- Report: #478439
Complaint Review: Wells Fargo Mortgage - California
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Author Confirmed
Why?
Wells Fargo Mortgage
www.wellsfargo.com California, U.S.A.
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Wells Fargo Mortgage Problem with paying extra principal, WFM charges interest illegally California
I am trying to pay extra to the principal every month.
All amount below are approximate...
Let say my payment of P & I is $400.00 for this month.
I pay $1,000.00 -- expecting the extra $600 to be applied to the principal.
Well Fargo mortgage system processes the payment in the following way:
first $400 ($330 interest + $70 principal) for this month
next $400 ($328 interest + $72 principal) for next month
and $200 to the principal.
Why would I want to pay them interest that has not accrued yet??
Is this even leagal to charge interest before it accrued?
Let say I have a 15 year loan and I decide to pay the loan off.... are they going to charge the interest for the remainder fo the loan first and then apply to the principal???
Of course when I complain -- someone fixes the problem by applying pament correctly. Why should I even be contacting them about this problem???
I have other mortgage payments that I prepay -- and I have no problems.
Disappointed
San Diego, California
U.S.A.
All amount below are approximate...
Let say my payment of P & I is $400.00 for this month.
I pay $1,000.00 -- expecting the extra $600 to be applied to the principal.
Well Fargo mortgage system processes the payment in the following way:
first $400 ($330 interest + $70 principal) for this month
next $400 ($328 interest + $72 principal) for next month
and $200 to the principal.
Why would I want to pay them interest that has not accrued yet??
Is this even leagal to charge interest before it accrued?
Let say I have a 15 year loan and I decide to pay the loan off.... are they going to charge the interest for the remainder fo the loan first and then apply to the principal???
Of course when I complain -- someone fixes the problem by applying pament correctly. Why should I even be contacting them about this problem???
I have other mortgage payments that I prepay -- and I have no problems.
Disappointed
San Diego, California
U.S.A.
1 Updates & Rebuttals
Karl
highlands ranch,Colorado,
U.S.A.
Don't forget to 'Google' this- WELLS FARGO COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read that article on the web!
#2
Wed, August 12, 2009
Thank you.
*SPREAD IT ALL OVER THE WORLDWIDE WEB AT SITES LIKE- 'TWITTER' & 'FACEBOOK'.
POWER TO THE PEOPLE
