Wells Fargo took possession of my loan by the loan originator selling it to them. A year later I attempted to get a home equity loan and I was advised that: Wells Fargo has decided that your property is in a flood zone and you have to buy flood insurance. Legally if it had been placed in a flood zone they should have advised me but they did not.
My property was surveyed prior to my purchase and it was determined not to be in a flood zone so I started the process of proving that it was not in a flood zone. I was advised by Wells Fargo that if I contacted FEMA to get a determination letter that I was not in the flood zone I would not owe the flood insurance.
I immediately wrote a letter to FEMA but Wells Fargo decided to place the flood insurance illegally by buying it from their own owned flood insurance company and charging me double of what the flood insurance costs. They clearly know that FEMA will not make a determination in 45 days and take advantage of the consumer with that knowledge. I am interested in a class action suit in regards to their illegal practices for all the others out there that have been ripped off.
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