I have spent years keepingmy credit A-1 and now no one will even talk to us now about getting agood mortgage, this is our dream house that we built and would reallylike to keep it and with good loan.
Iguess I was asking Wells Fargo for too much to be a great customer andprompt payer, they would rather jerk people around and get that highinterest no matter what.
Here are the things we are going through with Wells Fargo Financial, very unhappy with and abusive predatory tactics/promises
on 02/18/08 we financed our home with Wells Fargo Financial to pay offdebt that we inquired during the rebuilding process of our home, thehome was previuosly free & clear, we dealt with Trishia Hunt, shecontacted us cold call, and we were promised a fixed rate loan, noproblem, get to closing and it turned out to be an ARM @12% interestwith 3 year adjustment, my wife had a few things on her credit that waspaid off so according to Trish that we can refinance at a good rate in1 year, Great! Now we have good credit, no late payments on anythingand I mean everything. Also extra used funds to put in a new septicsystem & other improvements so we can get ready to refinance at 95%of value next year as Wells Fargo will do that, but for them to getaround that, they have their own appraiser and he will low ball theappraisal, We had house appraised for $90,000 a few months earlier byanother appraiser, (but that deal did not go through), and Wells Fargosays it is only worth $70,000 and that was before/after many expensiveupdates.
Now comes April and we were contacted by DavidOlson one of the managers at the Grand Rapids, mi. Branch and said weare ready to roll this loan into a 4.5% 30 year mortgage, $7500, inclosing costs, very high but he said was negotable Great! So we sentall the paperwork in, in April which was all there, and David also saidthe sooner we get our paperwork in the sooner we close this loan, so Idid just that, then 05/28/09 comes along and we finally got the Truthin lending Disclosure, Great! Every thing looks good, the terms andeverything were good for us.
Ok, now that the home still needed alittle work to be perfect, I finished some small projects and stillneeded to complete the garage, siding, electrical, wood floors, landscaping, etc. So I contacted David Olson and he said the loan isall approved and just waiting on the appraiser, so I waited for a fewweeks and asked David Olson again what was going on? Again he said theloan has been approved and still waiting on the appraiser, busy guy, soI asked if I could get my own appraiser and he said no. And David Olsonadvised me to borrow money to finish your home before the appraisergets there to get the best appraisal, OK, borrowed about $5000 tofinish home and everything was good to go now, just waiting on theappraiser. Now I also asked David if we should get another fianacecompany to refinance since they were having trouble getting a appraiserhere and David said just be patient, the loan is all approved and theappraiser will be there/well this went on all summer, if I would haveknown this guy was lying to me, I would have found another financecompany, but I would have 2% prepayment penalty on the loan, so wewould just stick to the plan.
Ok now here comes 08/31/09 a refusalletter stating that we insuffceint income, which we did not a yearbefore and excesive obligations, yes that is true but since we borrowedmoney to fix up home, thanks to David Olson's advise, I would thinkthat would be expected, since I was going to pay off all debt with loanproceeds and we are on a good path to great credit, I have beenborrowing money to pay some bills till this loan went through, wellsince the loan did not go through, I cannot pay my unsecured debt NowI am in big trouble, it is my fault for listening to these lies fromDavid Olson and Wells Fargo. Should have seen it coming.
Ok, nowcomes the Home Affordable Modification Loan since our income hasdropped $900. Per month due to my tenants not paying and theoverwhelming unsecured debt (my wife is a Vet and we are both onSocial Security fixed income due to disability's), that was 09/11/09 Wesent all required info for the Home Affordable Modification to KerrieHolst and on 11/04/09 Kerrie Holst needed more info, we sent that outpromptly and about a week later Karrie Holst called me and said we donot qualify for the Home Affordable Program, we received too much moneyand the payment would go UP instead of down, I then asked her if thereis another way of getting this home in a good loan, and she said it wasin a good loan and 12% ARM is a very good rate? What? And she keptinsisting me that she trying her best to help me? What? Well thatconversation did not end well.
1. OK now check out these 3situations - 02/18/08 had good credit except wife, not too bad, promised a fixed rate-we get 12% ARM 40 year $675 a month, Ok noproblem say Trishia Hunt, at time promised us refinance next year whenthese marks are off of credit.
2. Now we apply for a good loanall credit issues cleared up, April 4.5% 30 year fixed-$399.51 amonth, down from $675.00 mo. Perfect! Come 08/31/09, got refused forthis loan, findings-could not afford this loan/payment? WHAT?
3. Now we apply for the Home Affordable Modification 11-09, since ourmonthly income went down $900 a month, got refused because we receivetoo much money and the payments would go UP from $675. Month, insteadof down, Well That is our nightmare with this bank. I don't get it? Please help!!
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