• Report: #1167377

Complaint Review: Wells Fargo Home Mortgage

  • Submitted: Mon, August 04, 2014
  • Updated: Mon, August 25, 2014

  • Reported By: stjap04 — Ramsey New Jersey
Wells Fargo Home Mortgage
Nationwide USA

Wells Fargo Home Mortgage MISLEADS Veterans! Dishonest, Reckless, Intentionally Misleads, Preys on Young Veterans, "Payment Arrangements" that don't exist. Des Moines, IA Nationwide

*Consumer Comment: Yes I did read your report...

*Author of original report: Did you even read my report?

*Consumer Comment: You are not telling the full story...

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When my fiance came off of a 8 year active duty stint in the United States Coast Guard, he had a difficult time finding a job (like many veterans). Finally, a year and a half of being unemployed came to an end, as he was offered a job; unfortunately this job ended-up being 2 hours from our home. Rewind to the origin of the issue:

WF overestimated (doubled!) our taxes. Of course, we submitted a letter from our tax accessor stating that taxes hadn't changed, but in true WF fashion, it took them 5 months to correct this issue. Until the issue was corrected, we were charged late fees for "partial" payments, that were actually correct full payments. It was at this time that we began to receive letters stating that because my fiance is a veteran and he had a VA loan, he had a myriad of payment options. This just happened to coincide with us needing to move, rent a house and continue paying the mortgage (paying for two homes!) So, my fiance called WF and they explained all of the details of a one-time payment waiver/deferral, which would increase his subsequent 6 payments by $500 (he finished paying this plan 2 months early.)

Well- wouldn't you know it, WF NEVER waived a single payment for him. They simply applied each payment made to the previous month. So, when it came time to make what he thought was the January payment on January 9th (within his 15 day grace period), WF decided to mark his PERFECT credit with a 30 day late delinquency.

I've written a registered letter to the "Office of Executive Disputes." I've written a registered letter and email to Mike Heid, President of WF Home Mortgage, I've written a registered letter and email to John Stumpf, CEO and President of WF and I've played phone tag and fought with 2 different young ladies in their "Executive" Customer Service division. They've all done the exact same thing- NOTHING.

Wells Fargo clearly mislead my fiance with their mailings preying on young veterans in need of actual payment assistance. Wells Fargo further intentionally left out critical details of their "payment arrangements" saying that they were waiving a payment, which apparently was never part of the arrangement. Thoughtless, careless and reckless- SHAME on you, Wells Fargo. A soon-to-be married couple with an income in the mid-six figures, both with credit scores in the high 600's, one being a veteran, still active in the reserves and continuing his service as a law enforcement officer who cannot get approved for a mortgage at the highest rate because of YOUR dishonesty.


This report was posted on Ripoff Report on 08/04/2014 07:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Home-Mortgage/nationwide/Wells-Fargo-Home-Mortgage-MISLEADS-Veterans-Dishonest-Reckless-Intentionally-Misleads-1167377. 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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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Yes I did read your report...

AUTHOR: Robert - ()

 I assure you, sir- all of the details are very clear in my lengthly report. 

- You can "assure" people all you want but based on your update the details were very far from clear.  Just one example where you originally stated the following..

A soon-to-be married couple with an income in the mid-six figures, both with credit scores in the high 600's,

But now in your update you state the following

My fiancé now makes $50k and I make $140k, that's $190k last I checked my math.

- Well the last time I checked my math 190K is not "mid 6 figures". 

My fiancé has a low 700's credit score due to WF's erroneous reporting (it was in the high 700's prior) and I have a score in the mid 600's.

- So all of the sudden from your original report where you both have them in the high 600's, all of the sudden your fiance has a boost to his after this erronous reporting and you dropped even though it doesn't seem to have been reported on your credit.

So please explain again exactly how either of your reports are "very clear"? 

However your update did provide a few clues as to a possible reason you are having issues.

Oh, and our rent has never been late and our DTI is 39%.

- This pretty much confirms what I thought originally.  You have overextended yourself.  Ideally Mortgage lenders like to see a DTI of 36% or lower.   However, if you are through the VA they will allow up to 41%.  But also through the VA they have lower credit score requirements..generally about 640 or above.   So if you are not getting approved it is NOT because of the "erronous" reporting of Wells Fargo because according to you he even after this reporting has a low 700 credit score and a DTI of 39%.

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#2 Author of original report

Did you even read my report?

AUTHOR: stjap04 - ()

I assure you, sir- all of the details are very clear in my lengthly report. 

 

My fiancé was unemployed at the time that WF increased the mortgage payment by $800 per month, which is why he was having difficulty, and is also why we provided WF w a letter from the tax accessor immediately. My fiancé had just gotten hired at $40k per year at the time we found ourselves having to pay for 2 homes ($4500 per month), which is why he had requested payment assistance. At the time that we had to relocate, I then had to leave my job- so for those of you keeping track at home, that means paying $4500 in rent and mortgage on $40k per year. Yes-you're absolutely right, we were temporarily overextended due to unemployment. The only job that my fiancé could find was 2 hours away and they required him to live within 15 miles of his employment. The point is- in this trying time, we truly never missed a single payment.

 

I'm so sorry that I was either unclear, or you've misinterpreted what I've said. We've now both been at our prospective employers for one year. My fiancé now makes $50k and I make $140k, that's $190k last I checked my math. My fiancé has a low 700's credit score due to WF's erroneous reporting (it was in the high 700's prior) and I have a score in the mid 600's. We should absolutely be qualified for a home and have been told by 4 banks that the late credit marker is the sole reason for declination. Oh, and our rent has never been late and our DTI is 39%. Perhaps, you should read all of the facts before throwing around judgements of irresponsibility. 

 

Wells Fargo is taking advantage of a veteran who had flawless credit, was unemployed for a year and a half and STILL never missed a payment. This is my point.

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#3 Consumer Comment

You are not telling the full story...

AUTHOR: Robert - ()

 There is a lot missing here.

First of all you are earning a mid six figure income, this puts you in the $400,000-$600,000 range per year.  Yet you are having trouble making your Mortgage payments(oh yea and rent).  There are people who earn 1/4 of what you are earning and don't need to go crying to the bank to try and get "Payment Arrangements"..they are somehow amzingly able to meet their monthly obligations.

So that must mean you are doing something different.  Is it because wells fargo "doubled" your taxes...nope.  Could it be that you are "overextending" yourself and living beyond your means.  Well..one way to tell is your credit score.

You talk about how you had perfect credit.  So what does that mean to you?  Based on the fact that you complain about a 30-Day late it seems as if that means no late payments.  Well guess what...a person in the high 600's does not have perfect credit.  In fact you have "average" to slightly above average at best.  Oh and the reason your score is there..because one other factor is your debt to credit ratio and being where you are that is probably very high..so again meaning you are living beyond your means.

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