Complaint Review: Wells Fargo Home Mortgage - Wells Fargo Bank NA

September 4, 2009

I received a letter from Wells Fargo Home Mortgage, my current mortgage company, stating that my current flood insurance is less than the coverage required by Wells Fargo Home Mortgage.  I have 45 days to prove to them that I have raised my flood insurance coverage to $250,000.00 or the lender will place the flood insurance that they require me to have.  I only owe Wells Fargo Home Mortgage $47,000.00.  I have contacted my insurance agent, State Farm, and my agent told me that at the current amount of insurance that I have now $213,500.00 is more than sufficient and that I am way over insured.  Since my mortgage has been transferred to Wells Fargo Home Mortgage my flood insurance has gone up every year.  I have lived in my home for 15 years and not once has my home flooded.  I received a letter from FEMA stating there has never been a claim for the property that I live in ever.  My insurance agent has also told me that even if my home did flood I would not get the $213,500.00 that I am insured for now.  Flood insurance does not cover the total rebuild of your home.  In this time where every one in this country is suffering and loosing their jobs and getting laid off this is an outrage.  I have excellent credit and have always paid my mortgage on time. Someone needs to stop Wells Fargo Home Mortgage from ripping off their clients. I have worked in the mortgage business for the last 21 years and I know I do not need to have $250,000.00 in flood insurance coverage.  This is Wells Fargo Home Mortgages policy not every other bank I have dealt with in my 21 years of being in the mortgage profession.  Please Help Me!