To Whom It May Concern:

Please help me understand why Wells Fargo would not refinance my home. I have a 173, 000 interest only mortgage with Wachovia Bank which is now Wells Fargo Bank. I’ve had this mortgage since 2003 and I have never missed a payment. I retired last year and I have a combined monthly social security and pension income of $2300. When I bought this house it was my intention to sell before 2011 but that has changed since the downturn in the economy. I also have a condo that has a mortgage of $700 and I rent it out for $900.00 a month.

My credit score is 750 and I have about $1, 000 in credit card debt. I just set up a tutoring business that brings in a minimum of $1, 200 a month. Wells Fargo wouldn’t accept that because I just started the business this year and it is not on my 2008 taxes. I’m also in the process of setting up a dividend account with Edward Jones to receive $400.00 a month income. However this can’t be counted as part of my income because you have to show income for a year. These are my other assets:
Money Market $84, 000
CD $101, 000
Securities $101, 000
Savings $30, 000
stocks/bonds$70, 000
Life Insurance (cash value) $15, 000

I asked for a conventional loan but my house only appraised for 194, 000 so I agreed to pay $20, 000 on the principle to qualify for the 80% loan-to value ratio. They said they couldn’t approve that loan but would consider the loan if I had 75% loan-to value ratio, I agreed to bring the additional money. After weeks of sending them documents they finally said I just couldn’t qualify because of my debt to income ratio. I feel this is utter nonsense and Wells Fargo is continuing to deny African Americans low interest loans. NAACP has just filed a case in court against them for similar practice. I’m sending this letter to NAACP legal department, CNN, Channel 2, and the HUD office of consumer & Regulatory Affairs.


I am closing all my accounts and changing banks!!!

Dear Sirs:

Today I reviewed my Home Affordability status online, and obtained the above result (see photo appended below). I called the listed number and spoke with “Valerie”. She said that my application for a workout agreement was denied because of failure to provide my financial data in the necessary format per the worksheet that I was sent on 4 May 2009. This statement is in error in several ways:
1. I was not sent a worksheet on May 4th 2009. I had pro-actively contacted Wells Fargo on April 24th and obtained by telephone communication the information that I needed to submit: Proof of income for the last 30 days, a hardship letter explaining the situation, and a monthly expense report.
2. On May 4th, I faxed the abovementioned documents to Wells Fargo Home Affordability Program.
3. On May 4th I also contacted “Julie” at Wells Fargo by telephone. I gave her a consolidated list of my monthly expenses. This verbal list was stated to be sufficient for the purposes of my refinance.

(financial information deliberately removed)

4. Per my letter of May 4th I never applied for a workout agreement. I applied for a refinance – it was Wells Fargo who sorted my application into the workout agreement path. I assumed that they knew what they were doing, and had accurately selected the path for which I was best qualified.

I have responded promptly to Wells Fargo in all instances where contact or information was requested. I have been inappropriately denied a refinance or loan adjustment due to mishandling of this application by personnel at Wells Fargo. I request a review of my case, and prompt contact to remedy this situation.


Sincerely,


Janet L. Chennault

i told wells fargo ; i wanted to close both checking and savings ; i lost my job.they let charges go on my card . knowing i had nothing in my accounts. so here come the overdrafts. $349. to be exact. this is extortion!. so i have been getting calls from wells fargos overdraft dept. saying i better pay up. or they well make my credit worse than it already is. i tell them i dont have a job; what do you want me to do?. these people suck. ezekeil

There comes a time when you wonder why you try to be a good and faithful customer to a business. We have been great customers to Wells Fargo anent our home mortgage. In November of last year, my partner was laid off.

When January came round and the industry was not picking up, we thought we better contact Wells Fargo and let them know we might be having problems in a few months.

We contacted them and they told us to write a "hardship" letter and fax that along with all our financial information. We got it all together complete with a lovely spreadsheet with all our finance info laid out. Little did we know that the process would take over seven months! Then to our dismay and horror, they sent an overnight letter saying, "As we discussed..." Well, first off, "we" did not discuss anything! Their offer was to let us pay half our mortgage for three months then have a balloon payment of almost $8, 000.00. Then on the 4th month they "might" be able to do something for us. How the hell is that supposed to help?

I called them and said, "Hey, what's this? We have always been good customers who have been a payment ahead on the mortgage and you offer us this lousy deal?" They guy, "Derrick" went over our info and found that somehow they had lost my income information, and had my partners wrong. How, I'm not sure as over the seven months we faxed all the info at least 3 or 4 times! He said, "Don't worry, we can get the updated info to the "negotiator" and they can re-work this. It is clear you have a surplus money at the end of each month." (By the way - you will NEVER get to speak to the negotiator.)

I dutifully faxed my pay stubs to them within the next few days. A few weeks later, they contact me and let me know everything was going fine. HA! What a load of horse pucky! I found out on that call that they set up the lousy deal we told them not to do and would have been expecting $8, 000.00 in three months. They did this without a signed document to do so. I told them what had happened on the last call and even though they admit they made a mistake, they told me that since we "declined" their "offer" we had to start from the beginning all over again.

After seven freaking months of work! I was so angry I thought my head would explode like a frikin cartoon character! No matter what they would not budge and I would not be allowed to speak to the negotiator who worked on our loan modification request.

My solution: I am going to find others like me in the state of Maryland and we will, as a group contact not only our elected Representatives, but the Attorney General's office. If need be, this may turn into a class action law suit. I am so sick and tired of companies like Wells Fargo treating good customers like crap.

We have never missed a payment and we were always a payment ahead until they started delaying our process. Stay tuned for more on this. We will become Wells Fargo's nightmare.

We are good customers and we deserve to be treated better!

I walked in to refinance my home loan and take advantage of the low interest rates. The Manager told me to include my car and pay it off with the money I'm saving on interest. He said this was the only way to get therefinance to go through. Then he showed me some figures and made it look real good. I agreed to those terms. After it was over he gave me a little lower house payment that cost me more by the time I pay it off ( I caught on before this went through) but did end up with Wells Fargo taking my car at a higher interest rate and one extra year to pay. When I question the manager about why he didn't give the full details, I was told I should of read the fine print. I know this is confusing but trust me do not deal with this company! Stay away from Wells Fargo! To that manager, I pray for you.
Now this company bugs me weekly about how I have to have my insurance with them & not the company I use.
Your friend who walked in for a home loan & got a car loan