Update: January 13, 2011
Read these letters in response to my complaint regarding Wells Fargo unwilling to allow me to refinance.
2006 Home Purchase:
Home appraisal $350K
Purchased for $320K
Conv: 10yr Interest Only 6.25%. Can refinance at any time should market have a lower rate otherwise take over interest rate at 10yr whatever that current may be for a 30yr fixed.
$50K down payment
Payment $1675 Mo. (Interest Only)
Given 50K HELOC (used to fix problems with home)
Desire to refinance
Home value is $300K per phonecalls to Wells Fargo. Talked out of refinancing as I would spend money on appraisal and would probably not work.
Attempted several times with Wells Fargo, each time I was talked out of or told I would be called back and it never occurred.
Phonecall from Wells Fargo asking us to consider refinancing. Story was told, they said they would research and get back to me. Never called back.
Home value now $235K
Sent letter to "Office of the President". Received response from Executive Mortgage Specialist "Sarah Klaas". Stated they could not find any info on refinancing. The letter never stated I got to "refinancing". This Mortage Specialist said they would research to see if they had any programs available to help. She never called back. Three months went by and three attempts to reach her and no return calls. I emailed the Chairman of the Board, they acknowledged receipt of my email. They failed to respond back. Called to the operator and was told they would have her supervisor call me, they never did.
Dec 23rd received letter from the same Specialist I was complaining about. Using a "canned" letter it said exactly the same thing as last time "unable to find any info on refinancing". Just how dumb do you have to be work work there?
2011:
3rd letter received (see Jan 2011 attachment). Clearly Wells Fargo believes we should be compelled to pay according to our loan and them being the serving agent does not feel we can refinance with them because we "can" make our payments. Talked today with the gal that intially wrote up our contract. She suggested I tell them I only want the 1st mortgage under the loan modification. That I am a victim of circumstance with the lower rates and upsidedown market. Didn't bother to address the issue of being told I could refinance at any time to lock in my rate. I love it when everyone fluffs you off.
Should you feel the urge to complain:
WELLS FARGO HOME MORTGAGE
RETAIL OFFICE OF THE PRESIDENT
ATTENTION: SARAH KLAAS
MAC X2303-02G
1 HOME CAMPUS
DES MOINES, IA 50328.
1-800-840-5812 EXT 46550.
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Wells Fargo lied to me regarding terms of my loan. I was told I could refinance at any time. While we are not in a position many others are in, Wells Fargo refuses to fix this loan to a 30yr loan at a reasonable rate. They know they have a cash cow in 6.25% interest only so they have no incentive to allow us to refinance. We have threatened to buy another home and walk away from this one. They are unphased. I will NEVER do any future business with Wells Fargo and will put the word out every way I can that people should refrain from doing business with this company.
