I've read a number reports regarding Wells Fargo d.B.A. American servicing company. I have been ripped off a number of times by this mortgage company. My insurance lapse by one day due to the fact my insurance company does not give investment properties a grace period of an hour if late. Wells Fargo - ASC received a report that I did not have insurance. I faxed the document and as usual they did not receive. They applied their insurance even after I proved I had insurance and they never reimbursed my $268 dollars.
In regards to the the Escrow account. I pay my investment property taxes every year with my income tax which I file in February. Wells Fargo was so kind to set up an Escrow account for my taxes. Even after paying in full they consistently taken my money and I have not received a detail report of where my funds are being allocated. I refuse to allow them to snatch my house on a technicality so I continue to pay a $982 house note that originally started out at $561.00.
I wish someone would look into them at least scare them enough with a class action lawsuit to prevent them from taking advantage of everyday citizens. As hard as times are these companies continue to use the system and use good law abiding citizens. It's sad.
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