This is the 2nd time I've been ripped off by Wells Fargo Bank. Last year they hit me for a $100.00 fee to apply for a home equity loan that they promptly told me after that they just don't do home equity loans anymore.
This time their store manager, Kenneth Hutchinson assured me my credit was good enough to get my house refinanced with a much lower interest rate, and as my house is worth more than I owe, there would be no problems and I could get money out of my equity. And I add, that it was Hutchinson that called me, I didn't initiate the loan request.
He told me that Wells Fargo owns the appraisal company, that everything is done in house. I paid the $534.00 for the appraisal which they did on April 14th and they took all of 5 minutes.
I got the letter turning me down for the loan today, April 19, but the letter is dated April 2,12 days before the apraisal. One of the reasons for the denial is not enough collateral. This is all a scam, stealing peoples money in the form of an apraisal fee. They made their decision to turn me down on the loan nearly 2 weeks before their 'apraisal' was made.
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