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Posted: 4:15 p.m. Wednesday, Sept. 26, 2012
CHARLOTTE, N.C. —
A man who refinanced his mortgage years ago said that the company he worked with just assigned him a more expensive insurance that made it tough for him to pay his other bills on time. Thomas Cunningham said he was shocked to find out his homeowners policy of 15 years had been cancelled for nonpayment. Cunningham said when he refinanced with Wells Fargo mortgage in 2009, they started making the payments. "Wells Fargo assured me that my tax and my insurance would come out of my escrow and so far, they have been taking it out," said Cunningham. In May, Cunningham's insurance didn't send Wells Fargo a bill, so the bank stopped making his payments. Instead, Well Fargo's assigned Cunningham insurance costing Then, Well Fargo's took $1,800 from his escrow account to pay it. "Well, I'm really upset with Wells Fargo," said Cunningham. Cunningham said he tried to get the bank to reverse its action and renew his original policy to no avail. "Right now I am in limbo. I been passed from one manager to another, and nobody is giving me any satisfaction," said Cunningham. Wells Fargo told Channel 9 it sent numerous letters and made phone calls to Cunningham about a lapse in coverage. Wells Fargo said it also had no luck contacting Cunningham's insurer, but after Channel 9 contacted Wells Fargo, they had Cunningham's original policy restored. Wells Fargo also reimbursed Cunningham the $1,800 it took from his escrow account. "As soon as you got a hold of it, things happened. People calling me from everywhere. I really appreciate it,"Cunningham told Channel 9.
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