Consumer complaint received 2022-07-08
Company: WELLS FARGO & COMPANY
State: GA
Product: Debt collection
Sub-product: Mortgage debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
Wells Fargo Bank is passing off " now '' that because they serviced my loan for XXXX XXXX XXXX ( XXXX ) that they somehow became owner of my mortgage loan, which they believe gave them the right to submit the Assignment of Deed of Trust on XX/XX/XXXX, saying they paid value for my mortgage loan, Wells never paid any value for my loan and can not show proof because it never happen as it would be a part of the mortgage contract and I would have a right to know who the owner of the debt that being alleged. 

However, as the Mortgage loan was placed into XXXX XXXX XXXX XXXX on XX/XX/XXXX, long before Wells started servicing my mortgage loan on XX/XX/XXXX because of the XX/XX/XXXX, transfer of servicing between XXXX and Wells. On XX/XX/XXXX the ability for XXXX to sell the mortgage loan stopped as per requirements of XXXX the XXXX procedure was done and the Note was endorsed in blank and relinquished to XXXX who became forever the owner of the Mortgage Note. The reason XXXX is forever owner of the Mortgage Note is because there was no exchange of monies for the Mortgage Note, as XXXX is not allowed to buy or sell any mortgage loans. 

Wells was holding the Mortgage Note as the custodian for XXXX and not as a owner of the debt. Wells is misleading the CFPB as they talk about purchasing the loan on XX/XX/XXXX, when in fact its the loan that XXXX received from investor of the XXXX XXXX XXXX that is being purchased on that date ( if purchased at all ) and does not purchase my VA Mortgage loan as it stopped existing on on XX/XX/XXXX, when XXXX could not meet the terms of the mortgage contract. You see Wells does not mention XXXX as the owner of the Mortgage loan as they could not and did not purchase the loan from the FDIC. XXXX XXXX has admitted to not owning the debt, because they did not purchase the Mortgage loan but they do own the Note without a legal way to collect the as they not extended monies to me. 

Now on XX/XX/XXXX, the Dept of VA purchased the property from Wells Fargo Bank who did not have the right to sell the property as they never paid value for the property and as the sale took place on XX/XX/XXXX, is the date recorded at XXXX XXXX XXXX as the date of sale, and the property belong to the United State of America and no debt is owed as the loan is a non-recourse loan ( as with all VA loans ). Wells continues with this lie about getting control of the the property by purchasing the LOAN on XX/XX/XXXX, when in fact the Dept of VA owned the property for 11 days at that point. 

Now what happens on XX/XX/XXXX, is that Wells is paying the loan that XXXX has outstanding that they obtained after they placed my loan into the XXXX XXXX XXXX that I am not obligated to, as that was a separated contract. Now this separated contract that was post the home mortgage loan is what XXXX XXXX is insuring and want repayment for the investor. Because XXXX stopped existing and no one could purchase or would purchase a debt they could not collect, the usual procedure is that the issuer of the securities " must " purchase this secondary loan that was made after the loan been accepted into the XXXX in order to release the Mortgage loan, but in my case that loan is not purchased and released until the loan was foreclosed on XX/XX/XXXX, at which point there is no further involvement by me because all the debt would be handled if there was a debt because of the non-recourse clause that the Dept of VA loan has. 

After XX/XX/XXXX, there is no debt if there would have been one owed and I have no further obligation if there was a valid debt. However, Wells in admitting to working for XXXX XXXX as the investor of the loan that it was collecting for skipped over XXXX on title along with XXXX  to act as if there was two active members of XXXX  transferring the Title from XXXX XXXX XXXX  and a valid XXXX  member on XX/XX/XXXX, when recording the Assignment of Deed of Trust. Wells purchased the servicing rights not the loan and was not entitled to foreclose on my property as I did not owe them this debt. 

Mentioning the XX/XX/XXXX, purchase of the loan that XXXX owed is taking advantage of the lack of knowledge of the CFPB to make it seemed as if I was a part of that equal amount of loan that XXXX was spending to the investor as if that singular VA Mortgage loan would pay for the both loans. The accounting on this loan is wrong even as presented because the proceeds of the foreclosure are to pay the debt of the military borrower and not some secondary loan that the lender has taken out that not a real estate loan. Understand that Wells did not extend me a loan nor buy the loan and the foreclosure proceeds are are to pay off the VA borrowers real estate loan not some investment loan to investors. The reason the secondary is required to be paid first by the lender is the foreclosure is only to pay the property debt which can and overage refunded to the veteran. 

The reoccurring problem as with the failure to record the Deed of Trust was XXXX XXXX XXXX  recorded it only after they had sold the loan on XX/XX/XXXX, which makes it invalid as with Wells stating that on XX/XX/XXXX that they became in control of the property they sold to the Dept of VA on XX/XX/XXXX. It can not happen that after 11 days you become in control of a property you sold!

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