faxes."
They can consider the matter closed, but of course that doesn't mean that YOU consider the matter closed.
It would be great if you could post fax #s for Cody Nelson and Coronatto so I could give them the opportunity to present their views on this matter.
I'll be sending out a press release soon - people should know how Wells Fargo does business.
Going public is the way to go when they refuse to respond. Wonder what they'll say to journalists.