- Report: #351524
Complaint Review: Wells Fargo Mortgage Company
| Wells Fargo Mortgage Company
Wells Fargo, Texas U.S.A. |
|
Wells Fargo Mortgage Company Ripping me off Wells Fargo Texas
*Consumer Suggestion: Your taxes and insurance probably went up.
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
Pam
Groves, Texas
U.S.A.
This report was posted on Ripoff Report on 07/15/2008 11:49 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Mortgage-Company/Wells-Fargo-Texas-77642/Wells-Fargo-Mortgage-Company-Ripping-me-off-Wells-Fargo-Texas-351524. 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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Search Tips#1 Consumer Suggestion
Your taxes and insurance probably went up.
AUTHOR: Nikki - (U.S.A.)
SUBMITTED: Tuesday, July 15, 2008
Here's what they do. During the first year of your payments, the loan companies will figure out the taxes based on what the previous owner paid the year before, and make that your payment (they may add a percentage). Then, when they pay your taxes at the end of the year, sometimes you are short because the taxes went up. So, the loan company has to refigure your taxes portion for this year based on the true payment of last year plus add the amount you were behind last year.
Many people run into a problem during the second year of their mortgages because of this. Your payments cannot stay at $601+ for the life of the loan because taxes and insurance go up.
Ask Wells Fargo for the breakdown of your payments. Principal and interest should stay the same, but the others probably went up.

