Report: #1336677

Complaint Review: Wells fargo Mtg.

  • Submitted: Fri, November 04, 2016
  • Updated: Fri, November 04, 2016
  • Reported By: tomatoman — Painesville Twp. Ohio USA
  • Wells fargo Mtg.

  • Phone: 1-866-826-4884
  • Web:
  • Category: Banks

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   About 27 years ago, we decided we wanted to try and buy a house, at that time it was common to line up early at banks to try to get a good rate.

   We had a house in mind, so we lined up at alocal bank for us, A Ohio savings bank, in mentor Ohio 44060, we got to the babk at about 6;00 A.M. fortunately there were not too amny others there.

   Long story short, we were able to get the loan we wanted, we got 7.99% interest,30 years FHA fixed. which was pretty good 27 years ago.

   And as usual, Ohio Savings , sold our note to a company called, Leader Mortage,than a little later, Leader Mtg. sold the note to Wells fargo Mtg.

   That is what this whole disgusting mess is about, if you keep up at all regarding Mtg. companies, you would know about all the possible scams and did honest practices that wells fargo may be involved in,?

   As was mentioned, we bought our house Approx. 27 years ago, Title transfered , Oct,25th 1989, and we moved into our house, Friday the 13th, November , 1989.

   As was mentioned, the note had transfered from, Ohio savings,Mentor Ohio 44060,and than to  Leader Mtg,for a few months I believe, and then  to , Unfortunately to Wells fargo Mtg.

   Again, this is a 30 year fixed, FHA loan, not any thing like variable interest rate,  I believe about 15 years ago, that was when interest rates began to fall, and apparently Wells fargo may have been worried about loosing customers, So they offered their customers a lower interest rate, with no closing costs, or any other costs what so ever,?

   Sounds pretty good Hah?  But the only problem with what most people were at first pretty happy about, it was not until, unfortunately much later, we found out, we thought Wells Fargo mtg. were a bunch of nice guys, well not at all, they never told their customers, about, well, sure we got a much nicer interest rate, but our note, went back to another 30 year Mtg.?

   I believe one time, we may have got a what was called a cash out, I believe only around $5,000.00 , to pay off some credit cards, but we recently have found out, is totally apauling and did gusting, we had found some of our paper work, one in particular, dated ,11-30-2011, I believe this date was when we decided to try and lower or time for paying off the mtg,

    Unfortunately we found out, that time, 11-30-2011, was the date that we took out a 15 year Mtg, from wells Fargo Mtg. but much to or did gust and surprise, the loan amount, was for, $65,935.00 ? still at the lower rate these scum bags gave us-of 3.875. but some possible low life decided to add an extra $15,000.00 or more to our note,?

   Ok wait it gets even better, we had called these possible low lifes a couple days ago, I believe we spoke to a Alisha,she is the one that told us, the amount of, $65,935.00 for the dates of, 11-30-2011, but she had also mentioned some thing about another possible dis honest transaction- a date of 2003 or 2004, our mtg, note was at, $77,000.00 ? I asked her what the hell was she talking about.

   Let's recoop all of the possible BULL-SH** now, we bought our house back in 1989, as was mentioned, started off with Ohio Savings, than sold to a Leader Mtg, than Leader Mtg, apparently sold the note to Wells fargo Mtg. So, Please some one tell us, how could we start off with a $53,000.00 note ,27 tears ago, we have never missed a payment, in fact most every month I would always pay a little extra, not a huge amount, but on average $8.00 to $15.00 extra to go toward the principle.

   So how come, there has only been a $10.000.00 to $15.000.00 decrease in the amount we still owe,? As of this month, November,2016, our current pay off amount is , Aprox, $47.500.00 ? And when adding the possible $5,000.00 cash out , to the $47,500.00 , How on earth could this mtg, have only decreased less than $15,000.00 , after making payments to this possible low life mtg, company  in my opinion , for 27 years, and as was mentioned, we have never  missed a payment,???

   Of course, that does not surprise me, we just saw on the news again, more possible didhonest practices about Wells fargo Mtg, I believ to date, Wells fargo Mtg. company, had fired I believe 5 Thousand employees, Earlier this week, a long time , CEO, John Stumpf decided to retire, copyright 2016,CNN. all rights reserved. I woner why this possible scum bag low life, decided to retire,? No dout, he was probablty given a several million dollar severence pay ?

   The report also stated, and labeled, '' Amid scandall, wells fargo .txt. Ohio announces sanctions against wells fargo, friday, October 14 th 2016,5;47 pm edt, The state of ohio has announced three major moves against wells fargo. [source;CNN ]

   CNN, Another state is sending wells fargo to the penalty box, Ohio Gov. John Kasich slapped a series of sanctions on wells fargo on friday, because of the banks FAKE accounts scandal. Additional links, Amid scandal, wells fargo new accounts down by 25 percent.

   Kasich, announced three major moves against wells afrgo. State agencies can't hire the bank in financial services contracts for one year. wells fargo will be banned from participating in Ohio's future debt sales for the next year, And Kasich will try to exclude the bank from participating in bond sales by the Ohio public facilities commission.

   Need I go on ? well I will, further it states, Openings were down by 30% from August, which was right before it came to light that the bank FIRED more than 5,000 workers for creating unauthorized accounts. Those former workers said they were under enormous pressure from management to meet strict sales quotas.

   Here is the real sad, and scarry part. wells farge has since admitted to opening as many as  [[[ 2 MILLION ]] FAKE ACCOUNTS SINCE 2011 ,?? 

   And was already mentioned, the wells fargo CEO, decided for some strange reason to retire, kind of like fleeing from a sinking ship, ???

   Surprisingly, the above time frame, seems to kind of coincide with the possible extra $30,000.00 to $40,000.00 , that seems to be the amount extra that wells fargo may of some how decided not to apply to our Mtg note ???

   I hope others see all the above Bull-SH** that we thought this sweet heart of a Mtg. company has done to their customers, we are looking forward to a possible class action law suit, as our Lawer had mentioned to us, Please any other people, that may have the extreme misfortune of having this possible , Low life Mtg, company, for their home, please ask, wells fargo mtg, to supply all of the information related to them.

   Thank you, for your attention to the disgusting above matter.

   Sincerely, tomatoman, from Lake county Ohio 44077 .

   May wells  fargo Mtg. please suffer an unusual . and bitter falling out, as so many people had put their trust in them, and than they failed bitterly to fofill their oblagation to the public. ??

This report was posted on Ripoff Report on 11/04/2016 06:57 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

Sorry Robert you can vote for Trump all you feel like but wells fargo is still being held accountable for their criminal wrong doing if you don't like it to bad so sad.

AUTHOR: Charles - (USA)

Hey robert you and the rest of team rebuttal can vote in anti consumer idiots like trump in all you feel like. But in the end wells fargo will still pay for their criminal ways. They deserve to lose their shirt of their back for all the employees who lost their shirt. You know the ones trying to make a living at this devil bank at $12 a hour.  Wells faro can be suprised all they feel like.



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#2 Consumer Comment

You still appear clueless

AUTHOR: Robert - (USA)

While you are getting are still a bit clueless. 

Based on the fact that your story keeps evolving and you are still using words like "I believe" and "around" says you still really have no clue as to what your mortgages actually were.

Let's work backwards

You ask why your loan balance is still $47,000.  Well that can be a real simple answer.  In your latest version you apparently refinanced in 2011 for about 66,000 with a 15 year loan. So in 1/3 of your loan length you have paid off approxmimatly 28% of your loan, which with the way amoritzation works with ALL loans that sounds as if it is right on track.  As you get farther into the loan more will go towards principal.

But you now will say...why is my balance in 2011 higher than when it started.  We don't know that for a fact. Perhaps this $5,000(or $7,000) you took out to pay off debt was more like 15K to 20K.  If you found paperwork showing the information for your new loan, in that same paperwork would be the payoff of the original loan as well as the amount of your cash-out.  

What was the exact amount of your original loan, what was the monthly payment you made.  How much of that payment went to the loan and how much went into the Escrow and PMI? You seem to indicate that when you paid extra only a little bit went to principal, so we must figure  you have access to your statements to see this.  Those same statements would show your balance.  So in looking at the balance on the statements when did this number INCREASE?

So I will give you the same suggestion I gave before.  Since you are still having issues find a friend/relative to help you get all of this information.  If you are still confused find a local accountant or an attorney who specializes in financial issues and have them work it out with you.  Perhaps you do have something wrong, but so far it seems as if it is just more of an issue that you don't really know.

By the way...what Wells Fargo is being investigated for was APPROVING mortganges that should not have
been approved, and opening accounts people were unaware of.  Not "stealing" payments or adding to balances of existing loans.

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