A Break In Our Regularly Scheduled Programming

October 26, 2010

As you know, I sold my town home immediately after I bought the Los Lunas house.  We were to close the sale on October 15th, but it still hasn’t closed.  Tonight I learned the loan documents are on their way to the title company, so I feel it’s safe to BLAST the bank that was giving the buyer her mortgage loan.  The buyer banks at Wells Fargo and has a strong relationship with the people in the banking end.  When she decided to buy the house, she asked her banking friends to refer her to someone on the mortgage side.  They made a call and handed her off to a Mortgage Loan Officer.  We faxed them the purchase agreement and the buyer faxed them EVERYTHING about her life since she was born.  Three weeks into the process, the underwriting department told the buyer that it is unreasonable to expect to close in 30 days — that it takes 45 to 60 days.  Meanwhile, I have sunk a bunch of money into the house so that the appraisal would be strong.

It is now 16 days past the closing date and the documents are just being transferred.  I have been paying interest on the townhouse this entire time, not to mention the money spent to make the house appealing to the appraiser.  My issue with WELLS FARGO is not that they are incapable of processing a mortgage application within 30 days (even for someone with top drawer credit), but that they never said, up front, that they could not do it.  They waited until we were so far along in the process that it would be impractical to seek another lender.  I find that offensive.  It is a form of bait and switch.  I’d like to find a legal basis for suing them (and I really dislike litigation).

So — do not do business with Wells Fargo.  I suspect ultimately you will be very sorry.  I cannot tell you how sorry I am that I was part of this transaction with this organization.

There, I feel a lot better.

Now, back to puppies, and herding, and training.


  1. Ariel says:

    One of my clients up here was heavily invested in real estate, as well as owning some restaurants. He got hit hard when the housing market crashed and needed to redo a loan through WF for the restaurants– he’d already lost his subdivisions. They refused, even though he’d been a client for ten years, wasn’t asking to get out of the debt…He’d never even missed a payment to them. I’m sure you can see where this was going. They finally had a deal worked out locally when some bigwig up in corporate nixed the deal. Well, he sued them under some new banking law, and Wells Fargo settled, for less than the amount he owed. So it ended happily, except for the 100k he spent on lawyers to help him out. At least he got to keep his restaurants.
    I do not like Wells Fargo. I hate Wells Fargo, actually.

  2. Emily says:

    OMG…that is who is totally screwing us up too!! Almost to the point that I am not even sure if we are going to be able to close on the house after such false information was given to us. It makes me livid!!

  3. sandy says:

    Just to show not everything is 100% this or that….Wells Fargo is the ONLY bank in the state of New Mexico that took the time to get us out of our construction loan that had gone two extensions beyond its due date…all interest, about $2000 a month. This was at the same time we were paying almost another $2000 on our mortgage here in Washington State.

    I defense of WF…it is the person you deal with not the bank proper who cares or doesn’t care. If WF hadn’t worked with us and communicated with us almost daily, we would STILL be looking for permanent financing almost 2 years after the house was completed.

    If you need a name of someone who cares in WF, let me know Penni. Linda at the 7MSN worked with the same banker and was pleased too.

  4. Jean from NM says:

    And Wells Fargo is on my absolutely-never-darken-their doorstep list due to an issue I had with a local branch years ago. I feel they broke the law in dealing with my checking and savings accounts, and it was simpler to simply close the accounts and move on. Dare I say that I’ve called them the Wells F*^#-you bank ever since? I didn’t say that, did I? :o)

  5. KATHy M. says:

    I have a very good friend who is a bookkeepper. I can’t count how many times she’s told me how bad Wells Fargo is. She strongly encourages her clients not to bank with them. She’s seen a lot of costly mistakes made by Wells – no other bank does these things.

  6. Shep says:

    Ugh, so, so sorry that this is going on. I can’t stand them either – we had issues with them on our home loan years ago and they charged us 1,800.00 for a back month of insurance that neither they or I knew had been cancelled. (And yes, we had insurance within 5 hours when we got it figured out! We even ended up in the paper under insurance issues involving dogs, and it ended up going on national TV.) We immediately refinanced with a different lender, and lo and behold last year they bought out my car loan, had problems with the auto pay on their end, and argued with me on the phone for three hours playing department tag.

    Got it straightened out and they credited me and didn’t call it a late payment (never had one at ALL on my car in four years, yipes) but I would never trust most of their corporate as far as I can boot them. 😉 That sort of waiting and waiting and then finally shrugging and saying “oops!” seems to be a pretty common tactic with their system, yuck.

    I hope it all gets worked out soon, for sure. Good vibes heading your way!

  7. mandy says:

    Being in insurance…I can tell you they (along with a couple others) are the biggest pain to deal with, the requirements are unbelievable (ie written by people who don’t understand simple concepts). And I’m not in homeowners! so only have to deal with condos (ie the master policy) and the occasional lessor’s policy.

    That said when I had all the personal issues last year they were VERY kind and I was able to open an account there within hours of needing one, whereas BofA was horrible to deal with. I’ve not had many personal issues with them, but I don’t let it get to that and I wouldn’t use most banks as a lender 🙂

  8. Tony says:

    We don’t have Wells Fargo Bank in our part of the world. Sounds like a manipulative bunch. Hope it gets sorted soon

  9. Julie says:

    We do not have Wells Fargo in my neck of the world either. However both my mother and mother-in-law spent many years in the banking world and as a result I only bank with small, local banks. We are closing today on our first home – loan was processed through a small, local bank. The loan will be sold, but we know to which monster bank (and it is not BofA or Wells Fargo – thank doG) and everything is locked in, etcetra.

    I am sorry you have had to deal with this delay/PITA in addition to the joy and heartache of the puppers.

  10. Builder Mama says:

    That sounds like a nightmare. Unfortunately for me, Wells Fargo bought out my bank last year and slowly but surely I see changes already. I’m very thankful we don’t have our mortgage through them though, because we’ll need to re-fi sometime later this year.

    Hopefully the closing will happen soon and everyone can move forward!