I made the mistake of refinancing my home with Wells Fargo Home Mortgage in March. WFHM stated that they would not only help me geat a better Mortgage Loan interest rate, but would also assist me in consolidating my credit card debt and improving my credit score.
On the day of the closing for the refinance, everything changed. The 6% loan I was promised was now an 8.875% ARM, the FHA Loan was now conventional, and now there would be a pre-payment clause too. Because I was badly in need of the loan, I went ahead a closed, not knowing what a nightmare I was getting into.
One month later I was terminated by my employer and the nightmare began. I contacted WFHM to discuss my situation and was told because my loan was new, WFHM could not assist me in anyway. On July WFHM started forclosure. On September of I received a letter from WFHM that EMC Mortage was now servicing my loan. I filed for bankrupcy in April of and now I just learned that the bankrupcy did not help me save my home, and worst yet Wells Fargo Home Mortgage purchase my home at forclosure auction for $197,000, $13,000 more than I had refinanced. The home is valued at $240,000 a $43,000 loss of equity for me, and profit for WFHM. This is the last asset I owned, and my credit is ruined for the next 10 years. I feel Ripped-Off by WFHM!
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