I financed my first home purchase through Wells Fargo, at the recommendation of a friend. I closed on my home, in Oswego County, NY, in December. The agreed upon monthly payment was to be about 300 (principle & interest), plus 180 for an escrow account.
I thought things were a little strange at the outset, when the lawyer who appeared at closing to represent Wells Fargo also happened to be the man who owned the house I was buying. They knew him to be the seller, yet selected him as their attorney anyhow. Hmmmm...
Despite this misgiving, things went well until early March when I received a notice of change to my payment. My escrow contribution was to be raised to more than DOUBLE the agreed upon amount, and increasing the escrow portion of my payment to 133% of my actual mortgage!
I called Wells Fargo right away to get this straightened out, as this exorbitant increase was totally uncalled for. They claimed that this increase was a correction for an earlier miscalculation on their part. However, the escrow account, which pays school and municipal taxes, as well as home owner's insurance premiums, did not need adjusting. I may not be a lawyer, but I can add three numbers together and divide by 12.
Also in March, I noticed that my billing statement showed that my school taxes were paid out of the escrow account in an amount greater than what was due for the whole of the year. TWICE.
Wells Fargo refused to explain this discrepancy, or even acknowledge that such a discrepancy existed. They stated that school taxes cannot be overpaid - any excess monies are refunded to the payer.
Well, obviously, my payment having doubled was a serious problem. Wells Fargo refused to take action to correct their mistake, despite numerous attempts on my part. I sent them copies of all the tax bills, yet they still refused to concede that their numbers were incorrect.
I continued, with titanic effort, to make this inflated payment until August of when I received another notice of an increase to my payment.
I contacted Wells Fargo again, to see what the problem was this time. Once again, they said they had miscalculated the escrow, and had to raise the payment to make up for the resulting shortfall.
This is now THREE TIMES in nine months that there has been a "miscalculation". I demanded that the account be closed, owing to sever incompetence. I was refused.
With this additional increase I was forced into a position where I had to choose between feeding my family and paying my mortgage. Since Wells Fargo refused to acknowledge their mistake, or make any effort whatsoever to correct it, I have to believe that they were doing this on purpose. I couldn't fathom why, but it really seemed that they were trying to force me out of my home.
As a result, in September I began to fall behind. I spoke to Wells Fargo dozens of times over the next few months, but once I was late, they refused to discuss anything with me other than "when will we get your payment?"
In October, my payment was raised AGAIN. And again, Wells Fargo refused to explain why. I got the same stock answer 'we miscalculated'. How can a BANK be so bad with monetary calculations!?!
Also in October, I saw that they had paid the "school taxes" AGAIN out of the escrow, as well as a disbursement labeled 'miscellaneous'. They also paid the school taxes (this time the correct amount, finally) once more on October 5th.
They continued to refuse to do anything about the problem with the escrow, and refused to accept my payments for the amounts due, according to a "no partial payments" policy. The escrow payments were way out of line with reality, and they kept overpaying the school taxes. More, they absolutely refused to work with me about the payment in any way at all.
It seemed they were just making up numbers, and demanding that I pay. If I did, they'd just make up a higher number, until, eventually, I wouldn't be able to pay at all.
In November, I was finally able to reach an agreement with them about getting the payments current. They now wanted a thousand, and would raise my payment to make up for my 'deficiency' (still ignoring the escrow problem). I paid this money as agreed.
However, before the next payment was due, pursuant to this agreement, they renegged, and decided that the agreement was void.
They now would not accept any money from me at all, short of the totally fabricated 'full amount now due'. Basically, I was continually being taunted with calls: 'pay up or we'll take your house'.
I'd like to see how any of those reps would do if their mortgage payments were suddenly doubled. How long could they hold on? Perhaps, increase it a few more times after that?
I knew I could pay for this house, if it weren't for this B.S. I might even be more inclined to be patient with Wells Fargo if they would give me a reasonable explanation for their mistakes. The fact that they will not discuss them, under any circumstances, makes me very suspicious.
In January Wells Fargo informed me that they were going to begin foreclosure if I didn't hand over the deed. I told them that I don't believe foreclosure is in anyone's best interest, and that I'd still like to work something out. At this time, I was focused on keeping my home, and fixing the escrow problem once the danger was over.
Of course, from their perspective, they had done no wrong. I was a deadbeat, in their eyes. Perhaps that is why the felt they owed me no explanation for anything.
Nonetheless, I was able to reach another agreement with Wells Fargo. I was to pay the full amount they claimed was due by February 7th, and they'd consider my account paid to current. I called on February 2nd to confirm our agreement, and was told that it is still in place - foreclosure would be held off until February 7th, pending my payment.
I obtained the additional funds I needed to pay this vast sum on February 5th (tax refund), and called in to make the payment. The rep refused to accept any money, and informed me that my account had been sent to their attorney for foreclosure on February 2nd, the very day Wells Fargo confirmed our agreement that they would postpone proceedings pending my upcoming payment.
They have pushed and pushed to get to this point from the very beginning. They have raised the payment over and over, always refusing to explain why, or consider a possible error. I can only conclude that this was an intentional act. They have broken agreement after agreement, in an effort to force me into default. All this time I gave them the benefit of the doubt, and tried to conduct business with them in good faith.
Now they are trying to take my home away, and put my children out on the street.
Never trust your money to thieves, liars, and incompetents.
Bryan
Fulton, New York
U.S.A.
0 comments