Wells Fargo NA
Construction Loan Funds Paid for Modular Home That Was Never Ordered

My husband and I ordered a custom built modular home from Sheraton Homes in September. Sheraton Homes is an exclusive dealer for Patriot Homes. Pat Kennedy told us we needed a "construction" loan which would be paid to Patriot Homes in 3 payments as the home was built and completed. Loan proceeds, $150,000.00 were to be held in an escrow account. We took out a loan with Wells Fargo.

Kennedy lied, promised, postponed, made excuses, and blamed anyone and everyone else for the supposed building delay of 9 months.

I finally got smart and called the plant where the home was supposedly being built only to find that Kennedy had never ordered the house. She had stolen our the loan proceeds. Kennedy has, of course, been non responsive.

Patriot Homes refuses to do anything to help us saying that Kennedy is an "independent" dealer. It's a pretty pathetic statement that Patriot Homes refuses to make a bad situation good when one of its own representatives steals from consumers.

Wells Fargo has been completely non responsive to all phone calls, emails, and other communication, including a registered letter sent to the James M. Strother EVP, General Counsel of the legal department at Wells Fargo. Even my attorney can't seem to break through the morass of human brick walls Wells Fargo has erected. Because we care about our credit rating, and because we are honest people, my husband and I are still making payments (August was payment #11) on a loan for a house that doesn't exist. BTW, the house was collateral for the loan so we are making nearly $2000.00 per month payments for nothing.

The Texas state agency that licenses Kennedy has refused to help claiming this doesn't fall under the guidelines of deceptive trade practices.

Yes, I've hired an attorney.

My recommendation to all is never do business with Sheraton Homes, Patriot Homes, or Wells Fargo. We have been seriously screwed over by all three.

Company: Wells Fargo NA
Country: USA
State: California
City: San Francisco
Address: 633 Folsom Street
Phone: 4153966019

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