Consumer complaint received 2023-12-05
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-issue: Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure

Complaint:
This is a summary of my complaint against Wells Fargo Bank. 
In XX/XX/XXXX I sought to refinance my existing mortgage with Wells Fargo Bank. The mortgage was secured by my house located at XXXX XXXX XXXX in XXXX, California. Some pertinent information is that I was refinancing it as an individual. The previous loan was jointly held by me and my ex-wife. Her name is XXXX XXXX, we were divorced in XXXX, and she wanted off the loan papers. 
I worked with the Home Preservation Group, and my contact at Wells Fargo Bank was XXXX XXXX, Home Preservation Specialist, XXXX Ext. XXXX. During this time, I spoke with XXXX ( or on occasion one of her associates ) 27 times for 295 minutes. In many conversations, I expressed the need to have XXXX XXXX name taken off the loan. I have an email from very early in the process ( XX/XX/XXXX ) that I sent to XXXX XXXX which clearly mentions this concern. 
The Home Preservation service then indicated for that to occur I needed to obtain a quit claim deed from her. After much discussion, XXXX XXXX agreed to sign a quit claim deed and I submitted it to WFB as part of the paperwork package. 
In XX/XX/XXXX, a woman from WFB came by my house so that I could sign the loan documents. WFB had approved a 30 year fully amortized fixed rate loan at 2.5 % as a result of my working with the Home Preservation service. The loan documents I signed make no reference to XXXX XXXX as a borrower. I was listed as the only borrower on this mortgage. The Deed of Trust was made out only to me. WFB noted that all borrowers are required to sign the agreement, and the signature page lists only one individual ( me ). 
At that point I assumed the process was completed, and I began making payments on a {$1.00} XXXX loan. 
About 3 months later I got a call from XXXX XXXX. She had made inquiries to Wells Fargo Bank regarding her name coming off the loan. She was still receiving routine paperwork at her new address. She was told that the loan would have to go through another refinance process ( the word used was assumption ) and until that occurred she was permanently attached to the loan. 
I was shocked to hear this, and my inquiries resulted in the same outcome. NEVER was there any mention that I would be required to go through another loan assumption or refinance process for this to occur. After numerous calls and discussions with Wells Fargo Bank, I began speaking with a member of their executive team. 
I asked them how can the bank justify leaving a person on a loan who gave up ownership by signing over a quit claim deed? For what purpose? Shes never going to make a payment. Her credit report going to show a {$1.00} XXXX unsecured liability for the next 30 years? How would she ever get a loan? 
I received no help from WFB in this matter. Her name stays on the loan. 
This has been a disaster for me, and the situation has wreaked havoc on my life. My plan was to rent this house out and use the earnings as retirement income. I am XXXX XXXX XXXX and in XXXX XXXX. Now I have been forced to sell. I lost my job and was unable to make the mortgage payments. 
I moved my family out of the house in XX/XX/XXXX and it went up for sale in XX/XX/XXXXXXXX  after I worked for several months fixing it up. During this time, I have been in touch with Wells Fargo Bank and kept them informed of my progress. I asked them to let me sell the house and they will get paid. The house is unoccupied, and it remains on the market. 
Now I am being harassed by a collection agency called XXXX XXXX XXXX XXXX. Wells Fargo Bank has sent my loan to collections, and they are threatening me with foreclosure. This is so unnecessary ; the house is already on the market. But a foreclosure on my record would be damaging for me. 
I have concluded that WFB is no longer the excellent bank that I have done business with for 38 years. They are more akin to a criminal organization. After interest rates went up they were stuck with a 2.5 % loan they didn't want. Better to deny help and maybe get a new loan at a higher interest rate so they can MAKE MORE MONEY! Everything I have done to work with these people has been met with derision and apathy.

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