I have gotten Wells Fargo home mortgage renovation loan (FHA 203K) for 320K (240K 80K) in Nov. I was given 3 points higher rate at 7.5% (vs. 4.8%) and it has been a nightmare getting money released or getting refinance to lower rate from Wells Fargo thereafter. Wells Fargo's and FHA home mortgage renovations 203K policy is a screwed up and expansive that no one should ever consider it. It has been 8 months of nightmares and due to Wells Fargo's idiotic pathetic bureaucratic policies I can not still get refinance to lower rate. I have been spending tremendous amount of money for Wells Fargo's charges, FHA consultant, inspectors and higher renovations contract fees. I requested several times for loan re-modification after President Obama's law and I was told by Wells Fargo that I must be 60-90 days delinquent in payments to be considered for loan re-modification for lower rate. I unfortunately had to be delinquent for 3 months to find out by Wells Fargo again that I had to be now current to be considered for loan re-modification. I paid the delinquent balances after 3 months of bad credit score in dropping more than 40 points in my credit score to be told by Wells Fargo again that now I am current with the payments and I will not qualify for loan re-modification again as was ground zero. This has been nightmare experience with Wells Fargo and I have complained to Pa attorney general and to President Obama but no response or help has been offered. Any help and suggestions will be greatly appreciated. Dinesh T.
Dinesh
east Lansdowe, Pennsylvania
U.S.A.
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