• Report: #266979

Complaint Review: Wells Fargo Home Mortgage

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Sun, August 12, 2007
  • Updated: Sun, August 12, 2007

  • Reported By:Sherman Oaks California
Wells Fargo Home Mortgage
PO BOX 14547 Des Moines, Iowa U.S.A.

Wells Fargo Home Mortgage Escrow Account Property Tax SCAM INCREASED PAYMENT 20%HORRIBLE-DISGUSTING Ripoff Des Moines Iowa

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

I purchased my first home (condo) with a loan from Wells Fargo and closed on December 26, 2006. (Loan amt. $313,500. 8.95% on a 2/30(40)-I have paid ALL of my payments on time without issue. Only eight months later (yesterday) I got a notice of a new, increased payment due to "the projected escrow balance" having a shortage. MY PAYMENT IS SCHEDULED TO INCREASE FROM $2,461.64 to $2,953.00. THAT'S 20%! This makes no sense; my taxes are nearly the same for this year as for last. My escrow account history shows that Wells Fargo has been paying money into my escrow account at a rate of only $56.00 a month. That is a rate of less than $700 a year, but my actual property taxes are (looking at my tax bill right now) $3,230.47. Wells Fargo says there is a projected shortage of $3,327.62. However, the projected increase in my monthly payment amounts to almost $6,000.00 per year!?! As if this was not ludicrous enough, they further state that if I opt to pay that shortage in full, My monthly payment will STILL increase by more than $200.00. Today being Sunday, Wells Fargo is closed to discuss the matter, but after spending some time on this site and others, and reading the innumerable horror stories from other consumers, I am ready to pursue immediate legal assistance. I will speak to both Wells Fargo and my attorney tomorrow. This is insane. I gladly welcome any comment by a Wells Fargo employee regarding this.

Jeffrey
Sherman Oaks, California
U.S.A.

This report was posted on Ripoff Report on 08/12/2007 01:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Home-Mortgage/Des-Moines-Iowa-50306-3547/Wells-Fargo-Home-Mortgage-Escrow-Account-Property-Tax-SCAM-INCREASED-PAYMENT-20HORRIBLE-D-266979. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Wells Fargo Home Mortgage

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.