- Report: #866764
Report - Rebuttal - Arbitrate
Complaint Review: Wells Fargo Mortgage
Wells Fargo Mortgage1214 Ave J Lancaster, California United States of America
Wells Fargo Mortgage Misrepresentated refinance to lower interest which would lower payment, to up pmi insurance Lancaster, California
*Consumer Comment: PMI
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This tactic actually upped my payment by 100.00 dollars a year later. I was made to believe the payment was lowered when I refinanced (per documents). What I believed WFM did was hide the cost of PMI until a later date when escrow accounts per depleted and I needed to pay more every month because PMI policy increases in escrow accounts (payments to WFM) was not included in my documents on the date of refinancing.
I believe this was a predatory practice of getting consumers to refinance and not telling the actual cost of the new loan. The upping of PMI is a direct shift of cost to the consumer from WFM, that benefits Wells Fargo Mortgage.
This report was posted on Ripoff Report on 04/10/2012 11:45 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Mortgage/Lancaster-California-/Wells-Fargo-Mortgage-Misrepresentated-refinance-to-lower-interest-which-would-lower-payme-866764. 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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