Report: #1394093

Complaint Review: Wells Fargo Home Mortgage

  • Submitted: Sun, August 20, 2017
  • Updated: Sun, August 20, 2017
  • Reported By: Apple — San Pedro California USA
  • Wells Fargo Home Mortgage

    Nationwide
    USA
  • Phone: (800)472-3209
  • Web:
  • Category: Banks

Wells Fargo Home Mortgage/Reverse Mortgage Servicing Sold my reverse mortgage to Champion Mortgage in Dallas, TX, obtained my reverse in Nov. 2006 Fort Mill, SC 29715-6000 Nationwide

*Consumer Comment: Saddest Complaint I've Ever Read

*Consumer Comment: You Do Not Know What You Got Into

*Consumer Comment: WTH

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Wells Fargo Reverse Mortgage Servicing transferred my reverse mortgage (sold) to Champion Mortgage of Dallas, Texas. I obtained this Wells Fargo Reverse in November, 2006. During the loan process I made it a point of asking, more than once, would this loan ever be transferred (sold) to another company. The loan agent repeated to me that would never happen.

On August 18,2017, I received a letter telling me the exact opposite of what I was told in 2006. I called Wells Fargo and was told they are no longer in the Reverse Mortgage business, as of September 1, 2017. I went to Google on the internet to look up Champion, whom I never heard of before, at Champion Mortgage, clicked on their FAQ's at top of page, Then clicked on the question "What happens to my Reverse Mortgage If I Pass Away or Move From The Home Permanently?" At the very bottom of that page, under their address is a "Disclaimer", which reads, "Champion Mortgage is a debt collector.

This is an attempt to collect a debt and any information obtained will be used for that purpose." Wells Fargo turned out to be extremely unethical about saying they would not transfer (sell) my mortgage to another company, gave Reverse Mortgage Customers very short notification about what was just around the corner, this is deplorable conduct Wells Fargo's part.

Reverse Mortgage customers with Wells Fargo are Senior Citizens (ELDERLY), no compassion, no respect. I have two other accounts at Wells and I am moving to new bank after 24 years with them. I am in my 70's and afraid of what my daughter will have to deal with upon my passing. I feel extremely upset, depressed and sick to my stomach. To others out there, research Champion Mortgage on internet, also check Better Business Bureau sites on Champion. NOT GOOD!!!

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This report was posted on Ripoff Report on 08/20/2017 01:47 AM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-home-mortgage/nationwide/wells-fargo-home-mortgagereverse-mortgage-servicing-sold-my-reverse-mortgage-to-champion-1394093. 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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#1 Consumer Comment

Saddest Complaint I've Ever Read

AUTHOR: Jim - (USA)

I'm shaking my head reading this and it makes me sad.  With all due respect to the person who posted this complaint, you should never have obtained a reverse mortgage without understanding what it exactly is, what happens to your house upon your demise, how a reverse mortgage affects the estate you leave to your heirs, and more financial issues that I won't list here, because if I did, then it might make you far more depressed.  Maybe Wells Fargo talked you into it?  Maybe your child?  Maybe someone else?  Whoever told you to get this, now that's who you should be really mad at and complaining about.

 

Upon your demise, or your decision to sell the house prior to that point, the proceeds from the sale of the house will go to the bank to pay back all of the funds you received in the reverse mortgage.  The remainder will go to you (if you are still alive), your heirs, or whomever you designated as your beneficiary after your passing.  The little boilerplate you read from Champion's website, is also nothing to worry about.  Champion agreed in buying your paper to continue the reverse mortgage and there's nothing they can do about it until your demise.  I would recommend talking with your child ASAP because if the child doesn't know what you've done, you will be burdening the child with infomation they should have known 10 years ago, and the child should know about it prior to your demise, so they know what to expect should that day arise.

 

Best of luck to you....

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#2 Consumer Comment

You Do Not Know What You Got Into

AUTHOR: Jim - (USA)

 When the last owner of the house dies, the reverse mortgage MUST be paid off no matter who owns the paper! The property doesn't simply pass to the person in the will without any pay back. Do you understand that? They gave you money in advance based on the equity in the house. That money doesn't just go away. It needs to be paid back or the mortgage company gets the house. It doesn't matter who owns the paper. That money needs to be repaid!!!

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#3 Consumer Comment

WTH

AUTHOR: Robert - (USA)

Of course the loan documents you SIGNED states that they are not allowed to sell or transfer the loan..right?

But let's forget about that right now. Other than the company name what is going to change? Did they state that the terms of your mortgage are now different?  Are they charging you more interest? More fees? New Requirements that aren't in the original loan documents?

If the loan stayed with Wells Fargo what would have happened when you passed away or moved out of your house? And how is that different than when it is with this company?

What's really funny here is that with all of the negative press WF gets, you are probably one of the few people who actually want to continue using WF.   As if you took a legitimate look at the reviews of BOTH companies, neither are stellar. In fact they are both in the 1 to 1.5 star range depending on the site you are with.

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