We had our homeowner's insurance policy cancelled as a result of non-payment by Wells Fargo Mortgage. The funds for this are a part of our regular monthly mortgage payment, and I assumed the insurance company had communicated with WF to let them know how often per year the payments were due, and that the bank escrow department had full knowledge of when to release the money. Boy howdy was I WRONG!
We got papers from the insurance company saying our policy was cancelled for non-payment by Wells Fargo. WF told us that they were under the impression that the policy one annual payment, not two bi-annual payments. We had to get a NEW policy because of the escrow department's SCREW-UP.
And these people at the bank are supposed to be money management experts?!!!?! Why do I have to back-track and double-check that things are going as they should EVERY STEP OF THE WAY
!!!?
Wells Fargo ALSO informed us last October that our interest rate and thus our monthly payment would be dropping by $47. THIS OF COURSE never happened, and I intend to find out WHY.
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