Anyone else have Wells Fargo hold their morgtage?

Chubby · 06-07-2010, 02:49 PM

*Note* Our morgtage got sold to Wells Fargo shortly after purchasing the house last year, we did not choose them.

We bought our house last year so I was expecing a slight adjustment in the payments since our last house it moved $10-$20 at the year clickover. I was NOT expecting it to go up $130/month considering: we have fixed rate, our assessment stayed the same, we now can get a STAR exemption so our taxes will actually go down $600/year vs last year.

I called and bitched saying I don't know why it went up that much, they tryed saying it was because of taxes to which I responded with the above. I went to the town hall today to get copies of my tax info/assessment/STAR exemption and faxed them in today. Lo and behold when I got home I got a letter from WF saying how they looked at our escrow after my phone call last week and were readjusting the payments to now be $10 more per month over what we had been paying.

Is this shit common with Wells Fargo? I had SunTrust with the last house and loved them but so far WF is not off to a good start with me...

Mustang · 06-07-2010, 02:56 PM

I had Wells Fargo for a few years and never had issues other than some small adjustments due to escrow.

I had to call to remind them to pay my taxes in December though when the bill was sent out rather than wait until the next tax year.

Ksyrup · 06-07-2010, 02:57 PM

I've had no problems with WF. Our payments went up a bunch after the first year due to the escrow issue, but I was expecting it. Since then, nothing but minor changes each year.

dolfin · 06-07-2010, 03:00 PM

We have our mortgage through WF, and had a similar problem with the escrow making a big jump. The problem though was due to them basing the tax payment off of an erroneous tax statement from the county. I simply sent them an updated one (and had the county send a new one) and asked to re-evaluate the escrow and it was all fixed fairly quick. Other than that they've actually been surprisingly pleasant to deal with for the past 3 years.

I'd bet that going forward, your not likely to have any other major issues with them.

Chubby · 06-07-2010, 03:01 PM

Quote:

Originally Posted by Mustang

I had Wells Fargo for a few years and never had issues other than some small adjustments due to escrow.

I had to call to remind them to pay my taxes in December though when the bill was sent out rather than wait until the next tax year.

They farted around paying my homeowners insurance but it was paid in time without a phonecall.

Like I said, I expected some sort of adjustment even tho I had them estimate the taxes on the high end when we bought the house to try and minimize the jump.

I just didn't know if they try to say "ok houses in your zipcode usually jump x% in assessment each year so we'll just guess that's what they will do" kinda thing or if there was any other screwiness.

Coffee Warlord · 06-07-2010, 03:15 PM

Wells Fargo is one of the biggest piles of scum on the planet.

My family has a lonnnnng duration trust run by them. I think the tally is up to 4 lawsuits over the years fighting them trying to screw us over.

They are presently attempting to liquidate the entire portfolio (the trust breaks up next year), of which the vast majority of it is invested in things that give interest rates WELL beyond anything you could get nowadays (also incurring massive amounts of capital gains taxes), because, and I quote, "oh it's just easier this way".

MJ4H · 06-07-2010, 03:16 PM

Only problem we have with WF is this bitch Jessica who keeps calling us at home. Jesus Christ.

Easy Mac · 06-07-2010, 03:59 PM

My wife handles our mortgage stuff, but I remember her mentioning something similar earlier this month.

All I know is, they were atrocious at closing. Because of their idiocy, we ended up missing our deadline on the house, which would have cost us an additional $2,000 at closing. Thankfully, after about 3 hours on the phone and a trip to their office, we got them to cover it (of course, this was after having to take 2 extra days off of work to close, since they never informed us of the problem until the day of closing, then delayed it again on the next scheduled closing, then took all day when we finally closed). They also forgot to pay our homeowners insurance and first year of HOA's until we so kindly reminded them. They also promised us a $250 gift card for all the difficulties, but of course, when I went to get it, they said they had no record of it.

digamma · 06-07-2010, 04:00 PM

Pay your taxes directly to the government and your insurance directly to your provider and you avoid this. And save/make a little interest in the process.

DanGarion · 06-07-2010, 11:41 PM

Quote:

Originally Posted by Chubby

*Note* Our morgtage got sold to Wells Fargo shortly after purchasing the house last year, we did not choose them.

We bought our house last year so I was expecing a slight adjustment in the payments since our last house it moved $10-$20 at the year clickover. I was NOT expecting it to go up $130/month considering: we have fixed rate, our assessment stayed the same, we now can get a STAR exemption so our taxes will actually go down $600/year vs last year.

I called and bitched saying I don't know why it went up that much, they tryed saying it was because of taxes to which I responded with the above. I went to the town hall today to get copies of my tax info/assessment/STAR exemption and faxed them in today. Lo and behold when I got home I got a letter from WF saying how they looked at our escrow after my phone call last week and were readjusting the payments to now be $10 more per month over what we had been paying.

Is this shit common with Wells Fargo? I had SunTrust with the last house and loved them but so far WF is not off to a good start with me...

From my understanding it's common if you are doing your mortgage along with your property insurance and taxes through a bank. They estimate the amounts and if the numbers change they have to make you pay more if you are going to fall short on the taxes. I have WF and they upped ours, I made a call to the number listed on the notice and gave them some corrected PI numbers, unfortunately they had underestimated during the first year of our mortgage and we had to still make a $1600 make up for the PI, but it's all cleared now. Yes they should be better at making the estimates but they can really foresee what the Tax Assessor is going to say your house is worth if the PI gets recalculated.

DanGarion · 06-07-2010, 11:44 PM

Quote:

Originally Posted by digamma

Pay your taxes directly to the government and your insurance directly to your provider and you avoid this. And save/make a little interest in the process.

QFT.

Chubby · 06-08-2010, 05:08 AM

Quote:

Originally Posted by DanGarion

From my understanding it's common if you are doing your mortgage along with your property insurance and taxes through a bank. They estimate the amounts and if the numbers change they have to make you pay more if you are going to fall short on the taxes. I have WF and they upped ours, I made a call to the number listed on the notice and gave them some corrected PI numbers, unfortunately they had underestimated during the first year of our mortgage and we had to still make a $1600 make up for the PI, but it's all cleared now. Yes they should be better at making the estimates but they can really foresee what the Tax Assessor is going to say your house is worth if the PI gets recalculated.

I know they can't forsee what the assessor is going to say but the assessment didn't change from last year to this year

I had purposesly had them estimate at the high end for taxes when we did the morgatage to try to minimize the adjustment in year 2. I was just curious if people had run into issues with them.

claphamsa · 06-08-2010, 07:03 AM

BOA did something like this to me, I got a letter this time last year, saying they had underestimated my taxes, and I owed them 3K... Thanks dicks!

Ksyrup · 06-08-2010, 07:13 AM

Yeah, sounds like with Chubby they made a mistake. In my situation, it was a brand new house, so the tax escrow was based solely on the value of the land. After a year, they revised the tax assessment to include the value of the house and our payment went up a few hundred dollars. But I was expecting it.

rowech · 06-08-2010, 07:40 AM

Are you sure no tax levies went into affect for schools, fire, police, library, etc?

In addition, I believe it's now law that even though your payments might work out at the end of a year, you cannot have a zero balance on your escrow at all...at any point through the year and if you do, they will make your payment to go up to make sure it doesn't get below zero.

DanGarion · 06-08-2010, 10:19 AM

Quote:

Originally Posted by Chubby

I know they can't forsee what the assessor is going to say but the assessment didn't change from last year to this year

I had purposesly had them estimate at the high end for taxes when we did the morgatage to try to minimize the adjustment in year 2. I was just curious if people had run into issues with them.

Crazy. More reason to just do it yourself!

Flasch186 · 06-08-2010, 10:44 AM

My parents have been in a loan mod for Wells Fargo for a year and a half....my mom goes into major neck and back surgery on August 3rd when she'll go on FMLA. They suck IMO.

wade moore · 06-08-2010, 10:46 AM

Quote:

Originally Posted by Flasch186

My parents have been in a loan mod for Wells Fargo for a year and a half....my mom goes into major neck and back surgery on August 3rd when she'll go on FMLA. They suck IMO.

I'm really trying hard to figure out what one has to do with the other - am I missing something?

Flasch186 · 06-08-2010, 10:50 AM

sorry, im multitasking. The loan mod calls for them to have to redo their documents every month. But when she goes into the hospital and is out of commission that will be extremely difficult and pay reports will look skewed. Had they had their shit together (WWFC) they would've long ago had this settled and her surgery wouldnt look like a huge stumbling block. Apologies for not connecting those dots there.

Cringer · 06-08-2010, 01:22 PM

Ours is held by Wells Fargo. Once they let the insurance slip, and the first year or two we had to remind them to pay the taxes.

Our payments have been effected mostly by our taxes though. Our house is assessed at $40000 more now then when we bought it so we are challenging the county on it. We value properties for a living, slam dunk for us really to get it dropped at or below the county's value from when we bought it.

wade moore · 06-08-2010, 01:43 PM

This idea that some Morgtage Lenders just "forget" to pay taxes or insurance is INSANE to me. Is this common?

Chubby · 06-08-2010, 04:32 PM

Quote:

Originally Posted by rowech

Are you sure no tax levies went into affect for schools, fire, police, library, etc?

In addition, I believe it's now law that even though your payments might work out at the end of a year, you cannot have a zero balance on your escrow at all...at any point through the year and if you do, they will make your payment to go up to make sure it doesn't get below zero.

yup, you have to have a certain amount (mine is like $800) in there at all times

Chubby · 06-08-2010, 04:35 PM

Quote:

Originally Posted by DanGarion

Crazy. More reason to just do it yourself!

I'm not the greatest with bills. I'm a million times better now than I used to be but I'm too afraid I'll forget or miscalculate, it's just way easier to escrow it.

Flasch186 · 09-16-2010, 08:40 PM

Success (maybe) my parents finally got their official loan mod paperwork wherein it looks like WFC will be adding 10K to their principal balance, lowering rates now to rise in increments and spreading their payments out over the next 30 years. They save a little but at least the mental anguish is coming to what seems like an end.

The banks are running this thing like a total train wreck... anecdotally of course. Im sure some people will take the other side of this.

Honolulu Blue · 09-17-2010, 04:16 AM

To answer the original question, I have a WF mortgage (WaMu sold it to them some years ago... sell the good ones, keep the bad ones - great way to run a railroad). No problems so far.

06-07-2010, 02:56 PM	#2
Mustang Grizzled Veteran Join Date: Oct 2000 Location: Wisconsin	I had Wells Fargo for a few years and never had issues other than some small adjustments due to escrow. I had to call to remind them to pay my taxes in December though when the bill was sent out rather than wait until the next tax year. __________________ You, you will regret what you have done this day. I will make you regret ever being born. Your going to wish you never left your mothers womb, where it was warm and safe... and wet. i am going to show you pain you never knew existed, you are going to see a whole new spectrum of pain, like a Rainboooow. But! This rainbow is not just like any other rainbow, its...

06-07-2010, 02:57 PM	#3
Ksyrup This guy has posted so much, his fingers are about to fall off. Join Date: Nov 2000 Location: In Absentia	I've had no problems with WF. Our payments went up a bunch after the first year due to the escrow issue, but I was expecting it. Since then, nothing but minor changes each year. __________________ M's pitcher Miguel Batista: "Now, I feel like I've had everything. I've talked pitching with Sandy Koufax, had Kenny G play for me. Maybe if I could have an interview with God, then I'd be served. I'd be complete."

06-07-2010, 03:16 PM	#7
MJ4H Coordinator Join Date: Jan 2002 Location: Hog Country	Only problem we have with WF is this bitch Jessica who keeps calling us at home. Jesus Christ. __________________ My YouTube channel My Twitch channel My Sharona

06-07-2010, 03:59 PM	#8
Easy Mac Registered User Join Date: Nov 2001 Location: Here	My wife handles our mortgage stuff, but I remember her mentioning something similar earlier this month. All I know is, they were atrocious at closing. Because of their idiocy, we ended up missing our deadline on the house, which would have cost us an additional $2,000 at closing. Thankfully, after about 3 hours on the phone and a trip to their office, we got them to cover it (of course, this was after having to take 2 extra days off of work to close, since they never informed us of the problem until the day of closing, then delayed it again on the next scheduled closing, then took all day when we finally closed). They also forgot to pay our homeowners insurance and first year of HOA's until we so kindly reminded them. They also promised us a $250 gift card for all the difficulties, but of course, when I went to get it, they said they had no record of it. Last edited by Easy Mac : 06-07-2010 at 04:00 PM.

06-08-2010, 07:03 AM	#13
claphamsa Grizzled Veteran Join Date: Nov 2007 Location: non white trash MD	BOA did something like this to me, I got a letter this time last year, saying they had underestimated my taxes, and I owed them 3K... Thanks dicks! __________________ Dominating Warewolf for 0 games! GIT R DUN!!!

06-07-2010, 03:00 PM	#4
dolfin High School JV Join Date: Dec 2000 Location: Texas	We have our mortgage through WF, and had a similar problem with the escrow making a big jump. The problem though was due to them basing the tax payment off of an erroneous tax statement from the county. I simply sent them an updated one (and had the county send a new one) and asked to re-evaluate the escrow and it was all fixed fairly quick. Other than that they've actually been surprisingly pleasant to deal with for the past 3 years. I'd bet that going forward, your not likely to have any other major issues with them.

06-07-2010, 03:15 PM	#6
Coffee Warlord Head Coach Join Date: Oct 2002 Location: Colorado Springs	Wells Fargo is one of the biggest piles of scum on the planet. My family has a lonnnnng duration trust run by them. I think the tally is up to 4 lawsuits over the years fighting them trying to screw us over. They are presently attempting to liquidate the entire portfolio (the trust breaks up next year), of which the vast majority of it is invested in things that give interest rates WELL beyond anything you could get nowadays (also incurring massive amounts of capital gains taxes), because, and I quote, "oh it's just easier this way".

06-07-2010, 04:00 PM	#9
digamma Torchbearer Join Date: Sep 2001 Location: On Lake Harriet	Pay your taxes directly to the government and your insurance directly to your provider and you avoid this. And save/make a little interest in the process.

06-08-2010, 07:13 AM	#14
Ksyrup This guy has posted so much, his fingers are about to fall off. Join Date: Nov 2000 Location: In Absentia	Yeah, sounds like with Chubby they made a mistake. In my situation, it was a brand new house, so the tax escrow was based solely on the value of the land. After a year, they revised the tax assessment to include the value of the house and our payment went up a few hundred dollars. But I was expecting it. __________________ M's pitcher Miguel Batista: "Now, I feel like I've had everything. I've talked pitching with Sandy Koufax, had Kenny G play for me. Maybe if I could have an interview with God, then I'd be served. I'd be complete."

06-08-2010, 07:40 AM	#15
rowech Pro Starter Join Date: Feb 2006	Are you sure no tax levies went into affect for schools, fire, police, library, etc? In addition, I believe it's now law that even though your payments might work out at the end of a year, you cannot have a zero balance on your escrow at all...at any point through the year and if you do, they will make your payment to go up to make sure it doesn't get below zero.

06-08-2010, 10:44 AM	#17
Flasch186 Coordinator Join Date: May 2002 Location: Jacksonville, FL	My parents have been in a loan mod for Wells Fargo for a year and a half....my mom goes into major neck and back surgery on August 3rd when she'll go on FMLA. They suck IMO. __________________ Jacksonville-florida-homes-for-sale Putting a New Spin on Real Estate! ----------------------------------------------------------- Commissioner of the USFL USFL

06-08-2010, 10:50 AM	#19
Flasch186 Coordinator Join Date: May 2002 Location: Jacksonville, FL	sorry, im multitasking. The loan mod calls for them to have to redo their documents every month. But when she goes into the hospital and is out of commission that will be extremely difficult and pay reports will look skewed. Had they had their shit together (WWFC) they would've long ago had this settled and her surgery wouldnt look like a huge stumbling block. Apologies for not connecting those dots there. __________________ Jacksonville-florida-homes-for-sale Putting a New Spin on Real Estate! ----------------------------------------------------------- Commissioner of the USFL USFL

06-08-2010, 01:22 PM	#20
Cringer Grizzled Veteran Join Date: Oct 2000 Location: Edinburg,TX	Ours is held by Wells Fargo. Once they let the insurance slip, and the first year or two we had to remind them to pay the taxes. Our payments have been effected mostly by our taxes though. Our house is assessed at $40000 more now then when we bought it so we are challenging the county on it. We value properties for a living, slam dunk for us really to get it dropped at or below the county's value from when we bought it. __________________ You Stole Fizzy Lifting drinks! You bumped into the ceiling which now has to be washed and steralized, so you get NOTHING! You lose!

09-16-2010, 08:40 PM	#24
Flasch186 Coordinator Join Date: May 2002 Location: Jacksonville, FL	Success (maybe) my parents finally got their official loan mod paperwork wherein it looks like WFC will be adding 10K to their principal balance, lowering rates now to rise in increments and spreading their payments out over the next 30 years. They save a little but at least the mental anguish is coming to what seems like an end. The banks are running this thing like a total train wreck... anecdotally of course. Im sure some people will take the other side of this. __________________ Jacksonville-florida-homes-for-sale Putting a New Spin on Real Estate! ----------------------------------------------------------- Commissioner of the USFL USFL

09-17-2010, 04:16 AM	#25
Honolulu Blue Dynasty Boy Join Date: Jan 2001 Location: Michigan	To answer the original question, I have a WF mortgage (WaMu sold it to them some years ago... sell the good ones, keep the bad ones - great way to run a railroad). No problems so far.

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