I have spent years keeping
my credit A-1 and now no one will even talk to us now about getting a
good mortgage, this is our dream house that we built and would really
like to keep it and with good loan.
I
guess I was asking Wells Fargo for too much to be a great customer and
prompt payer, they would rather jerk people around and get that high
interest no matter what.
here are the things we are going through with Wells Fargo Financial, very unhappy with and abusive predatory tactics/promises
on 02/18/08 we financed our home with Wells Fargo Financial to pay off
debt that we inquired during the rebuilding process of our home, the
home was previuosly free & clear, we dealt with Trishia Hunt, she
contacted us cold call, and we were promised a fixed rate loan, no
problem, get to closing and it turned out to be an ARM @12% interest
with 3 year adjustment, my wife had a few things on her credit that was
paid off so according to Trish that we can refinance at a good rate in
1 year, Great! Now we have good credit, no late payments on anything
and I mean everything. also extra used funds to put in a new septic
system & other improvements so we can get ready to refinance at 95%
of value next year as Wells Fargo will do that, but for them to get
around that, they have their own appraiser and he will low ball the
appraisal, We had house appraised for $90,000 a few months earlier by
another appraiser, (but that deal did not go through), and Wells Fargo
says it is only worth $70,000 and that was before/after many expensive
updates.
Now comes April of 2009 and we were contacted by David
Olson one of the managers at the Grand Rapids, mi. branch and said we
are ready to roll this loan into a 4.5% 30 year mortgage, $7500, in
closing costs, very high but he said was negotable Great! so we sent
all the paperwork in, in April which was all there, and David also said
the sooner we get our paperwork in the sooner we close this loan, so I
did just that, then 05/28/09 comes along and we finally got the Truth
in lending Disclosure, Great! every thing looks good, the terms and
everything were good for us.
Ok, now that the home still needed a
little work to be perfect, I finished some small projects and still
needed to complete the garage, siding, electrical, wood floors,
landscaping, etc. so I contacted David Olson and he said the loan is
all approved and just waiting on the appraiser, so I waited for a few
weeks and asked David Olson again what was going on?, again he said the
loan has been approved and still waiting on the appraiser, busy guy, so
I asked if I could get my own appraiser and he said no. and David Olson
advised me to borrow money to finish your home before the appraiser
gets there to get the best appraisal, OK, borrowed about $5000 to
finish home and everything was good to go now, just waiting on the
appraiser. Now I also asked David if we should get another fianace
company to refinance since they were having trouble getting a appraiser
here and David said just be patient, the loan is all approved and the
appraiser will be there/well this went on all summer, if I would have
known this guy was lying to me, I would have found another finance
company, but I would have 2% prepayment penalty on the loan , so we
would just stick to the plan.
Ok now here comes 08/31/09 a refusal
letter stating that we insuffceint income, which we did not a year
before and excesive obligations, yes that is true but since we borrowed
money to fix up home, thanks to David Olson's advise, I would think
that would be expected, since I was going to pay off all debt with loan
proceeds and we are on a good path to great credit, I have been
borrowing money to pay some bills till this loan went through, well
since the loan did not go through, I cannot pay my unsecured debt Now
I am in big trouble, it is my fault for listening to these lies from
David Olson and Wells Fargo. should have seen it coming.
Ok, now
comes the Home Affordable Modification Loan since our income has
dropped $900.per month due to my tenants not paying and the
overwhelming unsecured debt ( my wife is a Vet and we are both on
Social Security fixed income due to disability's), that was 09/11/09 We
sent all required info for the Home Affordable Modification to Kerrie
Holst and on 11/04/09 Kerrie Holst needed more info, we sent that out
promptly and about a week later Karrie Holst called me and said we do
not qualify for the Home Affordable Program, we received too much money
and the payment would go UP instead of down, I then asked her if there
is another way of getting this home in a good loan, and she said it was
in a good loan and 12% ARM is a very good rate? WHAT? and she kept
insisting me that she trying her best to help me? WHAT?, well that
conversation did not end well.
1. OK now check out these 3
situations- 02/18/08 had good credit except wife, not too bad,
promised a fixed rate-we get 12% ARM 40 year $675 a month, Ok no
problem say Trishia Hunt, at time promised us refinance next year when
these marks are off of credit.
2. now we apply for a good loan
all credit issues cleared up, April 2009 4.5% 30 year fixed-$399.51 a
month, down from $675.00 mo. perfect! come 08/31/09, got refused for
this loan, findings-could not afford this loan/payment? WHAT?
3. Now we apply for the Home Affordable Modification 11-09, since our
monthly income went down $900 a month, got refused because we receive
too much money and the payments would go UP from $675. month, instead
of down, Well That is our nightmare with this bank. I don't get it? please help!!
