Wells Fargo review: terrible customer service 33

I totally agree. I suffered a flood loss on Sept 21, 2009 and was able to settle with my insurance pretty quickly. I was trying my best to streamline the process and get my house restored as quickly as possible, but the Wells Fargo people have held me up for months with their paperwork, conflicting instructions, and confusing processes. Every time I call its a 30 minute ordeal while they try to figure out my situation. Inevitably they always end up telling me that the previous customer service rep was misinformed and that I need to submit alternative paperwork. At this point I am totally fed up and very disappointed with the WF Loss Draft dept.

The fact of the matter is that my house flooded, and I'm fortunate to have had an insurance company that responded quickly and professionally. The WF team doesn't seem to understand the importance of disbursing my insurance money in a timely manner. Contractors don't work for free, nor do they like being paid 60 days late. On top of that, I've suffered an enormous hardship during an already difficult economic time. The last thing I need to spend my time on is battling through the red tape of my lender's loss draft dept.

All I can say to Wells Fargo is GIVE ME MY MONEY. It's rightfully my money and I owe lots of money to lots of people. I am not able to foot $20, 000 bills to contractors while I wait for Wells Fargo to figure out whats going on. This is has been a nightmare to an already nightmare experience. My house flooded and my family has been displaced for 3 months. Throw me a bone here...

I too have the exact same thing happening with wells fargo. They will not give me the funds that the insurance company sent and continue to stall. I have already spent double of what the amount of the check is for and submitted all the receipts as proof of my spending. I've already spent a lot of money on overnighting them packages and sending numerous pages by fax. They have NEVER called me but yet sent a letter saying that they had attempted to contact me, which is totally a lie. It's been 6months since my water damage occurred and haven't been able to collect any funds. Although my insurance company was a huge hold up, I am simply amazed at the lengthy delay with Wells Fargo. Aren't we the customers? Shouldn't Wells Fargo be in appreciation that we've chosen them as our mortgage company and keeping them in business? Also, everyone that I have spoke to in the Loss Draft Dept. at Wells Fargo has been extremely unprofessional and very rude. I am not asking for them to send me anything, I just want the check from the insurance company that was mailed to me in the first place but unfortunately just needed their signature. If this nightmare should ever happen to me again, I can assure you I would handle it my way.

Sorry to hear about your losses, having a loss on your home is a horrible experience in itself. I am sorry to hear of the troubles you are having obtaining your funds for your repairs. Please believe Wells Fargo is not wanting to hold your money and they want the repairs completed just as much as you do. The claim process can get complicated when you call and speak to several people, its a call center and you get someone different every time. The next time you call ask to be transferred to a Specialist, when you get the rep on the phone ask that the account be looked over to ensure everything is received. Ask for what the next step is, time frames and take names down. If you feel you're not getting anywhere ask for Management and don't get off the line till you get one. At times it is difficult to speak to one right away due to the volumes of calls however there are times you can reach one.

Here is a brief break down of some things needed for your claim...

Using a contractor you will need the following...
Adjustors worksheet from the insurance co (now if the insurance company hired an adjustor or based the claim off of a contractors bid we will need a letter from the insurance company stating this)
W9- for contractor (this is for tax purposes)
Conditional Waiver of lien (this is just saying if the contractor does not get paid they can place a lien on the property)
Signed contract
Key thing to remember the $ on the contract needs to match the $ amount on the Conditional Waiver of lien also remember the documents that require signatures will need to be signed all borrowers on the loan.

Self contracting
Adjustors worksheet from the insurance co (now if the insurance company hired an adjustor or based the claim off of a contractors bid we will need a letter from the insurance company stating this)

Homeowners affidavit (signed and notarized)
Wells Fargo will require paid receipts on all draws issued before anymore funds will be released. They can not be hand written, best thing to do is submit check copies along with the receipts. You can not submit Labor as a receipt.

There will be 2 inspections performed 50% and 100% - sometimes more depending on the claim. Once the claim is complete 100% inspection then you will need to send in the Certificate Of Completion.

Time frames the thing everyone loves...the Loss Drafts Department is a processing facility not the bank. When the check is sent in it has to be processed and sent to the banking side to be deposited into the restricted escrow. When draws are requested it will take 24-48 for the draw to be ordered. Once it is ordered then 24 hours to get the check. Once we have the draw check over night will be the following business day and regular mail takes up to 10 days or more to get to you. Draws are sent regular mail unless you provide a pre paid mailer (it has to be pre paid and not bill to account or it will not be accepted) If delays and or errors occur on the claim Wells Fargo will send the draw overnight.

The things that take the more processing time are...
W9- 3-5 days
Checks (you send in from the insurance company) 3-5 Days
Inspections (I would call in a week or so in advance to request an inspection) 3-5 days

If the process does not work and you need more funds outside the thirds you can request a exception they also take about 3-5 days.

Now if your loan is default (60 days or more) the process changes. The default Department will advise the Loss Drafts on how to proceed and referrals need to be sent to default every 30 days. When the loan is default you can not self contract.

When sending in documents send them by fax, this way you keep the original and if for any reason it does not appear on your account you can fax it again.

Don't wait to be called, calls are made daily for things like exceptions, default responses, documents needed and follow up. However we can't call everyone and sometimes this will cause delay.

If you send something call and follow up, don't wait weeks. I know you have alot on your plate and calling is a big pain in the you know what but trust me it will pay off in the end. Don't be afraid to ask questions and get clarification. You should not hang up the phone thinking was my issued handled. I know you are upset and it is ok to express that but please give us the chance and don't judge by what the other person said and don't ask why the person said or did this because we can't speak for them. We however can speak for ourselves and will do what we can to help you. If at anytime you just don't feel like you are getting anywhere or someone is rude ask for a supervisor/mgmt. This process can run somewhat smooth I swear, it is just a matter a understanding the process, what is needed and the time frames. Nothing will happen overnight but we will try our best to ensure it happens.

Keep in mind this a rough draft and in certain claims other things may be required. I really hope this helps a bit, again I understand your frustration however this is the process. When we have mortgages we take the chance of having a monitored claim. It is ok not to agree with it however don't fight it. You will just cause more delays. Again I hope this helps and please please don't hesitate to call its our jobs to assist you in getting back in your home.

stop complaining. you should pay attention and do the paperwork the right way the first time, and there wouldn't be an issue. there are guidelines to follow for a reason, try reading them. there are plenty of people who would run away with the insurance money and not use it to repair their homes. it is the mortgage company's right to ensure that the repairs are made to the property, i mean they did lend you a lot of money to buy the house in the first place right? it is more their home than yours. if you borrowed money from a friend to buy something, and they wanted to ensure it would be repaired after it was broken, wouldn't you oblige? in this case you are dealing with a mortgage company. with the amount of foreclosures going on today, of course they want to cover their ### legally to ensure they are not losing out on anything, its common sense, if you were in their position i guarantee you would do the same thing.

i know that having a loss can be extremely stressful and as one poster put it, a nightmare. i had a fire to my home and it was a total loss in summer '08. without wells fargo's procedure in place my contractor would not have finished the job (our inspection results came back at 98% with flooring left to do, but my contractor felt he was done, even though flooring was included in his invoice) and would have probably been paid for the work anyways from the insurance company leading me to hand the check over to them (which they tried to do plenty of times). eventually he realized that the bank would be holding the money unless he finished the job, which was my choice. they offered to get the approval to have funds released at 98% but i knew it would be better to follow procedure and get things done the right way, because the procedure is there for a reason.

just an example.

life isn't easy, it never will be, don't expect things to be handed to you.

Obviously you have no idea how business works. Even the insurance company can't just hand you over money without initial precautions. Maybe you are an honest, hardworking individual but a lot of people aren't. If everyone was, then we wouldn't have to have inspections or anything else, they could just take our word for it. But that is not the case.

I would have to agree with long wait, as I too filled out the necessary paperwork and still haven't received a check. I REALLY HATE speaking to all of the different people as it pretty much guarantees you will be told different things. It's a COMPLETE circus of continued run arounds. Also, long wait I am sooooo sorry about not getting your check until 8 weeks after the work was done . OUCH! It looks like that may be the same thing that will happen to me. UGH!

Feeling like I had gotten somewhere 2 weeks ago when I insisted to talk to a supervisor/manager and began to believe he'd call me back within 24 hours with the matter resolved, I again realized I had gotten no where. A suggestion on this board was to keep going higher, so I called the executive office and again, same story. This whole deal has educated me and made me realize to be VERY selective when choosing who you do business with. Just because it is a lower rate and a well known name doesn't mean it is the best deal. My advice, "do you research" and see how if the worst case scenario happens how it will be handled. Look up the amount of unhappy customers and complaints and research their concerns. I plan to tell EVERYONE I know about my bad experience with Wells Fargo as I would hate for anyone to go through this. Not only are you stressed about work being done on your home, you have to FIGHT to get money that is just as much yours as their's (Well's Fargo). I can not imagine being in a situation where I didn't have money saved up for emergencies and had to depend on the mortgage company to issue the funds. WOW! Aren't we the customers? We are not waiting to get approved on a loan, the money is already ours and we have receipts to prove our out of pocket expenses. It's very easy to see that we are not taking the money and running with it, how easy it would be to have more inspections done or better yet, why was that inspection done anyway, as we still have received our funds. In this day in age, we have emails, digital cameras, scanners, direct deposits, etc. but Wells Fargo deals with fax machines and entry level workers reading off of a computer screen and not very accurate, if I may add. Enough already, send the check!

Rosebud65, I know how business works and I know this is not good business. I do understand that the insurance company can't just hand you over a check and neither can the mortgage company. Unfortunately, a lot of this was brought on by many people taking advantage of the situation and not using the money in how it needed to be used. I also now believe that because of growth, many larger companies are merging making them bigger and when this happens there priorities change. Giving customer service to the individual becomes not as important anymore because most of their money can be made dealing with large corporations. There (Wells Fargo) name has grown but there "one on one" customer service has indeed shrunk. You or some may call it not knowing how business works but I call it greed, as it has driven this mess of bailouts, etc.

However, I no longer believe that bigger is better as I will now take my future dealings with the "mom & pop shops" smaller banks, as with them you have one person to deal with and you can get results much faster. So thank you Wells Fargo, thank you for letting me see the light into my future and giving me this knowledge to spread this information.

Again sorry to hear of everyone's experience with the claim process. Don't give up it is not hopeless. Research is the best I do agree, however you will find that it is not only Wells Fargo. It is Chase, Citi and more. In your closing agreement on your loan with every mortgage there is a clause that gives the mortgage company the right to monitor a claim. I didn't believe it til I pulled mine and researched they call it "section 5". Do your research, ask the questions and demand. Request that they give you something in writing on what is needed to move forward with the process. DON'T GIVE UP TILL YOU ARE SATISFIED. Because you are right you are the customer.

They need to be reported to Attorney generals. They shouldnt be allowed to cash the check. Its not there money. They are liers and worst mortgage people to deal with by far. Im a contractor and I shouldnt have to wait for my money for almost a year!

One more DISGUSTED customer. I recently had wind and hail damage to my home. The insurance company came out wrote their report and stated the claim was 15, 000 in damages. The check was made out to me and Wells Fargo. From that point it went down hill. It is always something new AFTER you have followed their guidance. Every time I call I get someone different who has to read my file, and who don't have clue to the history of my file. This is frustating to say the least. After so many phone calls, the WF representative's tone become icy and scripted (basically don't give a damn). Thank God I paid my contractor out of pocket to complete the repairs. If I did not, my contractor probably would of sued me for non payment (thanks to Wells Fargo). So far WF is stalling. They have called my insurance company and my contractor to clear up an alledeged discrepancy. Now they have moved on to something else. Currently I am FULLY complying with their request to provide them the additional required documents. Once this is submitted, I will request for a consideration to release funds. If WF stalls or comes up with another request, NOT listed previous, I will attain an attorney. Banks have no business in the insurance business. THE SYSTEM IS BROKE.

Wow, these comments hit the nail in the head. Here are the steps I took to try and receive my check
1) Filed insurance claim, received my $13k check with Wells Fargo and my name on it
2) Insurance adjuster says i should call my mortgage company to get the check endorsed
3) I call Wells Fargo, I was told to go to any wells fargo bank to get it endorsed.
4) Called a local Wachovia (now part of wells fargo) to see if they can endorse it, they said "yes"
5) After finding out this information I paid for the demo and repairs to the pipes out of pocket totaling $5k. I also bought tile, wood flooring, and cabinets totaling $4.5k. All out of pocket, now my bank account is uncomfortably low. But I am expecting to walk into a bank to get the check endorsed and replace the money spent.
6) Went to a local Wachovia, gave the check to the manager, after 25 minutes of him on the phone talking to wells fargo, he says he cannot endorse the check because it is over $10k. GREAT, I just wasted my time.
7) Call back wells fargo, now they are giving me two options,
a) Send the check regular mail to their loss draft dept
b) Send the check overnight mail to their loss draft dept
I was told to sent in the insurance claim docs and endorsed check to either one of the address, the overnight will be faster and they will sent it back overnight.
8) I misplaced the address (good thing I did), called wells fargo back to get the address. This operator says I cannot just send in the claim and check in to either addresses, I need to call "my lost draft" and use a pin.
9) Call the my lost draft dept, they recommend that I fill out the self-contractor form. Just so happens it is not available online, must be too large for there servers to handle. They now said I can have this self-contractor document it mailed to me or have it faxed. They said something like 3-4 days to fax me the papers. 3-4 days, really?!?!? So I opted for mailing it to me, big mistake. I should have used simple logic here, if it takes them 3-4 days to fax a few papers, it will take them 7-14 days to mail me the papers.
10) After 7 days I still have not received any self-contractor paper in the mail; I call back and request them through fax.
11) Receive the fax 3 days later, filled out the papers and have them notarized.
12) Send in the required papers and endorsed check overnight ($31 ouch)
13) 11 days pass with no check received
14) Call my lost draft again, they tell me the check was processed 8 days after receiving it, they could not explain why it took 8 days, they just said sorry. Now they say from the day it was processed it will take 2 days put it in the mail and then up to 10 days to receive it.
15) I called them back explaining to them I don't have money in my account to pay my wells fargo mortgage, due to the fact I was given wrong information from wells fargo. They now say I can file for a exception, it is just too bad the exception will take up to 20 days to receive just like the 1/3 check is taking, this is not an option. I also have to go on a business trip to Austria and I have no money available in my account to use on my trip, I usually use my own money and get reimbursed later by my company. I now have to ask for money up front from my company for this trip, it make me feel embarrased. I had $9K in my account before they pretty much gave me the run around and false information.

Now I am in Austria for work so I have my girlfriend checking to see if the check came in. Finally it did, 22 days after they originally receive my overnight papers (glad I spend $31 to rush it there).

This whole process is ridiculous. There is absolutely nothing I can do to get my money. If they want to take 300 days before they release the money to you there is nothing you can do about it.

I have never missed a mortgage payment or ever been late on a payment. But I am seriously considering not paying my mortgage payment, you have my money and I have your money, we will call it a wash until I reach my $13k owed to me.

That is my 2 cents.

My home burned in Dec. 2007. My insurance company was on top of the situation and quickly released a check. Unfortunatly the check was made out to my self aswell as Wachovia. We were told that we had to sign the check over to them and that they would release the money to us in drafts as needed during the repairs to our home. We soon discovered that the foundation of the house was not able to be built upon therefore the house was a total loss. The insurance company adjusted there assesment of the property to reflect as such. They also made an adjustment on the total pay out due to the fact that we were now dealing with a total replacement cost rather than a total cost of repair. I forwarded all of this information to the Wachovia Loss Draft Department along with our new plans for new construction. Wachovia then sent our first draft of funds. I spent the money on demolition and clean up, State of California soil testing, blue prints and a down payment to the construction company. I contacted Wachovia asking for my next draft of funds. They said that before the could release more funds the repairs on the home had to be inspected and varified percent of completion. I asked to speak to the rep that I had been dealing with prior because she seamed to be unaware that the circumstances on the repair of the damaged home had changed. She told me that the rep I had been speaking with was on vacation and that any of the loss draft agents can assist me, and that the information she had would be the same info that the rep I was requesting would have. Unable to speak with the person that had been hepling me, I explained the whole story to her. She asked if I had proof of this because as far as they are concerened I "scraped the property with out thier knowledge" and that untill this was worked out they would not release more funds. She gave me a different fax number than the one I had been using and forwarded my file to a loss draft manager out of texas. I faxed all of the documentaion provided to me by my insurance company explaining the total loss rather than damages to be repaired along with our plans for new construction. This was all of the same paper work I had previously faxed to a differnt office of wachovias loss draft dep. He recieved my fax and reviewed it. He told me that none of that realy mattered because the way he saw it due to the down turn in the economy, the amount of insurance money that we had to spend was not enough to rebuild a home that would apraise higher than the mortgage owed. I told him if that was the hold up our problems were solved because we were not talking about a 3 bed 2 bath house on a tiny lot in town. This is a 3 acre ranch with fruit trees an irrigated pasture and covered horse stables with a large shop and tac room. Oh and lets not forget its right on the river with reparian water rights. Its a beutifull property. When the house burned we were less than 50% loan to value it had apraised at $585, 000.00 in August of 2007, four months before the fire. The house was built in 1928 it had many additions and renovations over the years and what was about 700 sq ft was now almost 1100 sq ft. I told him that if they thought that old house was the core value of the property that they were mistaken. I sugested that they send out an apraiser and that they would see for themselves. A couple of days later he called me and said that 2 apraisers would be going out and that they would be in contact with me to set up an apoitment. I never heard from anyone. When I tried to call to speak with the same gentleman, I would only get voice mail and never a return call. After about a month or so his ext. no longer went to voice mail and anyone else I spoke with didn't know who he was because the way that Wachovia loss Draft works anyone of their reps should be able to help me becuase they all have the same info available to them. When I told him my story he forwared me to someone else and the wheels on the bus go round and round. One year from the day my house burned Wachovia aplied the remainder of MY INSURANCE MONEY to the principal balance. I just lost nearly a three year battle with Wachovia. I had the property on a lease to a family that had horses and the insurance company provided me with loss of rent for ten months which should have been enough time to complete our construction. I was recieving my full rent of $1500.00 per month which continued to make my mortgage payment. My family was now living in what I planed to have as a rental. Needless to say living there my self I had a mortgage to pay there aswell. When the insurance company stoped paying my loss of rent I had to pay both mortgages out of pocket. I am a small business owner and like all small business in America I was already struggling with the down economy. I had to make a decision of which mortgage to pay. Ultimatley I chose to pay the mortgage on the ranch afterall eventually this thing with wachovia will have to get worked out. I couldn't see how they could just decide to keep MY MONEY. In november 2009 the bank forclosed on the home My family was living in the one that was supposed to be a rental. With still no resolution with wachovia and no home on my property I had to find a house to rent. Now I cant not pay my rent so I started having problems paying my mortgage. I have been trying to reason with them for nearly three years, never able to speak with same people, they rude, they are careless and souless. I did not qualify for any of the gov. programs, loan mods, you name it and I didnt qualify for it because those programs only aplied to properties that had a complete and livable residential home on them. Every time I spoke with anyone at wachovia at which ever department I always got the same B.S. there was never anything in the computer about the house being gone no one ever new anything about anything. This story ends in the most deceiving deviant way. Although I recieved every last bit of their crap mail offering all the wonderfull programs that my property was not eligble for and every phone call trying to collect a debt. Their Trustee Company NDEX for some reason did not have my adress or phone number. They sent the notice of trustee sale to the adress of the home that I had lost back in november 2009 I finally got one forwarded to me from the post ofice one week before the sale. When I called them about it they gave me a phone number to NDEX to get a reinstatement quote they told me it would take 7-10 business days for them to put it together. I told them I didnt have that long because they have been sending correspondence to the wrong adress she told me that I could file a dispute in writing then fax it to them and it would take 7-10 business days for them to review it. Again I didnt have that long. I called Wachovia back and told them that NDEX had been no help and why woud I be told to call them about a reinstatement quote if it were going to take 7-10 days. He told me that thats how long it takes to put together the numbers and why did it even matter becuase if I was in forclosure it must be because I couldnt make my payment and obviously wouldnt have the money to reinstate the loan. I told him that for now I was still the owner of the property and that for all he knows I could borrow the money. He laughed at me, I told him I dont know how he sleeps at night. The sale date was 7-20-10. after that day I heard nothing from them. No phone call, no mail, no knock on the door. When I lost the other house they sent someone to my door that very same day and began negotiating an exit strategy with me. I have always continued a presence at the ranch stopping in frequently, the last time being tuesday aug. 3rd 2010 there were no signs and nothing posted. I still have things locked in the shop and a small travel trailer parked on the property. On Wed. night aug 4th a good freind of mine went fishing and noticed that someone had mowed down the pasture and my shop door was opened. I called Wachovia to find out that the property did not sell at auction to a private party so wachovia bought it back. I asked when did they have plans on informing me about it and I got the common rude response. I asked him how long I had to remove my personal property he told me 30 days from the day of the sale. About 30 min. later my friend that been there fishing the night before called me and told me there was a crew of workers there and they were removing evrything from the shop and they had cleared the area around my trailers. I called Wachovia back talked to someone different again he told me that they do not allow 30 days and that there was no record that I had called this morning and spoke to anyone. There was also no record of the house burning but he did say that the crew that was there was hired by their attorneys to remove everything from the property and that if I wanted my trailers or anything from out of the "HOUSE" that I should go now and get it.
Can you see how idiotic they are he is still telling me to go and get waht I want out of the HOUSE which hasnt been there for almost 3 years.
Wachovia Mortgage in my eyes are a group of crooked theives they were succesfull in giving me the run around untill acording their fine print were legally able to apply my insurance money as they saw fit which ultimatley led to me losing two properties one of which was supposed to be the location that my wife and I would retire and spend the rest of our days a property that has been in my family for many years. I know there are more of you out there like me, my same friend that went fishing last night has a sister and brother in-law going through the same kind of thing their house had fire damage about a month after mine. They went ahead with the repairs with their own money thinking that they would be able to work it out with wachovia. They are now being sued by several contractors and wachovia still refuses to give them their money. If I happen to know someone personally that this has happened to. This has to be more wide spread. I would like to hear from you, I cant believe that there is not more talk about this kind of thing on the internet and that there isn't anyone sueing them.
I have been reading up on wachovia and there are many cases against them for many different reasons from motgage fraud to moving around illeagle drug money. I am not making this up check for your self.

Agree with the above (except for rosebud65 who clearly hasn't been on the receiveing end of this with Wells Fargo). Our house burnt almost three months ago and Wells Fargo has been sitting on the insurance check for about 6 weeks now (over $140, 000). We followed the instructions and sent in all the paperwork - which I've confirmed with the service reps each time it's been sent in. However, they keep coming back saying they need more, or a different version of it. Then they send all communications via regular e-mail where each round trip takes about 10 days, despite me asking them to call me with any issues. Meanwhile our familiy is out of our house and contractos are progressing extremely slowly since they haven't been paid (understandable from their viewpoint). Wells Fargo is doing an absolutely awful job here. My next stop is the Better Business Bureau since I've always found them to be extremely effective - it's quite rediculous.

I have personal experience with this process. Wells Fargo does not let you talk to the same person everytime, but there are things you can do to streamline the process.

Take control of your service calls- ask for exact instructions on all the steps, all the needed paperwork, all the timeframes, ask for everything.
It is really important to do this if you feel the customer service person is leaving things out, or blowing you off.
Write it all down.
Then double check what they told you.
Ask is that all the information I need for process x, or paperwork x?
Ask what the next steps are.
Ask for the website- www.mylossdrafts.com (they will give you a password)
this website has detailed instructions and printable paperwork
review your claims package (it has detailed instructions)
double check your documents before you send them

(call the hotline to double check you have all the needed info/loan#/authorizations/dates/signatures/correct letterhead/correct and complete paperwork etc. THAT STUFF IS VERY IMPORTANT TO THEM)

have your paperwork faxed both ways or pay for the overnight shipping
call and confirm they recieved the paperwork
then ask to speak to a specialist and have them put a rush on the processing
know the next steps and be actively working on them before they are due
If you feel you need special attention ask for it

remember the call center department is seperate from the processing centers so allow a few days for each thing to be processed/approved.

They are trying to protect the home's value, they can't help the red tape.

Good luck to you

They suck. I am trying to get my final disbursement and they have had everything for weeks. They even have the final amount from my insurance company. Now they are requesting more paperwork regarding initial that they received in the beginning. Obviously, or there wouldn't have been able to disburse at all. They have had $37, 000 of our money for 6 months. is this their way of making up for losses? DO NOT, I REPEAT DO NOT, USE THEM FOR ANYTHING!

I have had the same situation as I have a sink hole... a common problem in Florida. Wells Fargo continues to lose my paperwork, requiring me to refax documents repeatedly. When I get all the appropriate forms to them, there is always something else they need. They have had my money for 6 months and have only given me 1/3 of the money. I have now gotten my contractor involved, faxing more documents and information to them. This is nothing more than an evil game they play in order to continue to hold funds of those in need. Their employees are frontmen and women who are thrown to the wolves to deceive the people who pay their mortgages on time and want nothing more than to keep their property in good repair. I encourage any employee to leave this company, what you are doing is evil and hurts good people. Anyone looking to Wells Fargo for a Mortgage should steer clear. As soon as I get all of my repairs completed, I will be refinancing in order to get away from them. A word for the wise, Ing Banking does not sell their loans, this will ensure your loan will not be resold to Wells Fargo ever again. I bank with Wachovia, this is causing me to have to close my Wachovia (now Wells Fargo) bank account and open an Ing account. Though I need a bank account associated with Ing, I will be opening an account with another bank very soon. Stay very far away from Wells Fargo and tell everyone you know to do the same. I have also filed a complaint with the better business bureau and will be investigating my options with the Federal Banking Commission.

HERE TO HELP- Thanks for the advice but shouldn't they include that in the paperwork. No where does it say that it takes 3-5 days to approve the W-9. If I had known that I would not have paid the extra $33 to have it over-nighted to them and them back to me after I sent them the check for lets just say around 100, 000. I'm sure they will not pay any interest on that money they have had since last week. BTW they only use fed-ex so I'm sure they lost my UPS return envelope. Rest assured if I ever get this settled they can kiss my $200, 000 in interest good-bye..I'll spend 5-6000 in closing cost just to go with a local bank. Granted to have major damage to your home is few and far between but this has been ridiculous..BTW how do they expect u to get 50% of the work completed with 1/3 of the funds? I guess I'll take out a personal loan and pay 10% interest..could only imagine if I didn't have good credit...guess I would let WF have a $200, 000 house that's worth about 25, 000 unrepaired.

OH MY GODDESS! MY friend warned me to get started on this paperwork as they notoriously hold checks too long- but I waited and now I am sorry! I spent my time getting all my contractors in order and when I was ready to start...well I am still ready and I moved to the job site to manage the job- and still no money! I am on the other side of the country! They want to bank this check and keep the interest, and they do not give one care about my property getting fixed up. They do not care.
Long story short- I have paid them monthly and on time for 12 years- and the check is for 22, 000 which is 7000 over the amount of a check that is usually released and now I am in hell for pennies when you look at the big picture. The department is loss draft protection- not help the client get their house fixed.

Wah.

Have another run around story. Told I had a montored claim and would pay in 1/3 increments. I overnighted all the paperwork and started work. After I was 1/2 done, I called to see where my disburement was. Oh, my claim was changed to unmonitored so now they will send me the entire check. They said they would overnight the check because of the delay. Oops, it went out regular mail AND never showed up. I had to wait 10 days before they could stop payment. New chack will be overnighted but every time I call, all I get are apologies. Its now been 2 months and work is complete but NO MONEY! I will be refinancing soon and NO WELLS FARGO, that's for sure! These people are either lying or uncompetent. Guess thats what you get with a big bank...about as much efficiency as big government!

It's not that the people you talk to are incompetent; it's that we cannot change a thing about how the process is handled. The person who answers the phone when you call in is NOT the person who can change the procedure. We can guide you, hand in hand, through the process, but we personally cannot change policy for you. Trust us, we would like to. We aren't any happier than you are about the rules. Do you think it pleases us to get you on the phone, screaming about something that we cannot change? And for a better part of the process, it's not even Wells Fargo that makes the rules. It's the investor.

So please, when you call in, realize it isn't the person on the phone who is holding your money, and most of us truly want to help you speed the process up. And if someone goes above and beyond what we're required, even if it isn't an immediate change or exactly what you wanted, please remember we weren't even supposed to say or do that. A little thank you goes a long way.

Hopeful-Any interest accrued on funds in Restricted Escrow are sent to the homeowner after the final disbursement of claim funds.

I deal with loss draft departments all the time because my husband is a public adjuster...If anyone needs help just shoot me over an email and I will gladly help ...I deal with Bank of America, Wellsfargo, Americas Servcing, Grow Financial, Chase Home finance, etc. etc. my email is blackorchidstar@yahoo.com Jennifer is my name and I reside in Tampa FL

Hi guys...Listen up my husband is a public adjuster in Florida if you or someone you know has received less than what your claim is really worth by your insurance carrier or if you have recently suffered damage to your home in the form of water leaks, sinkholes, fire, plumbing, and want someone to represent you on this claim then shoot me over an email at blackorchidstar@yahoo.com Our company will help you through every step of the way including dealing with your lender(mortgage company) and sending them all the necesarry paperwork after your claim is paid. I deal with all of the loss draft departments and can help you every step of the way whether it WellsFargo, Bank of America, American General Finance, Chase home finance, Nationstar etc etc...Send me an email with your situation and I will advise if our services can be of any help.Thank you.
-Sincerely Jennifer

We suffered tornado damage to our home on 04/25/11. We've had no issues with getting the insurance checks endorsed and released other than having to get our payments caught up before they would release the funds. We were a few months behind at the time I mailed the check in, but as soon as I caught the payments up, the funds were released. I have experienced some frustration with having to go through the same story each time I called, but for the most part, every respensentative I spoke with was courteous and professional. I agree with concernedandstuff...take responsibility to make sure you have all the information that is needed and it will save time and frustration. Good luck to all having to deal with this issue!

I have just started this nightmarish proceeding. I have never been late with a payment. The property value is over twice what I owe... so I have more to lose than them. I have kept the property up. Not them. I have paid tens of thousands in insurance. Not them. This process is HORRIBLE!

All the horror stories you are reading here are true! I have sent in every single required document and followed their "procedures" to a tee. I get the run around every time I call checking on my 50% inspection. I get a different story every time. These people are trained to mislead and lie. Now, I owe my roofing contractor $7, 000 of the money that Wells Fargo is holding. I can't even get anyone to call me to schedule an inspection. Every time I call WF I am told "they are doing all they can do". Do they really expect me to believe that?! So... they think I believe that the money can just sit there until God knows when, and all they can do is continue to send emails to the inspection company? They refuse to give me any contact information for the inspection company. They say they don't have it. Really!? Yes, whatever. This has to be some kind of insurance fraud they are committing. State Farm issued a check to have these repairs made, and Wells Fargo is holding the money and will not release it. I may be driving to Ohio if necessary. It is only 1/2 day's drive for me, so no biggie. I will also be refinancing ASAP through a LOCAL credit union and getting rid of Wells Fargo once & for all.

Totally agree. An thank you for posting all of these complaints. The behavior of these financial institutions is criminal and they should be prosecuted, fined, and the principals sent to prison (and not the "Country Club" kind.) Wells Fargo bought my mortgage halfway through the recovery process.

While I had my problems with NovaStar-Saxon, they pale in comparison with Wells Fargo-Wachovia. They have had all of the necessary paperwork for more than six months, two separate adjusters have come out and I have had two "inspections, " the last giving me an 85% completion. The property department insists it's only 60% despite numerous paperwork faxing, notarizations, contractor statements including W-9 and Conditional Waiver of Lien from both me and the independent adjuster I hired and pay a portion of the recovery that is well worth my investment in him.

Now Wells Fargo is insisting that my contractor sign a straight Waiver of Lien WITHOUT condition which will effectively give them permission to foreclose on my property without encumbrance. I have been in both the real estate business and have done consulting work in law offices. This company smells so bad that even the old coroner's Vicks-under-the-nose cadaver trick could not mask it. Their objective is to wear you down so you will do one or both of two things. Either get so disgusted you WILL allow your property to go to foreclosure and they can keep your home as well as the property loss insurance money. THEY WIN. Or wear you down so you will simply go away. THEY WIN AGAIN! Any reduction in property value due to lack of repairs also benefits them as they can stretch out not only the lost draft claim processing but also the foreclosure process, thus racking up more piddlin' fees.

Not only do they make more money on the resale of the property for foreclosure sale shortfalls, but they get to keep your insurance settlement and all of the interest from their/your RESTRICTED ESCROW ACCOUNT. Then they can also claim the shootin' match as a "loss" on their books since they estimate the average foreclosure costs them $40, 000.

They can then justify to our incompetent government forensic auditors the hoarding of our taxpayer TARP funds. As a result of their good work our corrupt politicians, the Wall Street moguls (take a look at Morgan Stanley as well as Bear Stearns as to how much real estate investment they had) and all of the banking and mortgage company CEO's can get their huge salaries and bonuses.

Take a look at where our congressional "saviors" have been, Barney Frank and Chris Dodd. How did they know what to put into our "rescue" Dodd-Frank legislation against predatory lenders and financial practices? They know the drill because they're already gotten theirs and knew just how far to go with the legislation so as not to hurt their benefactors too much.

Write to the Attorney General, both state and federal, The Banking Commission, and ALL of your local legislators (change the salutation to address them individually. They don't like to be "copied;" they like to be the main event.) And then there's poor Elizabeth Warren. Remember her, the Harvard professor who through her testimony about exactly what has happened to us (credit ruined so we can't even get another mortgage if we qualified after losing our jobs?) Obama appointed her to be his Consumer Advocate, then buried her, her office and heaped all the paperwork he and his cronies could find on it and her. Then "they" hamstrung her by giving her no subpoena or other auditing powers until he appoints another "tsar" (or "czar") assistant to be his liaison to Dr. Warren. Fortunately they have been working feverishly to find someone qualified to fill the position to help us poor slobs. Unfortunately the aforementioned financial and political interests have been lobbying hard against finding someone to fill the position.

So keep on calling Wells Fargo, Wachovia, Bank of America, Citibank or whoever is sitting on your money. Make them put their demands in writing through an immediate FAX to confirm your phone calls, or write to them with a Certified-Return Receipt requested letter confirming your understanding of the conversation (about $4.00). Then keep your documentation. You never know when you might have to paper a wall, or who knows, some day we might even have a real consumer advocate. I just hope it doesn't take a civil war as it has in other countries before we can find some real old fashioned constitutionality, Americanism and justice under the law that is not a farce. AND DON'T FORGET TO VOTE, OR YOU HAVE NO RIGHT TO COMPLAIN!

OMG, is this what awaits me? It's been three weeks that they have kept my check for 39, 000. Does anybody have any good outcomes? I have been reading all complaints, and the same thing is happening to me. They are still waiting for IRS to provide pin code from contractor. They said it only takes 1 to 2 days to get that, I sent it to them on April 25, and each time I call they tell me it was submitted a different date. May 8, then May 11 and today they said it was submitted on SATURDAY May 12th. Do they have the right to do this?

We lost our mobile in a fire in Jan 2012. Sent insurance check in March 2, 2012. Sent all papers in and a purchase agreement to buy a new mobile home. NOW May 20, 2012 still NO money. Wells Fargo cant get it through their heads that the mobile has to be bought and paid for in full BEFORE the mobile company will deliver and set up. EVERY week Wells Fargo comes up with a new excuse to why they can not release funds! I wrote the Attorney General and I am now talking to a lawyer! I am FEED UP with Wells Fargo!

I too have had a major loss to my home due to water damage. The damage exceeds $47, 000.00 and the home has been uninhabitable. They have been holding all of the money for more than a month now. I have had to take a $20, 000.00 loan from my business to get the repair process started and will most likely have to take another loan for around $25, 000.00 to finish the work. The damages I incurred are to upgrades throughout the home that I initially paid for out of pocket and have nothing to do with the home loan (I also have 20% down and have had 0 loss in equity). The Wells Fargo process is a joke, the people are incompetent and I do not believe this will be resolved without an attorney's help. I will immediately be closing my personal and business accounts with Wells Fargo as a result and everyone here who has experienced this type of treatment, should at the very least, ensure that Wells Fargo does not receive any and all of our voluntary banking business. Good luck to us all as I know we will need it!

WELLS FARGO IS A VERY UNPROFESSIONAL INSTITUTION TO DEAL WITH. THEY WILL RIGHT OUT LIE TO YOU TO HOLD WHATS BELONGS TO YOU. I HAD A HOUSE THROUGH WELLS FARGO MADE EVERY PAYMENT ON TIME, ZERO LATE PAYMENTS. I HAD A HOUSE FIRE GUTTED THE INSIDE AND DECIDED NOT TO REBUILD ON THAT PROPERTY. I HAVE DONE EVERYTHING ASKED OF ME THROUGH THE NUMBEROUS PERSONS I HAVE SPOKE WITH. THE INSURANCE CHECK WAS TO PAY OFF THAT LOAN IN FULL AND FOR ME TO GET THE REMAINDER SO I CAN MAKE A DOWN PAYMENT ON A DIFFERENT HOME AND GET SO STABILITY IN MY FAMILYS LIFE AND MOVE ON. MY INSURANCE COMPANY SETTLED RATHER QUICKLY BUT WELLS FARGO HAS BEEN THE HOLD UP . I GOT A VOICE MAIL 3 DAYS AGO ABOUT IT BEING PROCESSED AND WOULD TAKE 2 TO 3 DAYS. AND CALLING TODAY I AM LIED TO ONCE AGAIN SAYING THE PAPERS I SENT WASNT SIGNED BY ME OR MY WIFE. I HAVE COPIES OF EVERYTHING THAT WAS FIRST FAXED THEN SENT CERTIFIED MAIL. AND THESE PAPERS HAVE BEEN SIGNED AND DATE BY BOTH ME AND MY WIFE. SO YOU TELL ME YES I THINK WELLS FARGO IS JUST JERKING PEOPLE AROUND. AT THIS TIME I HAVE SEEK TO OBTAIN A LAWYER TO GET WHAT BELONGS TO ME. WHATS WRONG WITH THIS PICTURE. THE LAWYER ALSO ADVISES ME THAT I CAN ALSO SUE FOR MENTAL ANQUISH FOR NOW I AM HAVING TO TAKE NERVE PILLS BETWEEN MY HOME BURNING AND BEING JERKED AROUND BY WELLS FARGO. I WILL NEVER USE WELLS FARGO FOR ANYTHING AGAIN. AND TO THINK THEY TRIED TO GET ME TO DO MY BANKING THERE, THANK GOODNESS I HAD PUT THAT OFF.( SPREAD THE WORD PEOPLE, AND BE ADVISED OF THE PROBLEMS AND ISSUES WHEN DEALING WITH WELLS FARGO.

In September 2012 we lost our home to a fire. Allstate has been awesome provided funds quickly and rental home and whatever else we have needed. After three months of organizing my loss and dealing with the trauma with young children and husband and dog we discovered the settlement wasn't sufficient to rebuild. We had wanted to add on in a couple years so we opted to do now and I applied for a construction loan through a local bank. The local bank has been awesome. Wells Fargo Loss Department has been a nightmare. I called in December and explained my intentions as they were now holding 105, 000.00 in a restricted escrow and asked what would have to be done to have that released to the principal when new loan closes. I was told I had to sign a release and they would document it, I which I did. At that time I asked if there was anything else and they said I was all set. I am set to close today and on Monday my closing attorneys office called for a payoff...guess what...it did not include the restricted escrow. I called and they stated when the difference of 47.000.00 is submitted they will release it, so I asked for that in writing to satisfy the attorneys office and Wells states they cannot release that its internal so I asked for an accurate payoff and they don't have a form to include the restricted escrow only thin I can do is submit a letter request...which I did Monday and every time I call they state they have a "rush" on it. But now two hours out from closing and nothing. There were several phone calls that I am sure I don't need to mention, what a joke they have 105, 000.00 and the Loss Department can see it but the Mortgage department can't! Oh and I asked if I paid the 10.00 expedite fee if once we close and send the 47, 0000 they could overnight to Thierry mortgage department like they offer customers and they stated no it takes 3-5 business days. My family is displaced, and every day that goes by is one more day we are not rebuild! Stay with your local banks the lower rates are not worth it! And think twice before you send Wells a check! If I had waited till I had loan in process Allstate would have sent directly to them as they did the second check.
E to rebuild!

I too am a customer of Wells Fargo, had a fire in my kitchen. Insurance was great and had us a check to do the repairs sin no time. Our misfortune was that we had Wells Fargo Home Mortgage to deal with after that. Paperwork first, 3-5 days, send it back, another 3-5 Days, they send it back, another 3-5 days, lost paperwork. Yada, yada, yada. If I could, I would wipe out all Wells Fargo Banks. Even one of the employees said, "if it's not in the best interest of the bank" Slipped out. What happened to our best interest? Do they give a crap about how you feed your kids, where can you shower, where will you sleep?. Not unless it's in there best interest and they can profit off it somehow. The greediest, worst bank ever had to deal with. If I could pay off my house, I would but I'm stuck with them for now. Their famous line, "I'm so sorry this happened" and, "it takes 3-5 business days. Just wait til you try a Home Modification Loan...hahah. It gets even worse... Especially Pedro Villar. A real winner. Can't even tell you why you couldn't qualify. Lol, all I gotta say about that. Just a huge waste of time.

My house flooded in February 2015. So far the insurance company has been very responsive. My motgage is with Wells Fargo. I recieved an initial check from the insurance company and it must be endoresed by Wells Fargo. Yesterday one of their customer service reps told be I have the option to file the claim as "Self Contracting", which menas the funds are disbursed to me and I pay the individual contractors. The only requirement is that when 50% of the renovations are completed Wells Fargo conducts an inspection. And again a second inspection upon the competion of the renovations.

Does anyone have further information or experience with the "Self Contracting" option?