First of all, I would say our first mistake was getting business and friendship mixed. I should have followed my own rule. But I trusted this person, he was a friend of ours, he worked at Wells Fargo Home Mortgage in Bedford NH.
He said that he could get us a good rate even though we had lates in the past. That there would be NO prepayment penalty, then my "friend" snuck in a 2 year prepayment.
I guess I should have been tipped off when I couldn't even get an accurate settlement statement. We did not even know what our interest rate or closing costs were going to be til the day of close.
At this point we had already told our creditors that we would pay them in the next week as that was how long we had to wait for our check from the closing.
I almost had a heart attack when I saw our closing costs were almost $10,000
and Wells Fargo got about $6500 for "Loan discount points".
Which they are now in the middle of a class action suit for.
So now our home has maybe $20000 in equity. Depending on whether the market drops. I believe we were victims of a bait and switch.
Another thing I learned about Wells Fargo is that if you dare even go 1 day into the next month and you owe for prior, they will NOT accept your payment. This was done to us. They would only accept 2 months worth of payments right then and there, I love the way they ask you when you call "Do you intend to keep your house" to me it sounds like a threat of sorts.
We were thrown into foreclosure, managed to pull ourselves out of it but they didn't give us much time. After payments and "legal fees" we paid out over $5,000.00 that is alot of money for a one income family.
Our ARM is up in March, we have not had a late in almost a year and Wells Fargo is telling me that our rate of 7.95% may go UP.
I am being told that no other bank will take us on as we don't have enough
equity. I pray that we are not stuck with Wells Fargo, I don't know how much more I can take.
My experience has been a nightmare, I pray that anyone looking for a first mortgage or are refinancing does not go through Wells Fargo.
They only care about their money, not their customers.
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