Wells Fargo Mortgage Company predatory lending practices tricked and lied to us victimized many consumers ripoff business from hell Bloomington Minnesota

We got a mortgage from Wells Fargo Mortgage at 9%+ due to our credit being fair with some spots. We got a 2nd mortgage right after to remodel the basement and put in a new bathroom and finish off the master bedroom suite.

The bathroom cost more and my husband talked to Tara and she combined the first and second into one and she was so happy because she saved us ALOT of money.

After we signed the papers and got our first statement we found out that it was a 15 year loan not a 30 and that she had INCREASED the percent rate from the 9%+ that we were paying to over 10%.

When my husband talked to her about this she told him that they could only do 15 year mortgages. She had asked us how much we could afford for payments and we told her what our first mortgage payment was and what our second mortgage payment was which added up to a little over 1200 bucks a month.

We did not want to go any higher than that. We were very shocked when the payment was $1895 a month. The first mortgage had a 2 year penalty if we paid the loan off before that.

When Tara combined the two they charged us over 12,000 dollars in fees and even though it was through another Wells Fargo account we were never told we would be charged that amount.

We had made a couple of payments on both the mortgages so we were current on them. I was shocked that the interest rate was increased.

I started checking around to see if we could get someone to give us a better rate and a 30 year loan. Well come to find out that when a couple of these other mortgages companies checked our credit they backed off.

It wasn't until we talked to Jeremy at United that we found out that Wells Fargo had reported on our credit report that we had a 311,000 mortgage with them.

They were reporting the principal plus the interest for the 30 year loan. Jeremy worked with us and finally found out what was going on and when we got serious about going with United and Jeremy started calling Tara for payoff figures she refused to talk to anyone from United.

They avoided giving the information and then Tara called to find out what was going on and my husband told her we were refinancing to get a better rate.

She lied repreatedly about faxing or sending the payoff figures to Jeremy and now it is March 3 and she left a voice mail message that were SERIOUSLY delinguent on our mortgage and they were starting foreclosure proceedings against us because January's payment wasn't made due to the delay in getting the payoff information to United.

A date was given for closing and was cancelled several times due to the non-cooperation from Tara and Wells Fargo people in general.

The one question we asked of Tara was should we make the January payment and Jeremy was told that with the closing so close we didn't need to make that payment. Well the closing date got canceled because Jeremy needed more information from them and when the first payoff figure came out they only guaranteed that payoff for a week not 20-30 days.

We were constantly asking if we should make the January payment and we were told we should be closing within the week.

The cooperation for payoff figures and dates were a HUGE hassle. The last date we were scheduled to close was the 22nd of February and it as ususal it was cancelled.

We finished signing the papers on 3/2/03. My husband had to make a payment because the February payment was due 2/24.

Tara told my husband that were grossly delinquent on the mortgage even though the February payment was still within the grace period.

The funds will finally be transferred this week 3/5 to get rid of Wells Fargo. I am going to be checking our credit report to see if they have reported our mortgage as in foreclosure.

We also have a car loan with Tara that was refinanced to pay off some bills and that loan also had the interest rate increased even though I was paid way ahead of time on this loan.

The interest rates on both loans should have gone down not up. I am in the process right now of having Jeremy pull all the information, contacts and whatever else is pertinent to this hassle and I'm going to give this information to our Attorney General's office for review and hopefully starting a lawsuite against Wells Fargo. This has been a HUGE NIGHTMARE.

I never expected Wells Fargo to be such a greedy predator for people like us who are credit impaired. It is not fair because they've made off with well over $20,000 in fees and closing costs. They are worse than loan sharks.

Patricia
Richfield, Minnesota
U.S.A.

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