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Old 08-23-2011, 09:54 AM
 
62 posts, read 173,791 times
Reputation: 31

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First time home buyer and though I have heard this is not a simple process these days, I have about reached my breaking point with Wells Fargo. Any information would be appreciated.

My closing date is 08/31/11, the underwriter has approved me for the loan, the house has been appraised, and I am doing the final walkthrough tonight. On another note, WF is harassing me, and nearly every employee in my office for Verification of Employment, which I have sent over a dozen times to different WF requestors. I even received confirmations from them, yet they keep calling different departments requesting it again and again. This is a foreclosure and we needed a $3K earnest department. The offer has changed multiple times, along with the closing date due to holdups by the bank. Now they are requesting 12 months additional credit from other bills after they told me I was underwriting approved, based on my bank statements. They need a cell phone or utilities statement on a letter head, which TMobile will not provide unless I go down to the store to get a PIN, and utilities have always been in my finacee's name. My biggest question is, I am about to cancel this whole deal, but would appreciate it if anyone knows what is the regulation of getting my earnest deposit back. Once again, I understand this should be difficult and they need to thoroughly screen potential buyers, but I have spoken with others and this is really pushing the extremes. I am simply tired of the process....
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Old 08-23-2011, 10:09 AM
 
Location: Sunrise
10,869 posts, read 13,635,351 times
Reputation: 8987
Did you have a relationship with Wells Fargo before the mortgage application? Or is this your first time dealing with them? I'm guessing the latter.

I'd never put up with that sort of crap from my bank. And my bank would never give me that sort of crap. I'm a valued customer. They don't want to lose my business.

Become a "valued customer" at a bank. Then ask them for a loan. You'll be amazed how much smoother the process goes.
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Old 08-23-2011, 10:20 AM
 
1,681 posts, read 3,043,376 times
Reputation: 1776
In a standard contract (non-foreclosure) you can get your earnest money back 1) usually within 10 days of contract signing as your due diligence period, usually you exercise this right by having a home inspection and if you don't like the inspection you can walk 2) you can cancel within 5 days after receiving the HOA resale package (assuming it is within a HOA).

Buying a foreclosure changes everything since there are bank addendums that usually shift the contract significantly in favor of the bank. It's not nearly as easy to walk within the standard due diligence/home inspection period. That said, the right to cancel within 5 days after receiving the HOA resale package is state law and specifically cannot be waived by any contracts or addendums.

Most likely your home inspection/due diligence period is over. Hopefully the home is in a HOA and you haven't received the resale package or you're within five days of receiving it. If so, you can easily cancel via that provision.

I've heard banks are getting aggressive about keeping earnest deposits on foreclosures whenever possible.

That said, if you like the home, just jump through the hoops. It likely won't be any easier next time and you're half way (or more) through the process already.

Quote:
Originally Posted by lasttime85 View Post
First time home buyer and though I have heard this is not a simple process these days, I have about reached my breaking point with Wells Fargo. Any information would be appreciated.

My closing date is 08/31/11, the underwriter has approved me for the loan, the house has been appraised, and I am doing the final walkthrough tonight. On another note, WF is harassing me, and nearly every employee in my office for Verification of Employment, which I have sent over a dozen times to different WF requestors. I even received confirmations from them, yet they keep calling different departments requesting it again and again. This is a foreclosure and we needed a $3K earnest department. The offer has changed multiple times, along with the closing date due to holdups by the bank. Now they are requesting 12 months additional credit from other bills after they told me I was underwriting approved, based on my bank statements. They need a cell phone or utilities statement on a letter head, which TMobile will not provide unless I go down to the store to get a PIN, and utilities have always been in my finacee's name. My biggest question is, I am about to cancel this whole deal, but would appreciate it if anyone knows what is the regulation of getting my earnest deposit back. Once again, I understand this should be difficult and they need to thoroughly screen potential buyers, but I have spoken with others and this is really pushing the extremes. I am simply tired of the process....
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Old 08-23-2011, 11:18 AM
 
Location: Boise, ID
8,011 posts, read 22,505,069 times
Reputation: 9212
Yeah, this is sort of just how it goes these days. After giving my lender about 200 pieces of paper for my refi, my appraisal came in low because the best comparables in my area sold about 20% under current market rate, and the comparables that were a more reasonable price were further away so the appraiser wouldn't use them (about 4 miles, as opposed to within a mile). And this is for a normal, non-cashout, (supposed to be) 20% down refi. About as basic as you can get, with a lender I have a 10 year history with.

Quote:
Originally Posted by ScoopLV View Post
Did you have a relationship with Wells Fargo before the mortgage application? Or is this your first time dealing with them? I'm guessing the latter.

I'd never put up with that sort of crap from my bank. And my bank would never give me that sort of crap. I'm a valued customer. They don't want to lose my business.

Become a "valued customer" at a bank. Then ask them for a loan. You'll be amazed how much smoother the process goes.
I really wish that was the case these days. But it really isn't. In some cases, if you are doing a really easy loan, with a large amount down, you may only have to provide a ream of paper. But I work for a real estate office and have a 10 year history with this lender, and they still called my boss to ask for verification of employment and income, and came back to ask for more documentation 3 times.

If you are trying to get a construction loan, forget about easy. In my area, there are only 2 or 3 banks still doing them, and they require FULL financial reports every 3 months. Ours is usually more than a full ream of paper, and requires 3 full days to prepare, every 3 months. And that is with a bank we have almost a 20 year history with.
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Old 08-23-2011, 11:25 AM
 
Location: Mostly in my head
19,631 posts, read 53,481,140 times
Reputation: 18538
Credit unions can be easier to deal with. I have had 2 refis with the same one. On this last one, all they needed was a few pieces of paper, no appraisel, done in about 10 days. Next time I buy, I'm looking into a credit union.
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Old 08-23-2011, 11:41 AM
 
Location: North Western NJ
6,591 posts, read 19,771,355 times
Reputation: 9524
i started the mrotgage process with wells fargo, i bank with (now) wells fargo too (was wachovia before the switch, been with wachovia dor 10 years.
excelent credit, provided everything they asked for and...to put it quite simply...
the left hand didnt know what the right hand was doing.

one person would tlel me one thing, another something completly different...
in the end i pulled form wells fargo, spoke to the seller and found a local lender who was more than happy to work with me and theyve been wonderfull im just waiting on underwriting whihc they are trying to rush through.

from what im hearing since ending my mortgage stuff with wells fargo, people are having ALOT of issues with them...people with mortgages through WF have told me they hate WF, and people going through the process seem to be going through similar issues, being told one thing and then another completly opposing...or being given the run around, or sending in info and then being asked for the same info over and over and over again...
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Old 08-23-2011, 01:39 PM
 
Location: Boise, ID
8,011 posts, read 22,505,069 times
Reputation: 9212
Quote:
Originally Posted by foxywench View Post
from what im hearing since ending my mortgage stuff with wells fargo, people are having ALOT of issues with them...people with mortgages through WF have told me they hate WF, and people going through the process seem to be going through similar issues, being told one thing and then another completly opposing...or being given the run around, or sending in info and then being asked for the same info over and over and over again...
I don't know about that. My current mortgage is with Wells Fargo, and has been for 8 years. I've never had a single problem, in any way shape or form. Of course, in 2003, when I got the loan, lending criteria were much looser, so the loan was easy to get. And I pay every month with auto-pay, since I bank at Wells Fargo too. Making extra payments are easy, and I changed my payment date for convenience with very little hassle.

So if you have an existing mortgage with Wells Fargo, and aren't trying to modify, or sell short, or anything else, Wells Fargo is just fine.

If you are trying to do any of those things, or trying to get a new loan, I feel for you, because all the banks are pretty much the same way right now.
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Old 08-23-2011, 02:59 PM
 
353 posts, read 768,231 times
Reputation: 600
You are not alone. I am having a great deal of trouble with Wells. Every time we get within a few days of closing, they ask for something else and it messes it up the closing date. It's as if they are just making up stuff as they go. If you have rules in place, then tell people up front and let's get it worked out! Don't keep waiting until the last hour to say "we also need.....". And stop asking for the same paperwork over and over.

We are also buying a foreclosure so a lot of the hold ups have been for requests that are beyond our control. The left hand doesn't know what the right is doing. We've missed 3 closing dates, and I just can't believe they are so unorganized.

And this point, I don't care anymore.
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Old 08-23-2011, 03:49 PM
 
Location: Plano, Texas
1,676 posts, read 6,333,376 times
Reputation: 684
the biggest mistake a couple of you made was calling Wells Fargo directly. You should have found a reputable broker who could have taken away a lot of the grief and gotten you a better interest rate.
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Old 08-23-2011, 04:38 PM
 
Location: Florida
2,291 posts, read 4,748,895 times
Reputation: 5220
I personally detest Wells Fargo and their policies. They aquired Wachovia and I am closing my checking account and going to pay off my small mortgage which was orginally with Wachovia.
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