Wells Fargo Mortgage Complaint

Wells Fargo Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker New York

I applied for a Wells Home Equity Line of Credit to conduct home improvements on - -, 2015. I was approved for a credit limit of up to $30000.00 on - -, 2015. During the process, I considered seeking a higher credit limit, but was informed by Wells that I could always raise the limit later on if necessary. After the Home Equity Line of Credit was approved, I learned that my anticipated renovations would cost more than expected. Accordingly, I returned to Wells to obtain a higher credit limit. It was only then that I was told by Wells that New York State law allegedly prohibits Wells from increasing the original credit limit on a Home Equity Line of Credit. At no time did Wells inform me of this limitation when I sought the original line of credit. Indeed - Wells ' representations were the opposite - that I could always raise my line of credit if necessary. This false representation was a significant motivating factor in my decision to obtain the original line of credit. Now, however, I have been told by Wells that in order for me to obtain a higher line of credit, I must first close the existing Line of Credit and apply for a brand new Line of Credit with a higher limit. This process will cost me over $800.00, and Wells has refused to waive the additional service charges and closing costs.