*If anyone has advice for me to get help from a regulatory agency or the courts, please let me know! *
I have excellent credit (770) and good financial knowledge, because I used to work in a bank's Compliance department. The sad part is, it's a very modest little mortgage (less than $110k). Any wonder WFHM needs a bailout if they can't manage a simply little account like mine!
WFHM bought my mortgage from Veterans Affairs as I am a disabled veteran — I was paying biweekly, I was a month ahead, and I was making extra pay-downs too. You'd think that WFHM would want to keep a customer like me, especially in this economy!
1. WFHM is trying to charge me the full amount of my note ($110k) instead of the correct balance upon their getting my mortgage (about $108k) because they claim they were not aware of my pre-payments and pay-downs. How is it my problem if WFHM overpaid the VA for my note?
2. WFHM has misapplied funds — their own statement shows my checks for pay-down of principal were put toward taxes and escrow — my bank reports that WFHM cashes my checks on time, but WFHM tells me that I am late. Recently they sent a letter demanding payment, when in fact they had been holding my funds since February!
— Apparently WFHM has created an account for me that they call "unapplied funds". They deposit my payments there and hold them, allowing the interest and fees to build up so much that WFHM claims I owe more than my original note!
— Additionally, I write on my checks what they are for, and I send separate checks for each category like principal, interested, escrow, etc. WFHM seems to use the "unapplied funds" account to get around this.
3. WFHM customer service is beyond atrocious. Local calls/emails are never returned and you can't get a meeting. National calls are placed on hold for 45 minutes then dropped, or transferred to a number than just rings. My letters sent Fedex to WFHM requesting urgent attention, were answered with form letters over 6 weeks later. Recently I received a note from a "written contact representative" who enclosed information about calculating my mortgage balance — I don't think I'm the one requiring education!
4. WFHM continues to obstruct my refinance. Having given up on this company as totally useless and stupid, I took my business to a local bank where am supposed to close Wednesday. WFHM has delayed correcting my account balance for over 2 months and they refuse to give my new bank any information for pay-off. I don't believe this is legal?
So, while the discrepancies are maybe $6000 which isn't a big amount to a big company like Wells Fargo, it is a lot to a person like me who relies on a fixed income.
Here I am trying to do my best to pay my mortgage early — sure, WFHM may find it irritating to administer my check for $15 pay-down of principal, but at least I am giving you money *and* more money than came due!
Did they honestly think they could trick me? I used to work for a bank... Maybe because I'm in a wheelchair?
If you have a good credit history and you want a mortgage company that appreciates you, make sure that your mortgage isn't resold to WFHM.
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