Mortgage -- Trouble during payment process -- Complaint #6373027
Complaint Overview
Complaint ID: 6373027
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Trouble during payment process
State: Oregon
ZIP Code: 974XX
Date Received: 2022-12-28T12:00:00-05:00
Date Sent to Company: 2022-12-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
This complaint is on behalf of my parents, they took a loan against their home with a fully paid-for home and a credit rating of XXXX my pops is a veteran, and they were paying XXXX interest, eventually, the rate after refinancing 2 times came down to XXXX Mom kept saying the bank was ripping them off. Every time that they would get to where they were no longer paying interest only the bank would tell them they needed to refinance, they were both in their XXXX and believed they had to refinance because the bank said so. Each refinances added more money they owed and they never received a penny it all went to fees etc. up to {$20000.00} A few months ago my mom passed and I took over caring for Pops, both my parents thought pops would have gone first and always said they had loan insurance so that the house would be paid off, so I looked into this with moms death, and find that the bank Wells Fargo had no loan insurance on mortgages, they refinanced at the same interest rate in 2021 taken moms name off as survive and co-signer, they made {$20000.00} dollars XXXX to my parents and increased the length of the loan, my pops would have to be XXXX yrs old to pay off the loan in addition to these issues it is a non-assumable loan .which means the bank will get the house no matter what, .My Pops is confused about the entire matter he said whenever the bank contacted him and said he needed to sign he went and signed. This is predatory I believe and this is wells Fargo
Frequently Asked Questions
What is Complaint #6373027 about?
Complaint #6373027 was filed against Wells Fargo & Company regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-12-28T12:00:00-05:00.
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.