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Report: #69586

Complaint Review: WELLS FARGO MORTGAGE ENHANCEMENT PROGRAM - DES MOINES Iowa

  • Submitted:
  • Updated:
  • Reported By: New Caney Texas
  • WELLS FARGO MORTGAGE ENHANCEMENT PROGRAM WELLS FARGO HOME MORTGAGE,INC PO BOX 10335 DES MOINES, Iowa U.S.A.

WELLS FARGO MORTGAGE ENHANCEMENT PROGRAM Wells Fargo Equity Enhancement Program a RIPOFF. HIDDEN CHARGES they neglect to tell you about. DES MOINES Iowa

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I have taken advantage of Wells Fargo Mortgage Enhancement Program. How this works is you pay 1/2 your mortgage every two weeks instead of one payment a month. You make an extra payment a year that is directly applied to your principal; therefore you pay off your loan faster. Good deal, right?

Well, what Wells Fargo does not tell you is they "farm out" this service to a subsidiary that charges $4.00 a transaction, or $8.00 a month.

My problem with this is I was NOT informed of this when signing up for the program. WF did not inform me that another company would be handling my payments. A company that I did not know about has access to my checking acct. BIG PROBLEM

I am on a VERY tight budget now and I am trying to save all the money I can. When I called WF to ask if I can just set up through online banking to send in bi-weekly payments myself, I was quickly informed that when the whole pymt. is not sent in that funds are put into a suspense acct. So you are forced to pay $8.00 a month for bi-weekly pymts. A RIP-OFF

Tracey
New Caney, Texas
U.S.A.

This report was posted on Ripoff Report on 10/20/2003 10:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-mortgage-enhancement-program/des-moines-iowa-503306-0335/wells-fargo-mortgage-enhancement-program-wells-fargo-equity-enhancement-program-a-ripoff-69586. 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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