Norwest Mortgage / wells fargo mortgage ..looks good, until they screw you! ..mortgage fraud .. *Consumer Suggestion
where do i begin? my insurance agent of 20 years retired & forwarded client files to a new agency; new agency "forgot" about the file; did not secure new coverage; old policy lapsed 5/9/98, cost was $325.00/yr. Norwest informed me of lender placed ins coverage, really horrible coverage; cost $1,472 property + $226 contents--total $1,698/yr..but coverage substantially less!!!!!!!.....their binder letter dated 6/21/98; received 6/30/98.....called new ins agent to remind him he forgot to place new coverage.......wouldn't you just guess? .......lightening strike on property 7/7/98......entered thru plumbing system...not all that bad of damage.....norwest sent adjustor......he informed us it was a fluke...no lightening strike on property (but power line in front yard severed in two @ same time as hot water heater blew up/leaked in basement/a/d unit went dead.....told adjustor that water appliances not working properly....he said "imagination." we had just married...had 2 washers/dryers....one set just sitting in basement, unhooked. rethought water appliances, wondered if we jumped the gun. ..so.....we made claim for flood damage & h20 heater/a/c unit, etc. Agent also informed us that we had better not change our coverage until the claim was settled in full, or company would not pay damages....coverage price much more....but we let it go..received norwest's affiliate adjustor's claim amts...all worng, missing so much,....etc. then, . 8/20/98: washer got stuck on fill cycle, we were out, serious flooding of basement, serious personal property damage. contacted plumber...he said adjustor knew that most common way for lightening to enter a home is thru plumbing. told us that it was criminal that adjustor did not tell us to have all water appliances checked for damage, so further problems/floods could be avoided......ok, so we're just screwed.
if that is not enough.........insurer sent at least 2 checks to norwest mtg, total of around $7,300; we could not contact ins co; norwest denied receiving any funds. asked for nearly a year.....claim stuck in limbo........finally convinced norwest/wells fargo to fax account statement....found out about insurance funds....and ins co finally acknowledged that other monies were forwarded to norwest, also.......tried to coax norwest into acknowledging funds kept for the year...got told it was not our money, sue us, too bad, money not there...don't know what you are looking at...not on my printout......look again, etc., etc.,........loan got behind, norwest claimed in default....still tried to argue that funds sitting there, unacknowledged....was told that i had not been entitled to the account printout in the first place, so i could not discuss it with mtg co....confidential info..why is my mortgage confidential from me? up until 2 days prior to foreclosure, norwest denied funds present, even though i faxed them proof that i knew the funds were on hand...note clearly states that any such proceeds were to be credited to default....this was not done....norwest told me it did not matter what my note agreement said....it was just paper, as far as they were concerned....got an offer to purchase on home...contacted norwest in an effort to avioid foreclosure..had funds available for immediate payoff.....requested payoff figures for note.....got figures from norwest of nearly $16,000 more than my calculations... begged them to recheck...told them the sale would not transpire due to figures......informed them that in event of total payoff, funds should be credited...please, let us avoid foreclosure.....norwest told us that we should have kept the loan current......now it's fair game.....we lose......tried everything...no avail. note: the calculations i referred to did not even include theninsurance monies on hand......should have been $ in my favor at time of sale, even though we agreed to sell property at less than market value, just to avoid foreclosure, which terrified us....what happened? norwest foreclosed......sold the property on courthouse steps for a different amount than payoff figure quoted us.......! now we go to state court....probably sue for punitive damages.
moral of this story: forget about norwest mortgage/wells fargo mortgage........looks good, until they screw you! if you contract with them, please! please! keep close track of your account; demand quarterly account summaries, in writing, and let them know that if anything is out, you will use all rights and remedies in your power to effect a resolution.........and, if they do not cooperate, let them know that punitive damages are around the corner.
beware! never thought that mortgage companies were scam artists! criminal! now i know better.
trying to have sale recinded (mortgage lender purchased property back)......guess i am going to file suit for fraud, misconduct, conspiracy, mail fraud, etc., etc., etc. but all we ever wanted was to stay in our home, which my husband has occupied for some 17 years.
good luck with your endeavors! we have love and trust in our home.......we will get through this.
Click here to read other Rip-off Reports on Wells Fargo Bank
4 Updates & Rebuttals
Joe
Albany,New York,
U.S.A.
still entitled to coverage on any claim made prior to your change
#5Consumer Suggestion
Wed, April 21, 2004
You should be aware that when you have a claim, even if you change companies the day AFTER you make your claim, you are still entitled to coverage on any claim made prior to your change of companies.
You should change immediately and keep persuit of your original claim...they are required to pay on it.
It is your responsibility to maintain coverage (I work for a lender) and you are under obligation by the mortgage contract you signed to maintain that coverage or the lender can specify coverage for you (usually a lot more $$$) and the lender only has to cover the loan amount so they get paid if your house burns down. You're still out.
Consider it a lesson and move on...but if you have a legit claim, you are entitled to payment even if you bail on that company and go elsewhere for your coverage.
You should sue the Insurance company you had dealings with that failed to cover your insurance
#50
Sat, January 19, 2002
They filed the following rebuttal to the above Rip-Off Report:
Their email: stevejd@excite.com
Their name: steve
Their relationship to the company: Supporter
Rebuttal:
You should sue the Insurance company you had dealings with that failed to cover your insurance - also it is your responsibility to make sure you have insurance coverage, even if the Lenders and Ins. cos make things somewhat easier by automating the process.
The adjuster/inspector may have erred, but you also should be sure to dispute things you disagree with when they happen, not much later when memories and events become subject to misinterpretation or even the human response of covering one's rear.
You should have obtained another inspection (independant inspector probably would only have charged maybe $150) and disputed things immediately. Thereafter it's seems likely your own failure to be sure you had insurance coverage became the predominant legal and practical aspect that influenced events. Always put things in writing, and always require things in writing.
Welcome to the real world where you can't blame others for, ultimately, your own costly mistakes. Any lender would have responded the same - they require and rely on you to live up to your contractual obligation to have homeowner's insurance (perhaps you just failed to make payments - that happens alot)and to be a responsible borrower of their money.
The old adage of 'he who has the money makes the rules' is not a commentary on life being unfair, it is actually a reality of borrowers putting themselves in subjection to the lender whose rules govern the transaction.
Again, welcome to the real world, and next time you enter into a contractual agreement, for financing or otherwise, be sure you do your homework. No one else is responsible for your real-world education, but you. (You moved out of your mama's house didn't you?).
You should sue the Insurance company you had dealings with that failed to cover your insurance
#50
Sat, January 19, 2002
They filed the following rebuttal to the above Rip-Off Report:
Their email: stevejd@excite.com
Their name: steve
Their relationship to the company: Supporter
Rebuttal:
You should sue the Insurance company you had dealings with that failed to cover your insurance - also it is your responsibility to make sure you have insurance coverage, even if the Lenders and Ins. cos make things somewhat easier by automating the process.
The adjuster/inspector may have erred, but you also should be sure to dispute things you disagree with when they happen, not much later when memories and events become subject to misinterpretation or even the human response of covering one's rear.
You should have obtained another inspection (independant inspector probably would only have charged maybe $150) and disputed things immediately. Thereafter it's seems likely your own failure to be sure you had insurance coverage became the predominant legal and practical aspect that influenced events. Always put things in writing, and always require things in writing.
Welcome to the real world where you can't blame others for, ultimately, your own costly mistakes. Any lender would have responded the same - they require and rely on you to live up to your contractual obligation to have homeowner's insurance (perhaps you just failed to make payments - that happens alot)and to be a responsible borrower of their money.
The old adage of 'he who has the money makes the rules' is not a commentary on life being unfair, it is actually a reality of borrowers putting themselves in subjection to the lender whose rules govern the transaction.
Again, welcome to the real world, and next time you enter into a contractual agreement, for financing or otherwise, be sure you do your homework. No one else is responsible for your real-world education, but you. (You moved out of your mama's house didn't you?).
You should sue the Insurance company you had dealings with that failed to cover your insurance
#50
Sat, January 19, 2002
They filed the following rebuttal to the above Rip-Off Report:
Their email: stevejd@excite.com
Their name: steve
Their relationship to the company: Supporter
Rebuttal:
You should sue the Insurance company you had dealings with that failed to cover your insurance - also it is your responsibility to make sure you have insurance coverage, even if the Lenders and Ins. cos make things somewhat easier by automating the process.
The adjuster/inspector may have erred, but you also should be sure to dispute things you disagree with when they happen, not much later when memories and events become subject to misinterpretation or even the human response of covering one's rear.
You should have obtained another inspection (independant inspector probably would only have charged maybe $150) and disputed things immediately. Thereafter it's seems likely your own failure to be sure you had insurance coverage became the predominant legal and practical aspect that influenced events. Always put things in writing, and always require things in writing.
Welcome to the real world where you can't blame others for, ultimately, your own costly mistakes. Any lender would have responded the same - they require and rely on you to live up to your contractual obligation to have homeowner's insurance (perhaps you just failed to make payments - that happens alot)and to be a responsible borrower of their money.
The old adage of 'he who has the money makes the rules' is not a commentary on life being unfair, it is actually a reality of borrowers putting themselves in subjection to the lender whose rules govern the transaction.
Again, welcome to the real world, and next time you enter into a contractual agreement, for financing or otherwise, be sure you do your homework. No one else is responsible for your real-world education, but you. (You moved out of your mama's house didn't you?).