Wells Fargo Home Mortgage
Lender-Placed Insurance Backdated to Day of Fire After Total Loss

I purchased doublewide mobile home on 3/20. At closing, I owed 45,950.00 to
Wells Fargo. The ins. Company would only allow me to insure for $35,000. They said even
though it was a turnkey package, that the land could not be include in the ins. And the home was not worth more than $35,000. Wells Fargo accepted this amount of ins. At closing. On 4/15 the home was severely damaged by fire. The fire rekindled on 4/16 and completely destroyed the home. My ins. Paid wells $34,745.65. For a total loss. Wells said I still owed them $9,986. I tried to get wells to modify my remaining balance, because I had taken a reduction from $82,000 a year to $32,000. They took the info. But disqualified me for modification 3 different times. In June they contacted my pmi holder (Genworth) and told them I was having trouble making my mortgage payments. They didn't tell them that the home was destroyed by a fire and that had collected $34,745.65. Genworth went out and inspected the property and canceled my pmi. This brought my payment to $387.00. My
ins. Canceled on 5/19, once it paid wells the total amount minus a $250.00 deductible. Wells decided I needed insurance on my land. I guess they where scared it might catch a fire to. I tried to cancel this lenders placed policy that was added on 8/24 and back dated to 4/16 at 12:01 am. The second fire occurred at 4/16 at 8:19 am. They wouldn't cancel it. They said I had to have the property classified as land only. I filled the paperwork out 3 different times, but so they say, they never received it. I called the ins.Co American security ins.in georgia and told them my story and they said it was a lender placed policy and they couldn't cancel it, the lender had to. This was keeping my payments higher because they were
escrowed. They received $700.00 for 4/16-4/16. The policy was for $35,000. I did some research and realized my ins. And the lender placed ins. Was owned by the same company. I had previously filed a claim when they wouldn't cancel the policy. I was given a claim #. Wells was waiting me out with all these so called modifications so they could foreclose on me. I reminded them about this ins. They asked me did I ever file a claim against their ins. I said yes. Wells asked me what the claim # was, I gave them what I HAD BEEN GIVEN. Wells called me the next day and told me that claim # was for my insurance payoff. I told them it couldn't be. That's when I found out American Bankers ins.in Florida and American Security ins.in GEORGIA are the same company. I immediately called American Security ins. And explained what had happened and she told me I was covered by both insurance policies at the time of the fire. She gave me a new claim #. This was at 9:30 pm and 15 minutes later my phone rang. It was Shane Adams with american security. My adjuster from my fire. He said Tammy have you had another fire. I said no. It is the same fire. He told me he had been in the insurance business along time and this had never happened. I got a letter from him on 3/08, stating that wells had requested the ins they backdated on me be canceled effective 4/16 at 12;01 am. The day of the second fire. Wells then decided after I contacted the attorney generals office and the bankers commission and the insurance commissioner that they needed to add some more insurance back on my growed up piece of land on 3/23. That's right I have $35,000 worth of ins on LAND.
Wells Fargo canceled my forecloser hearing set for 4/08 on 4/7. Their rep. Had 2 other cases at the court house that day. Their rep. Looked at all my paperwork and made copies of most of it. He said the only thing he was told was that my hearing had been canceled the evening before because my home was destroyed by a fire. He asked me when the fire occurred. I told him in 4. He told me that he didn't think I would ever have another hearing. The kicker is that Wells Fargo hired an attorney to represent them but when they responded to the attorney generals office, someone out of their executive office responded and any 2 year old could read through the lies. Their attorney was unaware of this letter. He made a copy of it, and shook his head. Somebody, somewhere is going to listen. If you are out their and this company has done illegal things to you, please tell your story. I thought I was the only one. Foreclosers are ruining our country. Everybody loses including them. They target people who have a lot of equity built up and fall on hard times. Keep everything they send you, you might need it one day!

tammy
washington n.C.

Company: Wells Fargo Home Mortgage
Country: USA
State: Iowa
City: Des Moines
Address: PO Box 14411
Phone: 8662348271

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