Wells Fargo & Company Mortgage Complaint

Wells Fargo & Company Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account Virginia

Initially opened a home equity line of credit ( ELC ) with Wachovia which Wells Fargo ( WF ) took over during transition of companies. We always paid greater than the minimum amount due each month on our ELC. -/-/2015, WF forwarded, attached ltr, indicating changes to how WF would handle payments on our ELC. Never understood explanation, although, I spoke with a WF rep & it was indicated they had not been applying our interest properly. WF rep offered an unsecured personal loan, but told them I was not interested. Because my ELC was used for many items, my balance was a high one, so I felt WF was being honest with us. Due to how the interest was now being applied, we could only afford to pay only interest and our principal became stagnate since we maxed out the principle. With recent publicity on WF 's questionable practices, could someone please review our attached letter and determine if this was a legitimate and reasonable action WF took on us. Due to us only able to pay interest on our ELC, it forced us to refinance our ELC with another financial institute. If you find this ltr is most appropriate, I will consider your action complete. If you need further information from us, including copies of our original contract with Wachovia, please advise. Your review is greatly appreciated.