• Report: #1112033


  • Submitted: Tue, December 31, 2013
  • Updated: Tue, December 31, 2013

  • Reported By: carol — evergreen park Illinois


*Consumer Comment: The Definition

*Consumer Comment: Wrong..and here is why..

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-I never asked for Wells Fargo to fiance me, they bought me from another mortgage company in 2001, when they refused to give me a lower APR, I refinanced out of Wells Fargo three years later, also due to there poor customer service, & there inability to balance a simple escrow account, they bought me back again within 29 days, I cried.-Since then I have been stuck with them, I have struggle to make payments due to the failing economy and illiness, when I was in foreclosure, due to  illiness, they called me all day and nignt, and even sent some to my house and left notes in my mail box, I tried to modify my loan by myself, and an attorney to no avail, it was always "resend docuemnts that expired"  over and over again, it was not until I made a complaint with my Illinois attorney general did they modifiy my loan within 10 days. My mortgage after the modification was $1005, then within 30 days they sent a notice and stated that the mortgage analysis showed a shortage, then it increased to $1100, since then Wellsfargo has deomonstrated that they have no ability to manage an escrow account, blaming various of reason for have an escrow shortage every analysis, now my mortgage is going from $1105 to $1269 (that same as it was before the modification). Prior to them increasing my mortgage (for the millionth time), I had won a tax appeal and got my taxes reduced therefore my mortgage escrow payments decreased from $1300 to $1100. Wells Fargo was paying the state of illinois the correct tax amount but charging me a lower tax amount, for over 18months, so once again I have a escrow shortage of $3500 (this lead to my mortgage being going form $1105-$1269 (as of feb 2014). I think this was done intentionally, to once again force me into foreclosure?  What is the purpose of missmanaging an escrow account and causing payments to increase every analysis.  (Yes I am aware of tax increases that has nothing to do with mortgage companies) But there is something criminal about the way Wells Fargo manages mortgage accounts, and escrow accounts.   So now I have to make a choice stay inmy house and pay $1269 (use my money for food to pay the escrow shortage), go back into forclosure?  I feel stuck, The pain and suffering that Wells Fargo has caused me is enourmous, If I go back into foreclousre, I will use the mortgage payment to hire an attorney to sue for pain and suffering.  Who is advocating for the Wells Fargo Victims, how does this happen over again?  Wells Fargo Account Number 0205XXXXXXX PID 24-01-XX-XXXX





This report was posted on Ripoff Report on 12/31/2013 11:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/WELLS-FARGO-MORTGAGE/DES-MOINES-Iowa-50306/WELLS-FARGO-MORTGAGE-PREDATORY-MORTGAGE-LENDING-PRACTICES-DES-MOINES-Iowa-1112033. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

The Definition

AUTHOR: Jim - ()

The PRIME characteristics of a "predatory" lender as per the deadbeats:

1.  They call me when I'm late on my payment.

2.  They call my references when I'm late.

3.  They won't let me change my payment date.

4.  They won't "work" with me.

5.  All they are interested in is money.

6.  They apply the payment to interest first...that's fraud!

7.  They sold my loan without MY consent.

8.  I signed where they told me to sign and two weeks later I "discovered" the interest rate was not what I wanted.

9.  They have no heart and can't understand I'm out of work.

10.  They have the audacity to suggest I work a second job.

You deadbeats make me want to throw up! 


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#2 Consumer Comment

Wrong..and here is why..

AUTHOR: Robert - ()

 Predatory Lending has to do with Fradulent and deceptive practices during the Loan Origination process.  In both of your cases the original loan and the Refinance it was NOT Well Fargo who originated the loan.  It was the other company(ies) that if there was any Predatory Lending it would have been done by them.

If you didn't like the terms of the loan then you shouldn't have agreed to it.  But once you do, no finance company or bank is required to "modify" the terms to something more favorable to you.  There is absoutly no guarantee that had the loan been kept with the other banks or your loans were purchased by another institution that the outcome would have been any different.

As for the Escrow account.  You are given an itemized statement of where everything is going.  You know how much per month is going into the account and you know what your taxes and insurance are.  So if there is any shortage(or overage) you should have been able to figure this out quite easily.  Remember they are not just taking more money for the heck of it, they are taking it because they didn't take enough out in the beginning.  If we take your example of your payment going from $1105 to $1269 because of this shortage.  Had it not been short they would have been taking more money out already..meaning that your $1105 payment would have probably been in the $1150-$1200 range anyways.

Oh and as for you suing Wells Fargo for Pain and Suffering.  If any lawyer takes your money to take that case...you need to immediatly report them to the State Bar for a unethical behavior.

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