Posted: 6/24/2012 8:03:15 AM EDT
| Have done all my personal, business, and mortgage banking with Wells Fargo for several years since they absorbed Wachovia. Today, I'm going through my mail when I get to a notice mailed to me from my homeowners insurance company that states since the premium was not paid, my insurance lapsed 4 days ago. I went online and checked my mortgage escrow and there is several thousand dollars sitting in escrow above and beyond the cost of the insurance. Basically Wells did not pay my insurance so here we are with a tropical storm sitting 100 miles south of us, I have 2 dozen 100 year old oak trees on my property, and I have zero coverage in the event of anything happening to my house. I just called their 800 # and apparently there is nothing they can do and I will have to call them back in the morning..... I hope my banker is having a nice weekend because his Monday morning is not going to be pleasant. |
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Have done all my personal, business, and mortgage banking with Wells Fargo for several years since they absorbed Wachovia. Today, I'm going through my mail when I get to a notice mailed to me from my homeowners insurance company that states since the premium was not paid, my insurance lapsed 4 days ago. I went online and checked my mortgage escrow and there is several thousand dollars sitting in escrow above and beyond the cost of the insurance. Basically Wells did not pay my insurance so here we are with a tropical storm sitting 100 miles south of us, I have 2 dozen 100 year old oak trees on my property, and I have zero coverage in the event of anything happening to my house. I just called their 800 # and apparently there is nothing they can do and I will have to call them back in the morning..... I hope my banker is having a nice weekend because his Monday morning is not going to be pleasant. did you lapse on your policy yet? I would pay that premium asap so you don't regardless of wells fargo dropping the ball. |
| I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. |
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If you get it straightened out on Monday... gtg. If it's going to take longer, you may want to pay them yourself and recoup the money from WF. You may not want to outlay the entire amount of your HO premium, have your insurance company put it on a monthly account for now. That will allow you to get by paying only one or two months of premium. That should be enough to get the policy reinstated.
While you're checking this out, make sure that Wells Fargo is listed as the lien holder on your policy. If it's still your previous lender the bills were probably sent to the wrong place. Your agents office should have caught this a month ago and called you to correct it. |
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Sorry to hear all that ... as TBS stated, I see absolute legal liability on their part. not that it makes you sleep any better w/ a mondo storm approaching.
This is another reason why we have our mortagage set up where I am responsible myself for paying the insurance and taxes and have no escrow office or any other middleman involved. Walk into the tax office with cash in hand twice a year and write a check 1 time a year to Farmers Ins. |
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I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. just bought a house it was not a choice. my mortgage got sold to wells... i wasn't thrilled. |
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I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. Incorrect. Regulation Z can and will force an escrow impound account at times. If it is not required by Reg Z THEN it is consumer optional. That's been around for a long time.... Truth in Lending Act was passed in 1968. |
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...my insurance lapsed 4 days ago..... You're ok. There is a significant grace period (I believe it's 30 days) when your insurance is paid through your lender. I just went through the same thing with my lender (Chase). There's no good explanation why they didn't pay before the lapse date and I raised a stink about it. In the end, it got paid and no harm was done. But yes, it's a pain and you shouldn't be having to chase these things down. It annoys me too. |
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You have to watch your account because there's no humans in any bank that I know of that will do that. It's all done by computers and they, like humans, can make mistakes.
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I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. Mine is bundled but I check the account every month when I get the paper bill. My mortgage isn't with Wells Fargo but I do bank with them. You can use electronic bill pay to pay your mortgage which would also show up as acceptance of the insurance contract offer. I check my mortgage statements every month and my checking accounts a couple times a week. PS: to the OP, those trees have been there 100 years ... lets hope they hold the next 100 hours. Good luck and stay safe. |
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I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. just bought a house it was not a choice. my mortgage got sold to wells... i wasn't thrilled. Well's Fargo has had my mortgage for about a decade and I've never had a single issue with them and frankly I like them as our mortgage holder. |
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Have done all my personal, business, and mortgage banking with Wells Fargo for several years since they absorbed Wachovia. Today, I'm going through my mail when I get to a notice mailed to me from my homeowners insurance company that states since the premium was not paid, my insurance lapsed 4 days ago. I went online and checked my mortgage escrow and there is several thousand dollars sitting in escrow above and beyond the cost of the insurance. Basically Wells did not pay my insurance so here we are with a tropical storm sitting 100 miles south of us, I have 2 dozen 100 year old oak trees on my property, and I have zero coverage in the event of anything happening to my house. I just called their 800 # and apparently there is nothing they can do and I will have to call them back in the morning..... I hope my banker is having a nice weekend because his Monday morning is not going to be pleasant. did you lapse on your policy yet? I would pay that premium asap so you don't regardless of wells fargo dropping the ball. this. pay it rfn |
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Have done all my personal, business, and mortgage banking with Wells Fargo for several years since they absorbed Wachovia. Today, I'm going through my mail when I get to a notice mailed to me from my homeowners insurance company that states since the premium was not paid, my insurance lapsed 4 days ago. I went online and checked my mortgage escrow and there is several thousand dollars sitting in escrow above and beyond the cost of the insurance. Basically Wells did not pay my insurance so here we are with a tropical storm sitting 100 miles south of us, I have 2 dozen 100 year old oak trees on my property, and I have zero coverage in the event of anything happening to my house. I just called their 800 # and apparently there is nothing they can do and I will have to call them back in the morning..... I hope my banker is having a nice weekend because his Monday morning is not going to be pleasant. did you lapse on your policy yet? I would pay that premium asap so you don't regardless of wells fargo dropping the ball. Did you even read the op's post see the part above in red |
| According to the piece of mail I'm looking at from my insurance company, my coverage ended the 19th at 12:01AM. The letter from them was postmarked on the 20th and it arrived at my home yesterday afternoon. I WILL have insurance tomorrow morning one way or the other. The half english speaking &%$#tard on the Wells 800 # was a complete douche and stated it was my responsibility to see it gets paid on time. If that is the case, what is the point of them holding the escrow? I have no idea of the legal aspect of this but have had a mortgage through various different lenders for over 10 years and have never had a problem with them handling escrow. Not sure I was ever offered the option to handle my escrow, taxes, and insurance on my own but am more than responsible enough to do it myself. First thing tomorrow, I'm getting insurance. After that, I'm contacting a local credit union to see about transferring everything to them. After that, I'm going to see my banker at Wells. Depending on that conversation, I will either verbally blade at 45 and get them to start printing cashiers checks for a pile of money as I drain all my accounts, or ?. Not sure what the "or" is right now but I'm pretty pissed that the money is sitting there and I have no coverage.... |
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According to the piece of mail I'm looking at from my insurance company, my coverage ended the 19th at 12:01AM. The letter from them was postmarked on the 20th and it arrived at my home yesterday afternoon. I WILL have insurance tomorrow morning one way or the other. The half english speaking &%$#tard on the Wells 800 # was a complete douche and stated it was my responsibility to see it gets paid on time. If that is the case, what is the point of them holding the escrow? I have no idea of the legal aspect of this but have had a mortgage through various different lenders for over 10 years and have never had a problem with them handling escrow. Not sure I was ever offered the option to handle my escrow, taxes, and insurance on my own but am more than responsible enough to do it myself. [b]First thing tomorrow, I'm getting insurance. After that, I'm contacting a local credit union to see about transferring everything to them. After that, I'm going to see my banker at Wells. Depending on that conversation, I will either verbally blade at 45 and get them to start printing cashiers checks for a pile of money as I drain all my accounts, or ?. Not sure what the "or" is right now but I'm pretty pissed that the money is sitting there and I have no coverage[/b].... I like the cut of your jib |
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As an FYI to others following this thread ....
Lenders have a bias leaned far towards controlling all of your funds: ie the ins $$$ as well as taxes. We just bought a new house less than 7 months ago and the mtg broker we used was as sharp as a tack and had a game plan in place to make certain that we were the ones paying the ins and taxes vs a monthly payment built into the house payment. Our lender was Provident Funding. Have a 20% plus down payment does help out in setting up the payments yourself, but I am not really sure if that is a madatory requirement. My previous mortgage of 15 or so years was set up as a 1 bundled payment and it made me uneasy throughout the mutiple buy n sells of our mortgage to various lenders. Although I never caught them screwing up ... does not mean it did not occur. |
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Have done all my personal, business, and mortgage banking with Wells Fargo for several years since they absorbed Wachovia. Today, I'm going through my mail when I get to a notice mailed to me from my homeowners insurance company that states since the premium was not paid, my insurance lapsed 4 days ago. I went online and checked my mortgage escrow and there is several thousand dollars sitting in escrow above and beyond the cost of the insurance. Basically Wells did not pay my insurance so here we are with a tropical storm sitting 100 miles south of us, I have 2 dozen 100 year old oak trees on my property, and I have zero coverage in the event of anything happening to my house. I just called their 800 # and apparently there is nothing they can do and I will have to call them back in the morning..... I hope my banker is having a nice weekend because his Monday morning is not going to be pleasant. did you lapse on your policy yet? I would pay that premium asap so you don't regardless of wells fargo dropping the ball. this. pay it rfn Most insurance will not take your money as they will not write any new policy's while there is a storm sitting off the coast. |
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Have done all my personal, business, and mortgage banking with Wells Fargo for several years since they absorbed Wachovia. Today, I'm going through my mail when I get to a notice mailed to me from my homeowners insurance company that states since the premium was not paid, my insurance lapsed 4 days ago. I went online and checked my mortgage escrow and there is several thousand dollars sitting in escrow above and beyond the cost of the insurance. Basically Wells did not pay my insurance so here we are with a tropical storm sitting 100 miles south of us, I have 2 dozen 100 year old oak trees on my property, and I have zero coverage in the event of anything happening to my house. I just called their 800 # and apparently there is nothing they can do and I will have to call them back in the morning..... I hope my banker is having a nice weekend because his Monday morning is not going to be pleasant. did you lapse on your policy yet? I would pay that premium asap so you don't regardless of wells fargo dropping the ball. this. pay it rfn Most insurance will not take your money as they will not write any new policy's while there is a storm sitting off the coast. That is something I was just thinking... Definitely not good. |
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As an FYI to others following this thread .... Lenders have a bias leaned far towards controlling all of your funds: ie the ins $$$ as well as taxes. We just bought a new house less than 7 months ago and the mtg broker we used was as sharp as a tack and had a game plan in place to make certain that we were the ones paying the ins and taxes vs a monthly payment built into the house payment. Our lender was Provident Funding. Have a 20% plus down payment does help out in setting up the payments yourself, but I am not really sure if that is a madatory requirement. My previous mortgage of 15 or so years was set up as a 1 bundled payment and it made me uneasy throughout the mutiple buy n sells of our mortgage to various lenders. Although I never caught them screwing up ... does not mean it did not occur. I don't know if Wells sold the mortgage to someone else or not. When we bought the house we put 40% down as we had a pile of cash from the sale of our other house but I do not remember if they gave us the option to handle it ourselves. Like you, letting some computerized institution handle payments has made me somewhat uneasy but up until now, I've never had a problem. |
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You have to watch your account because there's no humans in any bank that I know of that will do that. It's all done by computers and they, like humans, can make mistakes. Quoted:
I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. Mine is bundled but I check the account every month when I get the paper bill. My mortgage isn't with Wells Fargo but I do bank with them. You can use electronic bill pay to pay your mortgage which would also show up as acceptance of the insurance contract offer. I check my mortgage statements every month and my checking accounts a couple times a week. PS: to the OP, those trees have been there 100 years ... lets hope they hold the next 100 hours. Good luck and stay safe. My mortgage is set up on auto pay so it just gets paid every month without me having to write a check. They have not missed a beat with taking the funds from my checking account. When I pull up my mortgage account it shows plain as day the escrow schedule and amounts, taxes due, the insurance provider, policy number, and expiration date (which was the 19th). As for the trees, they withstood Hurricane Ivan which was an awfully powerful and long duration storm. My concern is that we have received almost 20 inches or rain so far this month and the ground is saturated. Would not take much more rain and wind to bring one down and 50% of them are within striking distance of my home. These oaks are enormous and would probably cut the house clean in half if one were to fall that way. Hopefully this storm will just stay east of us, not gain any strength, and head out into the Atlantic. |
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seems to me they have some liability here if you get damage. That's what I would think. Sounds like your interim insurance company is Wells Fargo. I would bet they have a contractual out on that and consider escrowing that to be a service, not a responsibility they are assuming. It will be more like, sorry we screwed up but you accepted the consequences of any of our screwups, see it says so right here in paragraph X. |
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You have to watch your account because there's no humans in any bank that I know of that will do that. It's all done by computers and they, like humans, can make mistakes. Quoted:
I would never have a mortgage with an escrow account to pay the taxes and insurance. I am responsible enough to pay them myself. Then I don't have to worry about whether or not someone paid them. OP this is not a knock against you. When I got a mortgage you had a choice whether or not to set one up, they may not give you that choice anymore. Mine is bundled but I check the account every month when I get the paper bill. My mortgage isn't with Wells Fargo but I do bank with them. You can use electronic bill pay to pay your mortgage which would also show up as acceptance of the insurance contract offer. I check my mortgage statements every month and my checking accounts a couple times a week. PS: to the OP, those trees have been there 100 years ... lets hope they hold the next 100 hours. Good luck and stay safe. My mortgage is set up on auto pay so it just gets paid every month without me having to write a check. They have not missed a beat with taking the funds from my checking account. When I pull up my mortgage account it shows plain as day the escrow schedule and amounts, taxes due, the insurance provider, policy number, and expiration date (which was the 19th). As for the trees, they withstood Hurricane Ivan which was an awfully powerful and long duration storm. My concern is that we have received almost 20 inches or rain so far this month and the ground is saturated. Would not take much more rain and wind to bring one down and 50% of them are within striking distance of my home. These oaks are enormous and would probably cut the house clean in half if one were to fall that way. Hopefully this storm will just stay east of us, not gain any strength, and head out into the Atlantic. With all this rain the sinkhole claims will sky rocket next week in Florida |