Mortgage -- Closing on a mortgage -- Complaint #6150123
Complaint Overview
Complaint ID: 6150123
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Closing on a mortgage
State: New Jersey
ZIP Code: 078XX
Date Received: 2022-10-31T12:00:00-05:00
Date Sent to Company: 2022-10-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Our building is a small building with under 20 units condos in XXXX, because this is a very expensive area and just across the XXXX XXXX from New York City, a family of 4 ( husband, wife, mother & father ) using their connection with a loan officer of WELLS FARGO BANK and able to get conventional loan to slowly plotting to rob out the rest of building owners. In XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. The family got the control of XXXX XXXX ( their family got XXXX seats out of XXXX ) they manipulate to increase the monthly maintenance fee to 34 % and add another 34 % assessment fee, they have a way to set a high budget and so. this increase become a big burden to unit owners and make it sounds reasonable. Our building is a vintage building, there aren't any special amenities. no elevators, no parking, no gym, no doorman, no swimming, childcare center, no landscape to maintain. and the maintenance fee for the smallest unit + assessment come to $ XXXX and for largest 2 bedroom unit cost $ XXXX. this is just like the cost of high end Coop near XXXX XXXX in XXXX. We know we need to take care of the building, we just paid off the earlier assessment around XXXX. But increase aggressively will just became heavy burden to unit owners and satisfied the plot of this family. Because of the expensive monthly HOA fee + assessment, many unit owners are fearful and this too discourage any prospective buyers They took advantage of the pandemic moment with a lot of uncertainties and fear. During the XXXX and XXXX they bought 6 units ( 5 units CONVENTIONAL LAONS from WELLS FARGO BANK ( public data from the NJ tax record ). They rented all the units out as soon as the deal is closed. The president of XXXX XXXX follow whatever the family 's suggestions and it threatened the other 50 % of the building owners. At this moment he might be in the process of buying from another owner to get more power to control the HOA. ( over 55 % ). In XXXX of XXXX the management company send out a " disclosure of sales '' letters to the units owners. meaning, this is the highly rental ratio building and it's impossible to sell because no bank will want to give a loan to a high rented ratio unit. If you review the XXXX or XXXX review, they have the worst rating, they don't answer regular peoples call or email, but this time, they will take the trouble to send everybody this disclosure letters. I hope the Bureau please investigate the WELLS FARGO BANK underwriter and loan officer for the occupancy frauds and the unjust to the rest of condo owners. Thanks!
Frequently Asked Questions
What is Complaint #6150123 about?
Complaint #6150123 was filed against Wells Fargo & Company regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-10-31T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.