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Report: #1444046

Complaint Review: Wells Fargo Home Mortgage

  • Submitted:
  • Updated:
  • Reported By: Pam — anonymous United States
  • Wells Fargo Home Mortgage United States

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Wells Fargo bank added over $1900 of esrow fees to my account causing my house payment to rise and now it's impossible to get rid of them.  I paid them for two years on this house and paid extra to pay down my principal.  They now say because my escrow is short I need to pay another over 400 to be put in escrow and if not they are raising my payment almost another $30 and my total due is over $1900 I need to pay total for their escrow.  I asked if I could just pay my taxes and insurance on my own and they said the type of loan it is prohibited.  Really?  I'm on a fixed income and have to pay almost all of my insufficient retirement money I worked for over 30 years and paid into just to get by and pay my bills with very little left for food.  So that's another hit on my minsucule income.  Don't ever take out a mortage with Wells Fargo!  Just a warning to anyone who wants to buy a house as they'll add and keep adding to your payment even if your T&I didn't go up that much.  So my T&I went up but they're saying I have to pay more that I actually will owe into escrow!  I was going to try to do a refi but that would add even more to the mortgage and fees are ridiculous with these banks.  These banks are "crooks" and when will we all "wake up"!  Don't Do business with Wells Fargo or take out a mortgage as they'll rake you with extra's and fees.  

This report was posted on Ripoff Report on 05/22/2018 08:08 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-home-mortgage/-/wells-fargo-home-mortgage-wells-fargo-bank-are-ripoff-artists-nationwide-1444046. 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 Author of original report

Wells Fargo Mortgage

AUTHOR: Pam - (United States)

POSTED: Tuesday, May 29, 2018

I did check into an exemption for taxes called the Homestead rebate.  I have already claimed that and my tax lady already filled out the form for me and due to owing back taxes I had it confiscated by the IRS.  So much for that. At least my back taxes are now paid up but this from many years ago when I worked as a 1099 before anyone knew what it meant for filing taxes. So I was charged and was never able to get it paid up until now.  It seems one corner leads to another..  Thanks for the suggestions and trying to help.  

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#2 Author of original report

Wells Fargo Mortgage

AUTHOR: Pam - (United States)

POSTED: Monday, May 28, 2018

Thanks for the suggestions but I have already called every insurance carrier Possible to see if I can lower my home owners insrance.  I already have the lowest premium I can find for this area and house.  It did go up because I had to have a new roof put on due to a hail storm and taxes of course go up every year.  I appreciate your input but a reverse mortgage is not an option as I'm not going to put my property and myself into anymore debt.  A reverse mortgage is just a way these same companies can get control of your real estate and as a person ages they know you'll need more of the money you've taken out and worked so hard to build into your property.  I know a guy whose mother did the reverse mortgage and her estate was hit with a big sum when she died the aires couldn't even pay off the amount and it put her estate into a negative which is of course what these companies are planning on which is ripping off every last penny unp until and after you die.  They have no "face" or "integrity" or conscern for the individual or their family.  They are all faceless corporations.  Most people don't "get it"!  

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#1 Consumer Comment

Have you checked to see what your taxes and insurance cost now?

AUTHOR: FloridaNative - (United States)

POSTED: Tuesday, May 22, 2018

I have nothing to do with Wells Fargo, or any other bank. But, the first thing to do is check your actual real estate taxes and homeowners insurance and flood insurance, if applicable to see what the cost is for your home.  These figures change annually and, in general, increase rather than decrease.  You may be able to reduce your property tax if you homestead the property.

Check with your local property appraisers office to see if that is an option, if you haven't done so already.  Also check your HOI and Flood insurance rates. The rates vary substantially from insurance carrier to insurance carrier. Yes, you can change carriers right in the middle of a year.  If you don't  have an independent insurance broker, I highly recommend one to review your HOI and make suggestions/improvements to your policy and its cost.

One more suggestion, this may or may not be applicable to you.  Look into refinancing with a reverse mortgage.  It is a lifeline for some, not all, seniors that have a burdenson mortgage.  It is less desireable if you are a younger senior.  The appeal is if you do find it works out for you, you are responsible for your property taxes, your insurance and HOA fees, if any, but not the mortgage payment. 

The mortgage payment is added to the mortgage balance rather than you having to pay it. This is a very specialized mortgage and not for everyone, but it is worth getting the full facts. I hope this information helps you.

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