Re: Three banks resilient to loan troubles - Wells Fargo in particular
07-19-2007 05:57 AM
I recently refinanced my homeloan just to get away from Wells Fargo. When our mortgage was transferred to them, we had a 2 year history of paying ontime. They were late (& it was Christmas time) in getting out the new payment info and with the holidays we fell behind on that first payment.. BUT we had the payment, and we would have had the second months before the grace period hit & been all caught up. Well it turns out Wells Fargo does not believe in grace periods. When we tried to pay it they said they our $2000 was not good enough - now they wanted two months mortgage, and they would not accept our payment. So we had no choice but to fall almost 2 months behind on our payments even when we had the payment. We rolled this over for 6 months hoping to be able to catch up sooner or later- but this is scary. So we refinanced with another bank. Wells Fargo was also a huge pain in the ass when it came to spending our escrow money on the insurance & taxes it was supposed to be allotted for. My sister handles the insurance and she said she has to call them all the time to find out if they are planning on paying the homeowners ins.. then they would refuse to give her information (whether or not they are planning on paying or just letting it lapse *eyeroll*) because she did not have permission to speak on behalf of the loanee! She said no other bank does this and she deals with all of them for insurance purposes. Also when I refinanced in JUNE I found out that they had not even paid my first ½ of the years taxes- so I had to add that $4000 into my closing costs and fight & wait for WF to refund the money that was in my escrow account. Wells Fargo is a shark, their customer service is the worst, and they actually WANT you to go into forclosure. If they haven't felt the pinch yet it is probably because they are lending subprime because they want to take these homes- and they not only lend to subprime but they make it as hard as they possibly can for people struggling to pay. They practically forced us into forclosure.