February 3, 2009

Beware of Wells Fargo........

Are any of you in the market for a new home loan or a refinance on your existing house? Whatever you do, don't go thru Wells Fargo. I was approved on September 24th, 2008 for a home loan. Its February and I'm still waiting for the cash. How do they stay in business? It has been a complete nightmare. The guy handling my loan was new (aren't I lucky) and has totally dropped the ball more than once. My mother has been in the banking industry for 40 years so Ive had her handle my affairs. She has never experienced anything like this. I honestly dont know how they stay in business. I should have went with my own bank. I would never trust these people with my own personal account. Especially after seeing how their loan department handles its customers. I started out with a conventional loan but because the house title hadnt been in my name for 6 months, I had to change to FHA. Guess what? This month, its been mine for 6 months. Isnt that sad? Switching did me absolutely no good and I have to pay hirer fees.

My loan was for half of what the house is worth. I wanted it to fix up the house I inherited. Its an easy loan, nothing major and they still cant get it right. We spend our time chasing Paul (the loan guy), and when we finally get thru, he knows absolutely nothing. Last Friday I was told we were ready for doc (finally), which means the only thing left to do is sign the papers. Today, I get a call from "Paul" and they need updated paycheck stubs and a bank statement because the last ones expired. HELLO!! Whats wrong with this picture? Yet another delay. If I had gotten the money when I was approved, nothing would be expired. I thought buying a car was bad, not even close to what Wells Fargo has put my mother and I thru. Whatever you do, don't put your trust in their hands. Its like a three ring circus with no ring leader. They got how much for the bail out?? What is their excuse.....Id really like to know. If I wasn't so anxious to redo my house, I would have told them to shove the loan up their ass. Don't ever use Wells Fargo.....you will regret it!!For more on the saga, stay tuned.......



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5 comments:

Tiaras & Tantrums said...

wow - you have some patience girl! I would never have been able to sit tight that long!

~TAMY 3 Sides of Crazy~ said...

Good luck. I so feel for you. I'm having issues with them too regarding my truck loan that they changes the account number on when they moved offices. They refuse me an itemized accounting of the 2 account numbers and I never get to speak to the same person twice so am always retelling the situation and starting from scratch each and EVERY time. Oh and they keep adding insurance and billing me for it though I've been with the same insurance company for 20 years.

Lori said...

Thats awful Tammy...what happened to Customer Service these days? They say we need to stimulate the economy but what are the big companies doing to improve their customer service? Nothing....Im so tired of it all.

Mojo said...

Odd... I've had no problems with the. then again, my re-fi didn't initiate with them, they bought the paper from ... WAMU I think. Who bought it from Fleet, who bought it from... you get the idea. Anyway, Wells Fargo owns the note now, but I've had no trouble with them.

Hope they get your thing straightened out soon. Sounds like a complete clusterf***.

WillThink4Wine said...

I came for Looking at the sky, but it isn't up so I had a look around. This post caught my attention. Six months is incredible!

I have my mortgage through them and my experience was completely wonderful. From application to closing was less than 3 weeks, and all we were really waiting on was the seller's moving company.

Are you using a local branch? Perhaps you could walk in and speak with the branch manager. The right loan officer makes all the difference. I never spoke to anyone but my loan officer, who just happened to be the branch manager.

Good luck.