Wells Fargo Giving No Information

[pansey]

I think Wells Fargo is a rip-off company. They won't answer any questions regarding my Home Mortgage. My monthly payment keeps going up and they can't tell me why. They refinanced our home mortgage for 30 years (and it was a 15 year mortgage, payment is basically close to original payment, but I still owe the same amount. I have spoke to ten people at Wells Fargo, but none can tell me actually what happened. I looked at our bill of sale and the company that sold us the house forged my signature to this document even spelled my name wrong. I am trying to find someone at this company that can't explain to me what happened. So stressed and I can't sleep from worrying about this.

[disneysteve]

I'm not quite sure what you are describing. You say "they refinanced our home mortgage". The company can't just randomly refinance your loan. You would have had to initiate that, apply, provide all the necessary documents, sign all the paperwork, etc. That paperwork must spell out the amount borrowed, the term of the loan, the interest rate and the monthly payment. So I'd start by looking at that to answer your questions.

If your payment has gone up from what it was when you first took out the loan, it is most likely due to a shortage in your escrow account. The lender would have provided an escrow review statement, probably with one of your monthly statements, that detailed the shortage and the amount needed to bring the account up to the required amount.

What document is it that has a forged signature? No matter what it was, there is a problem with that and you may need to take legal action if you suffered any monetary damages as a result.

if you give us more details, we may be able to offer additional advice.

[maat55]

The shortage in escrow Steve mentioned, would have been due to an increase in taxes or insurance, unless you have an variable rate.

Your monthly statement should show where exactly all your payment has gone. It should show: interest, principle, escrow and in many cases, your new balance.

[Seeker]

I think Wells Fargo is a rip-off company. They won't answer any questions regarding my Home Mortgage. My monthly payment keeps going up and they can't tell me why. They refinanced our home mortgage for 30 years (and it was a 15 year mortgage, payment is basically close to original payment, but I still owe the same amount. I have spoke to ten people at Wells Fargo, but none can tell me actually what happened. I looked at our bill of sale and the company that sold us the house forged my signature to this document even spelled my name wrong. I am trying to find someone at this company that can't explain to me what happened. So stressed and I can't sleep from worrying about this.

Is this a "Sole" ownership? Or is there another person on the title? Where is your partner, in all this mess?

If Wells Fargo initiated this whole process and did so without your signature and consent, then you definitlely have legal recourse. If someone (not you) signed, and it was not notarized (since not done in their presence which, in most states, is a requirement to have a notary witness), then you'd have legal recourse.

There's so much "wrong" with the above statements. Please provide more details.

[pansey]

Wells Fargo and Me

It is such a mess and I have been trying for three years to get it all worked out. I just can't get anyone at Wells Fargo to answer any questions. Sorry details were not specific.

[pansey]

I will reply with more information because I desperately need some advice.

[arthurb999]

Go into a branch...

[PetMom]

Google mortgages on clarkhoward.com

He alerted audiences on one of his shows about how mortgages are owned by different companies. And what to be aware of what might happen.

According to Howard they can make 'mistakes' when a new company gets your loan and tacks on a couple more thousand on the whole loan - the homeowner is never aware of this.

He has info on how to carefully monitor your payments and how to resolve any problems.

Your mortgage will go up slightly through the years but a big jump is not really supposed to happen.

Also he mentions they might overcollect on escrow expenses and how to figure this out.

[disneysteve]

According to Howard they can make 'mistakes' when a new company gets your loan and tacks on a couple more thousand on the whole loan - the homeowner is never aware of this.

This should be easily noticeable when you get the first statement from the new company. Your monthly statement lists your outstanding balance. You can compare it to the prior month. If there is a sudden jump in your balance, something is wrong.

Your mortgage will go up slightly through the years but a big jump is not really supposed to happen.

I wanted to clarify this. If you have a fixed-rate loan, the payment should never change. What can change, and probably will, is the taxes and insurance amounts. If you pay them through an escrow account, that portion of your payment can increase.

[maat55]

I'm wondering if the loan is an interest only loan.

[xpirtdesign]

well the keyword to this is refinanced and im not sure but usually when you refinance a house the bank usually slaps you with a contract that the interest can go up from year to year ... it sucks man you have to read the fine print.

[disneysteve]

well the keyword to this is refinanced and im not sure but usually when you refinance a house the bank usually slaps you with a contract that the interest can go up from year to year ... it sucks man you have to read the fine print.

That is only true if it is an ARM, an adjustable rate mortgage. We've refinanced a couple of times but only to fixed rate loans so our interest never changes.