Complaint Review: Wells Fargo Home Mortage - DES Moines Iowa
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- Author Confirmed
- Wells Fargo Home Mortage PO Box 14411 DES Moines, Iowa U.S.A.
- Phone: 1-800-416-1472
- Web:
- Category: Mortgage Companies
Wells Fargo Home Mortage Wells FARGO WILL LITERALLY STEAL YOUR HOME Des Moines IABaltimoreDES Moines Iowa
*General Comment: Wellsfaro
*Consumer Comment: Do you have a Variable Rate Mortgage?
*Consumer Suggestion: This is very common
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I bought my home September 30, 2002 I first was with a company Universal American Mortage everything was fine after making my very first house payment I received a letter from Wells Fargo about two weeks later welcoming me their company.
I had no idea what the hell I was in for. Their welcoming letter also shared that my house payment was changing from 840.00 dollars a month now was going to be 733.27 I can't explain how happy that made me well about six months later they wrote me another letter saying that my loan had been audited and that my payment would go up to 840.00 I thought ok well that's what I originally was told about six months later I received another letter saying my house payment was going from 840.00 to 900.00 it was a little over 900.00 I can't remeber the exact number.
about another six months I receivd another letter saying my mortage was going to be 1,083.00 dollars a month a few months later another letter now my mortage is 1,114.00 dollars a month I am two months behind and they keep sending letters how they want to help but when I called them that was a big fat joke.
all they said was how they couldn't help me this should be against te law for someone to be able to this to you after you have worked so hard for this American dream for a con artist to be able to come in and literally steal your home
Victoria
Charlotte, North Carolina
U.S.A.
This report was posted on Ripoff Report on 01/25/2005 06:13 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-home-mortage/des-moines-iowa-50306-3411/wells-fargo-home-mortage-wells-fargo-will-literally-steal-your-home-des-moines-iabaltimore-128781. 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. READ: Foreign websites steal our content
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#3 General Comment
Wellsfaro
AUTHOR: Candyk - (United States of America)
SUBMITTED: Friday, April 15, 2011
I had the same thing happen to me with Wellsfargo, after i purchased my home with other bank..up pops them..they not only did the samething with my payments they told me i had a conventional loan..NOT! FHA Insured mortgage fixed rate! Stole my home..and not one person assisted. i have a file full of names..My first clue now..started from the beginning and todate i have found other things they pulled. There needs to be something done with them..but even HUD that states FHA loans are good, they protect families..not true. I would not of lost my home if they would of helped when i contacted them. One payment behind and i contacted them to cure it..it took 3 attempts to get a formmsame form three times and there solution was..we will suspend your regular payment..four months , Well my payment was 609.00 with loan Bank..with them 748.00 yep fixed rate..well those 4 payments were 438.00 first three, 4th $3,230.00 one one payment behind!!!! well never took that offer made payments and down hill from there.
We know who runs our country!
#2 Consumer Comment
Do you have a Variable Rate Mortgage?
AUTHOR: Steve - (U.S.A.)
SUBMITTED: Tuesday, January 25, 2005
I read your post and two things came to my mind.
1. When Wells Fargo Mortgage discovered the erroneous reduction in payment, they first corrected it, but made no correction to recoup the additional funds not paid when the reduced payments were made. Is it possible that the first increase was to correct the reduction and the second increase to recoup the money not paid when the payment was reduced in teh first place?
2. If you have a variable rate mortgage, the third increase could be due to an increase in interest rate caused by an increase in the cost of funds? The third increase is from $900 to $1083. That is an increase of $183 per month. An increase of 1/2 of 1 percent would yield that increase with a mortgage of just $37,000. A 1/4% increase would yield taht increase with a mortgage of $74,000.
#1 Consumer Suggestion
This is very common
AUTHOR: Jonathan - (U.S.A.)
SUBMITTED: Tuesday, January 25, 2005
People a lot of times do not realize when puchasing a house that this is all too common. If the tyoe of loan you have is a vairable rate, your monthly payment will constantly change as interest rates change. The plus side to a variabel rate mortgage is when the market is good your interest rate is quite a bit lower.
I would suggest for everyone out there on a tight budget who wishes to buy a house to try your best to get a fixed rate mortgage. The interest rate may be a bit higher, but at least you know your payments will never change.
I am sorry this was not the good news you hoped for, but hopefully it will help people understand a bit more.
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