Wells Fargo Bank Sucks!
I am very upset at Wells Fargo Bank. We had been with the former banks Wachovia etc. since 1989 and NEVER had any late payments on anything!
Now Wells Fargo Bank - CEO John Stumpf recently received $25,000,000,000.00 Billion in Bailout Money and has closed our Home Equity Line of credit which was at 2.25% of $100,000.00 (with only $22K owned on it) against our paid for home valued today at $275,000, just because of a short sale on 2 investment property in NC we bought in 2006 and closed on in 2007.
Is this right? I have talked to 4 or 5 "Executives at the Bank" ie: Kathy Crowder, Debbie Clausen, Patty Harvey, Leslie Murdock and a few others who all read from the same script saying... we appreciate your many years with the bank but it will take 7 years before the 2 short sales "drop off your credit report and we can re-open your line"
It is Bull! All they want to do is to open a new HELOC at some out of this world rate of 12% or so is all. Wells Fargo and John Stumpf CEO, likes to kick you when you are down, even though they took $25 Billion in government bailout money which was mine and yours Taxpayer dollars. Unreal?
The housing market dropped 50% and the rental market went down 30% to 40% around Charlotte NC. After almost 4 years of loosing money on 2 properties there and not having tenants we had to short sale them both. One was sold in Jan and if Bank of America approves maybe the other one will be gone in March 2012. Each property is bringing in about 50% or so of what is loaned on it?
As this is my first short sale ever......So what happens now?
This wrecked our credit score from 815 to 630 (Last time I checked it)
John Stumpf the CEO of Well Fargo Bank took $25 Billion Dollars of BAILOUT MONEY and then don't want to lend to people who are able to pay it back. This is why the country is in so much trouble! God Help Us!
If something like this has happened to you then, What advice "if any" do you have for me?
John Stumpf, CEO of Wells Fargo HITS THE JACKPOT with $25 Billion in Bailout Money - Now what are they doing with it? shhhhh we want tell you?
http://www.cbsnews.com/stories/2009/02/09/eveningnews/main4788018.shtml