Wells Fargo Home Mortgage Complaint
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Wells Fargo Home Mortgage - Bad Lending practices
At the begining of March I applied for a home loan from wells fargo. The home was selling for 30,000 dollars. I knew at that price I should have no problem getting the loan becasue I had purchased a truck for more and had no problems a month before. I was told by the mortgage rep that we would close on April 15, 2009. I continued to keep in contact to insure that everything was going along smoothly. I paid Wells Fargo 474 dollars for the appraisel and the final credit check that they required. On April 14 I received a phone call that the mortage rep had failed to order the appraisel and our new closing date would be May 4, 2009. On the 4th we were told that the appraisel cam back and appraised for exactly 30,000 dollars, but the foundation was not up to FHA standards and had to be fixed. Wells Fargo mortage rep asured us and the sellers that one that was finish then we could finish up. The sellers and I got engineers out and got the problem fixed. Then Wells Fargo submitted everything and the underwrites came back with conditions. Needing more proof of everything. Once we turned everything in the underwriters would come back and recondition the original conditions. This went on until mid july and they came back and told us that we had been denied after all becasue a 130 dollar phone bill had poped up on my credit and even if I paid it off it would not matter. What I do not understand and the sellers do not understand is why we were lead to believe that this loan would go through for five months and then come back with a denial and no other options. After all the trouble we had we asked to be reimberced for our expenses for the appraisel and were told that could not happen and then told well I will talk to our boss. Nothing has been repaid. The cost over this past five month has included gas back and forth, cell phone bills, time lost, the sellers ability to sell the home to people with actual approvals. The mental and physical stress of waiting for answers and then seeing the future of you family disapear in a flash.
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