Assumable incompetence
Written: Nov 16 '00
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Pros: none
Cons: bad customer service, incompetence
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| jbacher's Full Review: Norwest |
Don't ever assume a mortgage through Wells-Fargo (formerly Norwest mortgage)!
My husband and I recently sold our house. We had a low interest rate and had opted for a HUD loan when we purchased the house 2 years ago, so we decided to offer up the loan for assumption to the buyer. The first person we showed it to put in an offer. She liked the idea of an assumable loan with a lower than current interest rate and took us up on our offer. Well, I'm sure by the time that we were finished, she wished she had paid the higher interest rate to get a new loan.
Wells Fargo gave her and us the runaround for over two months before they finally let us close on our house. The people in charge of the loan could not be reached, and when they finally were, were rude and offered no help at all. The buyer provided them with all the paperwork they required, yet they still stalled the loan process. Once we were finally able to close, they told us that it would take 4 to 6 weeks to get the mortgage put into the buyers name. It took over 10 weeks.
In this day and age of computers, I find it inexcusable for paperwork to take as long as it did. Once we had closed on the loan, we started getting delinquent notices that we had not paid our monthly payment. They continued to withdraw the automatic payment from our bank account, even though we had told them not to and had put a stop payment on their EFT. Then, 8 or so weeks after we closed, we got a letter in the mail requesting more information in order to process the assumption.
This was a very frustrating experience. Granted, we have not dealt with any other mortgage company and their assumption process. And we mortgaged our new house through Wells Fargo and had no problems whatsoever. I would just warn everyone to think twice about assuming a loan through Wells Fargo Mortgage company.
Recommended:
No
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Epinions.com ID:
jbacher
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Reviews written: 5
Trusted by: 0 members
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