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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Wells Fargo- I hope they rot in hell
Im sorry just venting.
I hvae been dealing with them since april, locked in at a rate have been emailing and corresponding with them for months to make sure that all papers were in. So I get a call today after 6 months of waiting and dealing that they cant give me a date because the coops boards coverage does not meet criteria.
I have already contacted several key people at Wells Fargo and my coop board is discussing wether to increase their coverage or not.. I am BEYOND ANNOYEDDDDDDDD
Message edited 9/21/2009 3:29:45 PM.
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Posted 9/21/09 3:27 PM  |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Wells Fargo- I hope they rot in hell
I dont know much about co-ops, but have been working with someone over at wells fargo for a couple weeks now and i have had no complaints about them so far... maybe you just got stuck with a really crappy employee 
Just wanted to ask though... has there bee any changes over the past 6 months with the criteria/coverage? Sometimes things happen in the middle of it all... To side with you though, if nothing was changed, it should have been something they looked into waaaay in the beginning no?
Have you tried working with someone else there?
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| Posted 9/21/09 3:50 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Wells Fargo- I hope they rot in hell
I used this broker he came as a recommendation from someone and she had no problems.
I have had more arugments with them.. There have been no changes they just dropped the bag on this one.. I asked them months ago about criteria for coop and my coop board says that they have never had these many problems with their coverages ever.
I think wells fargo dropped the bag on tnis one...
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| Posted 9/21/09 4:05 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Wells Fargo- I hope they rot in hell
Wells Fargo should have requested these docs from the CO-OP a LONG time ago.
They definitely screwed up. Get another lender. Rates are still very low so having the rate lock really wasn't a big deal.
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| Posted 9/21/09 4:23 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Wells Fargo- I hope they rot in hell
That really is unforunate! I would be fuming as well!!! Thats a long time waiting to find out that they screwed up on their end! Soo sorry you're going through this!
I agree with PP... start looking into other lenders... they apparently screwed you over and dont deserve the business anymore... I had something happen with someone from citibank when we first started looking at loans... person wouldnt return numerous phone calls, emails, etc... Then called us back a week later acting like nothing happened... Needless to say, we're not using them... 1 retarded employee can really ruin it for the bunch!
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| Posted 9/21/09 4:31 PM |
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princess99
LIF Adult
Member since 5/05 3944 total posts
Name:
ME
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Re: Wells Fargo- I hope they rot in hell
Run from Wells Fargo, DH and I had an awful experince w/ them, the broker did not know what he was doing and how to package a mortgage for us, I will not get into too many details, but after the He$%^& we went thru with them, we ran to another bank and got our mortgage in 2 days.
Message edited 9/21/2009 7:41:36 PM.
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| Posted 9/21/09 7:41 PM |
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MrsDrMatt
Live and RUN like a Ninja!
Member since 5/06 3104 total posts
Name:
MrsDrMatt
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Re: Wells Fargo- I hope they rot in hell
i am sorry you are going through this!!!
I sold my coop (my mortage was with WF) and bought a house, again using Wells Fargo. I had positive experiences on both ends. I found though the owness was on ME to find out what documentation was needed.
Good Luck, real estate is fustrating!!!!
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| Posted 9/22/09 9:16 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Wells Fargo- I hope they rot in hell
Posted by ave1024
Wells Fargo should have requested these docs from the CO-OP a LONG time ago.
They definitely screwed up. Get another lender. Rates are still very low so having the rate lock really wasn't a big deal.
My rate lock was 4.675. Not getting that at this time
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| Posted 9/22/09 10:50 AM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: Wells Fargo- I hope they rot in hell
I've had major problems with Wells Fargo as well.
I can't wait to write a seething letter after I close. 
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| Posted 9/22/09 10:51 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Wells Fargo- I hope they rot in hell
Posted by MrsDrMatt
i am sorry you are going through this!!!
I sold my coop (my mortage was with WF) and bought a house, again using Wells Fargo. I had positive experiences on both ends. I found though the owness was on ME to find out what documentation was needed.
Good Luck, real estate is fustrating!!!!
I know the owness is on me. I was after them every week, what else do you need, does everyone know this is a coop?, blah blah. I have never had this much trouble, I have had mortgages before. THEY SCREWED up and THEY ADMITTED it..
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| Posted 9/22/09 10:52 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Wells Fargo- I hope they rot in hell
I am in no way making excuses for Wells Fargo. I work at a competing mortgage lender!
However, I used to work for a bank attorney and my major client was wells fargo. I will say that while you are most likely dealing with someone in NY, the people actually working on your loan are not in NY. They are in the Midwest- where there actually are no co-ops. They don't know what co-ops are. When I worked at the bank attorney, we actually flew out to Minneapolis and gave them a training session on co-ops. So, your broker definitely dropped the ball- but he/she most likely is used to the processors doing all that work and they probably didn't understand that there are different rules for a co-op. THey should have requested and review the co-op's insurance and financials as soon as you started the procees to make sure it was an approved project.
I'm sorry you are dealing with this! I wish there was some advice I could offer..You are this far in- I'd stick with it. Co-op's always take longer to close on than houses/condos.
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| Posted 9/22/09 10:59 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Wells Fargo- I hope they rot in hell
We had absolutely no problems at all with Wells Fargo-they were the best bank to work with!
So sorry you are going through this.
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| Posted 9/22/09 11:53 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Wells Fargo- I hope they rot in hell
Posted by Deeluvsvinny
I am in no way making excuses for Wells Fargo. I work at a competing mortgage lender!
However, I used to work for a bank attorney and my major client was wells fargo. I will say that while you are most likely dealing with someone in NY, the people actually working on your loan are not in NY. They are in the Midwest- where there actually are no co-ops. They don't know what co-ops are. When I worked at the bank attorney, we actually flew out to Minneapolis and gave them a training session on co-ops. So, your broker definitely dropped the ball- but he/she most likely is used to the processors doing all that work and they probably didn't understand that there are different rules for a co-op. THey should have requested and review the co-op's insurance and financials as soon as you started the procees to make sure it was an approved project.
I'm sorry but I can't agree with the entire "they aren't familiar with co-ops" arguement.
I don't care if they are in the Midwest, in California, or in India. If you are licensed to write mortgages in New York State, you should be trained on how to deal with a co-op.
There are HUNDREDS of co-ops in the five boroughs. I am sure Wells writes co-op loans all the time.
It's just a shame that the loan officer assigned to OP's file totally dropped the ball. They should have started the paperwork on getting the co-ops financials weeks after the contract was fully executed.
In fact many banks have a "co-op approved list". They could have told the OP right from the start that this co-op wasn't even on the approved list and would need additional documentation. The OP may have decided OK, I am not going to deal with you as I would rather deal with somebody like BOA that already pre-approved lending for this co-op.
Message edited 9/22/2009 12:27:28 PM.
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| Posted 9/22/09 12:26 PM |
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FelAndJon
needs to update her avatar pic
Member since 6/05 10212 total posts
Name:
Felice (aka LuckyBride2004)
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Re: Wells Fargo- I hope they rot in hell
Are you, by any chance, working with the Staten Island office?
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| Posted 9/22/09 2:46 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Wells Fargo- I hope they rot in hell
Posted by FelAndJon
Are you, by any chance, working with the Staten Island office?
No the Bellmore Office
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| Posted 9/22/09 3:13 PM |
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KartveliT
...
Member since 1/08 8363 total posts
Name:
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Re: Wells Fargo- I hope they rot in hell
Posted by belladi
Im sorry just venting.
I hvae been dealing with them since april, locked in at a rate have been emailing and corresponding with them for months to make sure that all papers were in. So I get a call today after 6 months of waiting and dealing that they cant give me a date because the coops boards coverage does not meet criteria.
I have already contacted several key people at Wells Fargo and my coop board is discussing wether to increase their coverage or not.. I am BEYOND ANNOYEDDDDDDDD
OMG WELLS FARGO IS THE WORST. I CAN'T EVEN TELL YOU THE HELL WE WENT THROUGH WITH THEM TO GET A CLOSING DATE ON OUR COOP. THEY TORTURED US AND I THINK I LOST 10 YEARS OF MY LIFE DEALING WITH THEM AND THEIR INCOMPETENT EMPLOYEES. WE STARTED IN THE BEGINNING OF MAY AND JUST CLOSED 2 WEEKS AGO. HANG IN THERE AND KEEP CALLING THEM . TRY CALLING THE BANK ATTORNEY, EXPLAIN EVERYTHING AND SEE IF SHE/HE CAN DO ANYTHING .
I HOPE YOU RESOLVE THE PROBLEM SOON
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| Posted 9/22/09 9:57 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: Wells Fargo- I hope they rot in hell
Posted by ave1024
Wells Fargo should have requested these docs from the CO-OP a LONG time ago.
They definitely screwed up.
YUP. and it's such a normal thing for WF to screw up . EVERYONE I speak to who dealt with them (especially coops) has the same complaint. They miss,lose,screw up,mess up paperwork and ask for the same thing over and over and over again.   I was on the phone with them EVERY SINGLE DAY 5 TIMES A DAY FOR WEEKS AND WEEKS making sure that they had everything they needed and this and that AND THEY STILL SCREWED UP
Message edited 9/22/2009 10:07:00 PM.
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| Posted 9/22/09 10:02 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Wells Fargo- I hope they rot in hell
I ended up writing a letter to the supervisor in the Garden City office and I reached out to my congressman. Next step our attorney is here and then after that, Im calling my broker where Im a re agent and telling him we refer many of our clients to WF. I told the mortgage consultant yesterday if you think Im going to slither away with NO as an answer you ARE HIGHLY mistaken
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| Posted 9/23/09 9:50 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: Wells Fargo- I hope they rot in hell
Posted by belladi
I ended up writing a letter to the supervisor in the Garden City office and I reached out to my congressman. Next step our attorney is here and then after that, Im calling my broker where Im a re agent and telling him we refer many of our clients to WF. I told the mortgage consultant yesterday if you think Im going to slither away with NO as an answer you ARE HIGHLY mistaken
I hope you get your answers and get this resolved soon. I know how frustrating it is .
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| Posted 9/24/09 12:02 AM |
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princess99
LIF Adult
Member since 5/05 3944 total posts
Name:
ME
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Re: Wells Fargo- I hope they rot in hell
Go the the NY state banking comission, congressman, anyone that can help, or just get to another bank. I know I posted this before above, but I have not nice things to say about WF. HTH PS They took 10 yrs off of my life too!
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| Posted 9/24/09 8:40 AM |
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wifey09
LIF Zygote
Member since 7/08 34 total posts
Name:
M
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Re: Wells Fargo- I hope they rot in hell
i guess im in the minority...i had a GREAT experience with wells fargo.
but i do have friends who have bough co-ops and hey all had issues with their mortgage, but mostly bc of the coop boards and what not.....and it wasnt wells fargo. i just think co-ops in general are a long process. sorry your going thru this.
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| Posted 9/24/09 9:38 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: Wells Fargo- I hope they rot in hell
Posted by wifey09
i guess im in the minority...i had a GREAT experience with wells fargo.
but i do have friends who have bough co-ops and hey all had issues with their mortgage, but mostly bc of the coop boards and what not.....and it wasnt wells fargo. i just think co-ops in general are a long process. sorry your going thru this.
They are a horror show with co-ops they tried telline me this whole story, but I told the guy to stop bsing me, that everyone knew this was a coop and I expect themto make good on this loan....
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| Posted 9/25/09 3:00 PM |
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