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Help Me Refinance, Wells Fargo

Posted Fri March 26, 2010 12:00 pm, by James P. written to Wells Fargo

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This is the follow-up to the Cedric Notice, who has implicated the Branch Manager, Paul that lives in our neighborhood, knowing of our efforts and indicated that someone inside the bank is blocking our efforts to complete the matter of simply refinancing a current Wells Fargo Mortgage already with Wells Fargo from an adjustable rate to a fixed.

What it appears that we have been subjected to is that Wells Fargo in partnership with an appraisal scheduling company has by design encouraged a profit making scheme with the scheduling company that encourages participation in increasing or decreasing the values of real estate in the favor of the lender that imposes higher closing costs against the customer to the profit of the bank.

We drew this conclusion because the appraiser joked with us about working with Cedric "all the time" and that he had "done many appraisals with him" over time. We further drew this conclusion from the fact that the appraiser described our property as being in the suburbs, though we live in the city. The appraiser described the property as being only 20 percent built-up and the remainder vacant, though it is a well established neighborhood for over 20 years.

The appraiser described the property as being used commercially 10 percent of the time, though it is a single-family dwelling. The appraiser described the square footage 558 square feet less than its actual footage and never gave credit to the additional 200 square feet of living space added in 2007. The appraiser described the property as being next to an Interstate Highway, though it is in the city and surrounded by well managed roadways. The appraiser did conveniently leave out cement curbs, sewer, and street lights, which by design supports his false statement of the address being in the suburbs. The comparables used were from less prestigious neighborhoods miles away and focused on sales, though there are numerous single-family units surrounding our property that could be used. These, plus other false statements are designed to reduce the property value, subject the customer to predatory lending opportunities and generate excessive profit to the lender.

Though Wells Fargo submitted a letter to us dated 16 Mar 10, after completion of the appraisal which stated: “Please note – This appraisal is subject to underwriting review by Wells Fargo Mortgage. Any discrepancies discovered during the underwriting process will be addressed with the appraiser. As a result, the appraisal may be modified by the appraiser, or a subsequent appraisal may be ordered. In the event that any change is made, you will receive an updated copy of the appraisal at no additional cost to you.” Yet, in spite of this statement, the only options we have been given is to spend another $495, for a second appraisal or provide Wells Fargo with $26,000 plus dollars at closing, in order to finish the deal.

We did provide Cedric with the full list of discrepancies and he passed the information forward to Paul, as an appeal and asked for consideration of new construction to the home, a new 30 year architectural roof, digital home projection theatre added, new landscaping completely around the house, and many other smaller upgrades – but upgrades none the less and over $55,000 worth. The home was appraised 4 years ago with increased value and none of these upgrades had taken place at that time. The property values in this neighborhood have been increasing by 7% a year for the last 3-4 years; therefore, the only thing we can conclude is that the appraisal submitted was designed to purely benefit the lender. The first thing Cedric said to us when he called to tell us the appraiser’s value was “Now I want you to know that this is not a conspiracy.” He also wrote to us after our complaining that he lost our personal information sent to him, that he was going to “make this as painful as possible” in our efforts to refinance.

We are only asking that Wells Fargo provide us a refinance to our current mortgage, making it fixed rather than adjustable and we have been asking for refinance since November of 2008. What we ask is that the original offer presented to us by Cedric on 20 Feb 10, be presented to us for signature without further delay and allow us to close this ordeal after 17 months of stress, loss of sleep and undue frustration. We have been a faithful mortgage holder twice with Wells Fargo over the last 15 years and we should be allowed some consideration for doing our part!! Besides, if our home has been declared valued at less than what we owe, then where are the other options that can be presented?


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