• Report: #351524

Complaint Review: Wells Fargo Mortgage Company

  • Submitted: Tue, July 15, 2008
  • Updated: Tue, July 15, 2008

  • Reported By:Groves Texas
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.

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I financed my home in January 2007 Through Beaumont title company & was switched to Wells fargo for my house payments.All paperwork at time of closing was set at 647.00 monthly payment & was reduced to 601.57 to bgin March 2007 through February 2037.This included 418.28 principal & interest -property taxes of 117.48, hazard insurance of 38.92, windstorm of 46.42 & mortgage insurance of 26.47.This company, wells fargo has since then raised my payments up to 801.00 stating that my policy did not include the above.I have all paperwork prooving otherwise.I am a single mom & a very fixed income & I am partially disabled & having a tremendous hard time making these payments.I have tried several times to resolve this matter with no results.I am constantly being lied to by this company.

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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Updates & Rebuttals

#1 Consumer Suggestion

Your taxes and insurance probably went up.

AUTHOR: Nikki - (U.S.A.)

Whenever taxes and insurance are built into your payment, your payment will probably go up every year.

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.
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