• Report: #266979
Complaint Review:

Wells Fargo Home Mortgage

  • 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

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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.

Sherman Oaks, California

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/reports/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.

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