Consumer complaint received 2017-07-17
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
My name is   XXXX   XXXX   and my wife  XXXX  and I have owned our   XXXX   unit residence since   XX/XX/XXXX . W e have good tenants in the units and I am recently retired after working as a   XXXX   XXXX    for many years. I receive a good pension and my wife has benefits also and is still working. Between these income sources and the rent we have the means to make a fair mortgage payment. Our problem is the holder of our mortgage loan Wells Fargo is not giving us the opportunity to be considered for any home retention programs and have moved us into foreclosure. We have asked for a review of our current financial information and the assignment of an account manager to our case but have not been able to make progress with Wells Fargo. This has been an ongoing problemwe began struggling financially in   XX/XX/XXXX   and tried at that time to fix this problem but made no progress. As a result we decided to do a short sale and had the property listed for quite some time. Despite presenting multiple offers to Wells Fargo, we were never able to get them to approve anything and eventually we gave up. With our current financial situation we know we can make the payment and get back on track but cant get Wells Fargo to give us the time of day. We are also concerned because they have moved to set a foreclosure sale date without allowing us the option of going through mediation, which is mandated by law in New Jersey.
 XXXX 
We bought our home in   XX/XX/XXXX   and refinanced our loan in  XX/XX/XXXX . We ran into big problems during the recession due to our tenants losing their jobs and not paying rent for many months. It was a long and costly process to get them out of their units and as a result we struggled. The lender at the time then reworked our loan in   XX/XX/XXXX   but this plan did not help us much. I was working as a   XXXX   and we had good tenants who paid on time but we continued to have different crisis come up which put us in a worse and worse financial position. I began having health problems and was diagnosed with  XXXX ,   XXXX   XXXX   XXXX   and   XXXX   XXXX  . My wife was in a bad car accident and had   XXXX   XXXX    which required  XXXX . She missed six months of work and was on expensive medication for a couple of years. We also had issues with my mother and my mother in la w falling ill a nd our family being responsible for helping with her medical needs. We are originally from   XXXX   and had to go back and forth to deal with these problems. Both eventually succumbed and passed away in   XX/XX/XXXX  and  XX/XX/XXXX  a nd we had to help to settle their affairs and pay for the funerals. Due to this major confluence of crisis we struggled keeping up the mortgage payment to Wells Fargo. As soon as we were back on solid footing we reached out to the agents at Wells Fargo to see if we could qualify for any of your homeowner assistance programs but did not make any progress. As mentioned, we gave up and listed the house for short sale. However, despite multiple offers and pleas for Wells Fargo to work with us and approve a short sale we could not make any progress with Wells. We tried to resume making mortgage payments in   XX/XX/XXXX   but were told that we could not resume making payments unless we paid all missed payments back.
 XXXX 
As mentioned, our financial situation has changed and we have tried to get Wells Fargo to the table to work with us towards modifying our loan but feel we cant get any traction. We want to save our home and feel that we have sufficient income to afford a reasonable payment. We need help from Wells Fargo to deal with the delinquent payments and come up with a plan that works for all, but feel they are not even giving us a chance. We love our home, and even with these issues and decline in value we look at it as the place we live, not an investment

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation