Report: #915093

Complaint Review: Wells Fargo

  • Submitted: Fri, July 20, 2012
  • Updated: Sun, July 22, 2012
  • Reported By: Me — Fort lauderdale Florida United States of America
  • Wells Fargo

    United States of America

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I have Wells Fargo as my home mortgage. I don't have escrow and pay my insurance and taxes on my own. Recently I took out a new insurance policy and the insurance company refunded the check a month later because both my husbands and my name were not on the policy only my husbands name was on the policy. The policy was cancelled and a new policy had to be reissued with both of our names on it. I waited two weeks for the check to arrive and then I placed it in the bank and the new policy was rewritten with both of our names. This all. Occurred back in April 2012. There was a lapse of twenty days between the transactions were fixed. Today July 20 2012 I received a letter from wells Fargo that they had issued a policy for the lapse of insurance back dated to march 30.2012. The insurance was issued on July 15, 2012. I called my insurance company ans was told its illegal to back date insurance documents. But wells Fargo is sticking to their policy. This was an error that I had nothing to do with and now I a, being forced to have an escrow account for the month that they covered and it's ten times higher than what my insurance would cost. This is not the only incident that I have heard of with Wells Fargo and if I can't date an insurance policy why can they?
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This report was posted on Ripoff Report on 07/20/2012 02:25 PM and is a permanent record located here: 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

Stacie miss you

AUTHOR: The Outlaw Josey Wales - (United States of America)

 You can try to hide butt the rebutts give you away
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State farm is not your good neighbor.  They "PUNISH" people if they have to file a claim but why find a new insurance company.  They all "SCREW" you.
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#3 General Comment

Wells Fargo CAN do this, sorry.

AUTHOR: IamGood - (USA)

Under the terms of your loan agreement with Wells Fargo, you agreed to carry Home Owners Insurance on your home for the ENTIRE term of the loan.

Per your post, you received a policy from your insurance company, but the policy was in your husband's name only, so you proceeded to cancel that policy, and then waited until they refunded you your money, and then bought a new policy.  BAD Move.  You should have cancelled that first policy, and immediately gotten a new policy, at least there would have been no gap in coverage.

Because you went 20 days without insurance, Wells Fargo can back place insurance, called SINGLE INTEREST INSURANCE on your home.  This is done to protect Wells Fargo in the event they forclosed on your home, and there was a fire, flood, windstorm damage to the home.  They would want to collect that money to reduce the amount of money they would otherwise lose.

This insurance is VERY VERY EXPENSIVE.  Before they add that insurance, they will ALWAYS notify you that they received notice that you are no longer carrying insurance, and they will force add this policy unless you obtain your own insurance.

Sorry, just pay the escrow, 1 month of insurance even in the case of single interest insurance prob. wont exceed 500 - 600.00.  

Do not ignore the increased payments, as if you do, they will prob. forclose on your home.

I used to work for Auto Finance Company, and we force placed Single Interest Insurance  All the time.

And yes, they are allowed to Back Date Insurance, as they have prior arrangements with different insurance companies.  Why do you think this insurance is sooooo expensive

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