• Report: #1105102

Complaint Review: wells fargo

  • Submitted: Sat, December 07, 2013
  • Updated: Sat, December 07, 2013

  • Reported By: nickm — phillips Maine
wells fargo
phillips, Maine USA

wells fargo home mortgage wells fargo added pmi insurance after i purchased my own and they will not remove phillips Maine

*Author of original report: wells fargo

*Consumer Comment: Be very careful when disputing the amount in your escrow

*Consumer Comment: PMI

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WE HAD PURCHASED A HOME HERE IN MAINE LAST FEB 22 2013 OUR ORIG BANK WHO WE DID THE FINANCING WITH SOLD IT TO WELLS FARGO..

HERE IT IS IN THE MIDDLE OF DECEMBER AND THEY DECIDE THAT THERE GOING TO ADD OUR HOME INSURANCE TO OUR ESCROW ACCOUNT,, WE BOUGHT OUR OWN INSURANCE AND PAID IT OFF FOR THIS YEAR, WE ALSO DID NOT WANT OUR HOME INSURANCE TO BE IN THE MORTGAGE,,

ALSO THEY PUT A LOWBALL FIGURE OF 126.44  FOR OUR ESCROW WHICH OUR TAXES ARE 3571.00 FOR THE YEAR.

NOW ITS MID DECEMBER THEY SEND A LETTER STATING THAT WE ARE 3400.00 IN DEPT WITH OUR ESCROW.

ALSO OUR TOWN COLLECTS TAXES 2 TIMES PER YEAR 4/1 AND 10/1 WELLS FARGO PAID THEM BOTH AHEAD OF TIME ADDED OUR INSURANCE TO THE POLICY AND HAS BEEN COLLECTING FOR INSURANCE THROUGH ESCROW

WE PAID IT IN FULL!!!

IVE CALLED SEVERAL TIMES AND THERE TELLING ME THAT IT WAS IN THE CONTRACT,, AHH SORRY NO IT ISNT.

THEN THEY PROCEED TO TO TELL ME MY PAYMENTS ARE GOING FROM 735.00 A MONTH TO 1200.00 A MONTH.

THEY REFUSE TO TAKE MY INSURANCE OFF MY POLICY( WE PAID FOR IN FULL, ITS PAID UNTIL FEB 2014)

THEY ALSO REFUSE TO PUT THE MONEY BACK INTO ESCROW,, WE SAID WE DONT WANT OUR INSURANCE INCLUDED AND WHY WAS OUR TAXES PAID IN FULL WHEN THE 2ND HALF ISNT DUE TO OCT 2014?

WHAT HAPPEND TO THE KITTY WE HAD IN ESCROW WHAT HAPPEND TO THE 1100.00 WE PUT IN ESCROW IN THE BEGINING..

WELLS FARGO IS THE BIGGEST SCAMMING BANK IVE EVER DELT WITH,, MUST BE BECAUSE THERE FEDERAL..

THEY ARE STATING THAT WE ARE 3000.00 NEG IN ESCROW NOW AND SAID TO ME WE DONT QUALIFY TO PAY OUR OWN INSURANCE  BULL s**t.

WE SINCE HAVE CONTACTED THE MAINE ATTY GENERALS OFFICE AS MY MOTHER IS 78 YEARS OLD AND HAS BEEN RETIRED FOR 13 YEARS NOW.. SHE DOESNT NEED THIS,, SHE NEVER ASKED FOR WELLS FARGO BUT OUR ORIG BANK SOLD OUR MORTGAGE TO THEM(( THANK YOU) NOT!!!!

I WILL NOT ALLOW THIS BANK TO TRY TO TAKE THIS HOME,, WEVE ONLT BEEN HERE SINCE FEB 2013 AND NOW THIS B.S.

IF THERE IS ANY REAL ESTATE ATTY READING THIS PLEASE CONTACT ME AT (((phone number redacted))) AS I WILL NOT LET THIS HAPPEN TO HERE FROM THIS LOW LIFE  BANK FULL OF LOW LIFE PEOPLE

THIS BANK PLAYS WITH NUMBERS,, ALSO HAS FRAUDULANT CLAIMS  AS I HAVE READ THEY WROTE OVER 100.000 MISLEADING LOANS TO PEOPLE BY PLAYING THE NUMBERS GAMES ONLY TO FIND OUT THEY WERE FAULTY FIGURES

AND FORCED HOME OWNERS TO FORCLOSE,, THIS WILL NEVER HAPPEN WITH ME.

ITS PRETTY BAD THAT A BANK HAS TO DO THIS TO PEOPLE ,, I DONT KNOW HOW THERE EMPLYEES CAN SLEEP AT NIGHT KNOWING THERE TAKING HOUSES AND FORCLOSING THEM ONLY TO GAIN $$$


This report was posted on Ripoff Report on 12/07/2013 12:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/wells-fargo/phillips-Maine-04966/wells-fargo-home-mortgage-wells-fargo-added-pmi-insurance-after-i-purchased-my-own-and-th-1105102. 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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#1 Author of original report

wells fargo

AUTHOR: nick - ()

we didnt have our insurance included in the mortgage and neither were the taxes  so tell me how did that just appear???  also i paid my taxes until july so the bill shouldnt be where it is, period.  they have no record of this,, i do.  i wasnt aware of the low ball figure until this mess came into the mail and i got deeper into it.

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#2 Consumer Comment

Be very careful when disputing the amount in your escrow

AUTHOR: FloridaNative - ()

As Robert points out, check to make sure you know which insurance  for which you are being billed by Wells Fargo: PMI (Private Mortgage Insurance) or HOI (homeowners insurance).  Take out your note and the mortgage to determine what can and can not be collected with your payment. In the notes and mortgages I have seen the lender has the absolute right to adjust the escrow in order to protect their interest in the collateral (the property).

The escrow accounts are governed by the RESPA act so you need to look that up to see what constraints your lender has to follow in keeping your escrow and the required notification procedures by the servicer when you have a shortfall.

In every mortgage I have seen, the lender will put in forced placed insurance if you don't supply a copy of the paid insurance policy to them. Forced placed insurance is extremely expensive and the servicer profits in issuing that type of coverage so it is very difficult to get the servicer to acknowledge that you have paid insurance with another carrier of your choosing. Be diligent in your communications. Keep a copy of everything and send information certified mail return receipt request so you have proof of delivery. Over the past decade the lenders have used the escrow account shortfall to foreclose on the collateral so please don't ignore their communications. Always respond in writing. Get an attorney if you can't get their attention. Make sure to send copies in your letter of paid insurance and taxes etc. Send everything to the right departments at your servicing company (escrow departments are entirely separate). I have seen Wells Fargo explictly foreclose based on unpaid insurance when in fact the borrower had paid homeowners insurance. This is very important for you to take care of immediately. Especially since the homeowners insurance premium is generally due 60 days before the current year ends (which is about now for you).

Good luck. Get help from an attorney in your area if you don't get immediate cooperation with your servicer (Wells Fargo).

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#3 Consumer Comment

PMI

AUTHOR: Robert - ()

You need to verify what insurance you are talking about.  PMI(Private Mortgage Insurance) is basically insurance for the Finance Company, not the Home Owner.  It is NOT the same as Home Owners Insurance.  PMI is generally assessed when your LTV(Loan to Value) ratio is over 80%.   To give an easy example, if you borrowed $85,000 to purchase a $100,000 house your LTV would be 85000/10000 or 85% and PMI would be assessed.  But if say you only borrowed 79000 to purchase the same $100,000 house your LTV would be 79% and they would not add PMI.  If they are adding in PMI you are not going to get that removed until you get a better LTV ratio.  There are specific rules on how this occurs so you may want to see if they are undervaluing your house and see if you can get a new apprasial. 

Now just a few other things about your Escrow Account.  It appears you had an Escrow account in the beginning so what did you agree that it would include when it was set up?   If it was included to pay property taxes they generally have the right to pay them all at once.  If this puts you in a negative escrow they again have the right to require additional payments to make up for this deficency.  Also, how did they come up with this "low ball" amount for your Property Taxes.  If you knew they low-balled you why didn't you start saving up money to account for it?  Did you think that "Hey they made the mistake they must pay for it"...WRONG it doesn't work that way.

Oh and as for the "faulty figures".  Know that many of those faulty figures were lies about the income of the borrower...which in that case the borrower has as much responsibility for the lies as the bank.

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