Consumer complaint received 2023-12-11
Company: WELLS FARGO & COMPANY
State: AL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Trying to communicate with the company to fix an issue with the application process

Complaint:
During XXXX I had a reduction of income in relation to starting a new business, launching a new law firm with another attorney. The first year of operations saw very little income, we may enough to pay our staff mostly. I inquired with Wells Fargo regarding refinancing options, XXXX etc. Wells Fargo stated that I could not be considered for any refinancing until I was in arrears in payments by at least 90 days. At the time of inquiry my payments were current. I allowed payments to become in arrears and was approved on 3 separate occasions for refinancing. Each time I returned the mail away closing documents as instructed and Wells Fargo declared the refinance invalid for various reasons each time. once they claimed a signature was missing, once a notary was missing and one of the packages was received and returned within 3 days and Wells Fargo claimed the documentation was not received timely. I looked back and Wells Fargo had included a required return date that predated my date of receipt of the closing package. Mind you, during this time I was a real estate closing attorney. All three refinance packages were completed and accurately completed on my end and doublechecked by myself and my staff. I strongly feel that Wells Fargo was misleading me during this process and sending refi docs for signature with built in false pretenses each time on a new reason to deny the acceptability of the loan packages after signature. The amounts I owed to keep the house from foreclosure continued to rise and eventually I had no choice but to succumb to the foreclosure. I recently requested a review and received a letter dated XXXX saying Wells Fargo does acknowledge an error may have occurred and enclosed a check of {$200.00}. I will not cash this check. Their misleading efforts resulted in foreclosure of my house and significant damage to credit for years, not to mention the social stigma and person anguish. I later moved to Alabama and began working as in-house counsel for a bank. I faced enhanced scrutiny from my new employer during the interview process regarding the foreclosure. Also when I applied for admittance to the State Bar of Alabama I faced enhanced scrutiny due to this foreclosure. I was required to appear personally at the state bar headquarters to explain this past history in great detail before they decided to admit me to the state bar. We visit and stay for at least one weekend a year with old friends in the same neighborhood where our house was foreclosed on by wells fargo and when i drive by I feel the sting and sadness and betrayal relating to that house and our experiences with wells fargo. That was the house we bought with our first real jobs and the house where we started our family.

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