Wells Fargo Financial
Ripoff Predatory Loan Practices & Bait & Switch Techniques

Did the loan you got at closing turn out to be very different from what you were promised? (This lead-in question was related to a posting on ACORN when I did a search for "ACORN and Wells Fargo)

YES YES YES!!! In November we told Wells Fargo that we were applying for a fixed rate loan, and were assured that was what we were getting. When we closed, the papers were for an adjustable rate loan. Marcel (last name unknown at this writing-I am VERY ANGRY as I am writing this) told us upon closing that "Oh yes-it is fixed for the next three years."

He also assured us that without a whole lot of improvement in our credit rating, we would, in a few months, for an outlay of about $600 or so be able to convert our loan to a permanent fixed loan. After all of the headaches and burnout that go with getting a mortgage, we foolishly signed the papers.

Now, a year and a half later, we have been checking into getting the fixed rate loan we thought we were getting in the first place. My husband is a retired police officer and also retired military, so I went online to check the info at (ROR redacted competitors name). It looks as if there would be about $3000 in closing costs with them.

So I called Wells Fargo to see if we could possibly get the fixed rate that Marcel had told us about, and I was told that it would also be in the $3000 range to get the fixed rate mortgage with them. We had been BLATANTLY LIED TO!!! Brian, the loan officer that I talked to said "Well, if it makes you feel any better, Marcel was terminated for just that type of thing." SURE BRIAN-THAT MAKES US FEEL SO MUCH BETTER!!!

Needless to say, unless Wells Fargo makes us an offer we can't refuse, we will certainly NOT be doing any more business with Wells Fargo. Brian assures us that we will no longer be treated so shabbily, but right now I feel like that is a bunch of BS!!! I am currently awaiting for a call from Brian (for the last hour and a half) to find out if there is any pre-payment penalty that is going to come back & bite us in the butt. (It turns out that we will have to pay a 2% of the balance penalty if we rewrite the loan elsewhere-about $1500 in our case.)

This loan was done at Wells Fargo Financial, Spring Hill, Florida. If you happen to hear of any class action suits regarding this type of situation, I would appreciate if you would let me know. My immediate options are writing to you and filing a complaint with our Better Business Bureau, but I am working on it. I will also warn anyone that I know that may be considering any kind of a mortgage (or in reading your letters ANY type of financial deal) to steer clear of Wells Fargo.

Sandy
Hudson, Florida
U.S.A.

Company: Wells Fargo Financial
Country: USA
State: Florida
City: Spring Hill
Address: 13128 Cortez Blvd Unit 18
Phone: 3525974887

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