Consumer complaint received 2017-05-02
Company: WELLS FARGO & COMPANY
State: AL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
In an effort to pay my loan off in  XXXX  years, my  XXXX  daughters agreed to have a total of {$910.00} drafted from each of their checking accounts per month. This was in addition to my payment of {$940.00}. This totaled a minimum payment of {$1800.00} per month. Moreover, I agreed to make my payment every  XXXX  weeks thus making an extra payment per year. The necessary draft amounts to pay the loan off in  XXXX  years was calculated by the  XXXX   XXXX  mortgage loan  officer  who is no longer employed with the  XXXX , AL branch. As previously stated, he explained and we agreed that my checking account would be debited every  XXXX  weeks to make an extra payments per year, thus shortening the term of the loan. This coupled with my daughters ' extra monthly payments would ensure a five-year payoff. The date of the refinanced loan was   XXXX   XXXX   XXXX  , for {$100000.00}. The specifics of the loan include : annual percentage rate is 3.625,  XXXX   XXXX ,  XX -year loan.     I learned that the error had been made when I received information from  WF  that my escrow payment was inadequate and would increase in  XXXX .     When speaking with the resolution specialist, she stated that when I called to give the checking accounts from which to debit the mortgage payment and extra principle, that I did not explain adequately and also that there were documents that should have been filed by the mortgage specialist in  XXXX . I did explain and I have never had an issue with self-expression. The resolution  specialist  stated when I called her concerning the incorrect application of my loan payment that it was too difficult to go back  XXXX  years, but they could probably go back  XXXX  year. My question to her was why could n't the same procedure be utilized for both years since a dreadful life-changing error had been made. I expressed to her that it was our goal to have the loan paid off by the time I was at the retirement age of  XXXX  in  XXXX . If we do not get my money correctly appropriated, first, I will have to work longer and secondly, my children 's selfless effort to help pay the loan off in  XXXX  years will be all for NOTHING.     PLEASE HELP turn this situation into it 's intended positive outcome. Please contact me to clear up any ambiguity.     Finally, I just want to stress that I do not want anything free or anything that I have not earned. I just want WF to do what is right and I want to be treated like a valuable customer, I have never been late in paying a mortgage payment in the  XXXX  plus years as a homeowner, I have an exceptional  credit score  of  XXXX .     When I called to get help with this problem, I was told that my account was paid up to the year  XXXX  because of how the payments were applied. My question which is yet to be answered is, why would anyone choose to pay forward rather than apply extra funds toward the principle of their loan. I am at a loss to understand why anyone would throw their hard earned wages away in that fashion.

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