Consumer complaint received 2020-03-12
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Due to real estate market crash in XXXX and unemployment, I worked out a loan modification with Wells Fargo ( Loan Number ... XXXX ), which it took about 4 years because Wells Fargos Attorneys sold my home twice without authorization and therefore, the sales had to be rescinded. In the meantime, Wells Fargo could not accept any type of payment and/or negotiate a modification. Because of this, I was forced to file for Chapter XXXX Bankruptcy in XXXX and at about the same time, Wells Fargo was finally able to put together a modification package that in no way I did agree with because the market value of my home was in the low 100s and Wells Fargo was asking that I pay Mortgage amount $ XXXX+ {$93000.00} (??? ) = {>= $1,000,000} at a time when they knew it would had been impossible for them to sell my home for that amount, which it was over 3 times the market value. I had no other way to save my home and applying for another mortgage was not an option due to unemployment. Therefore, unless I was willing to be homeless, I had no other alternative but to accept Wells Fargos modification, which I did in XXXX. According to Modification documents, the interest rate to be applied was contained in Section 3C of the Modification and NO INTEREST would be accrued/added on the {$93000.00} amount that it was deferred although I never agreed in having that amount added to the Principal as it was accrued during the time Wells Fargo could not accept payments and/or negotiate a modification due to its Attorneys wrong doing. The attorneys should have been liable for that amount. No me. To my surprise, as I was putting together documents to file Income Tax in XXXX, I realized that I was being charged interest in the {$93000.00} Deferred amount since XXXX and continue to be charged ( copy of Statements attached ), which it was confirmed by XXXX XXXX, Executive Resolution Specialist, as per letter dated XX/XX/XXXX attached. 
To make things worse, I just received Letter signed by XXXX XXXX, WF Senior Vice President, stating that my Original Mortgage Note had been sold/transferred to another Server : XXXX XXXX XXXX XXXX, XXXX ( copy attached ). 
My original loan was not confirmed under Bankruptcy under chapter XXXX that I filed prior to Modification and therefore, I am not liable to pay that amount. Besides, the original note is for amount higher that I did owe at time of Modification, however, I contacted XXXX XXXX XXXX XXXX, XXXX to request clarification on this and could not get a response. 

I feel that Wells Fargo used the Modification Mechanism to take advantage of People who like myself, did not have any other choice in order to save their homes. If the Modification really demanded interest in the deferred amount, the Modification material was totally deceiving in its content and I feel victimized by Wells Fargos actions. According to a new policy statement, the Consumer Financial Protection Bureau ( CFPB ) will cite conduct as abusive only when the harm to consumers outweighs the benefit. In this particular case, Wells Fargo has applied abusive misconduct by manipulating me into accepting a Modification that it is not only deceiving in its terms, but unfair in the way it has oversold the property to me and continues to charge compound interest over the life of the loan. It is easy to conclude then that the harm outweighs the benefit in my particular case. 

In addition to above, I would like for your Department to look into this other case, since it has made me lose sleep over the years : Wells Fargo not only targeted me as an elderly lady fighting alone for my home, but abused its power to cause even greater damage as in XXXX sold an investment property that I had purchased in XXXX for {$230000.00}. ( Loan Number ... XXXX ). I had put {$100000.00} down payment, so I had less than {$130000.00} mortgage balance. Wells Fargo, through his Attorneys at XXXX  XXXX XXXX XXXX, XXXX, sold it for {$60000.00} although using illegal means since I was never provided with notice that the property was going to be sold at the Court House and also because my home was sold while I was working out a Loan Modification with Server ( Wells Fargo ). I found out that the home had been sold because the locks to the home were changed. I could not take the furniture and/or personal belongings from the home and although I tried to get sale rescinded, the time limit of 10 days for that purpose had already expired. Wells Fargo assured me that the Attorneys had not been instructed to sale the home as they were in negotiation of the loan modification, but at the end, I had no financial support to hire legal help to assist me with this matter and then I lost all the money I had worked for all my life that I used for down payment on this home and the only source of income that it could had helped me to overcome the financial hardship I was experiencing at the time. I had defaulted on this loan due to Tenants failure to pay rent. However, the amount overdue was an amount that I could had paid by renting the house again, as I had just been able to evict the Tenants. Wells Fargo Attorneys sold this home in a matter of months, although most people had been delinquent on their mortgage for years and did not lose their homes. This home was new construction, by XXXX and therefore, very appealing to investors. I can not help but to think that XXXX  XXXX XXXX XXXX, XXXX. facilitated the sale of this home to someone from its circle/or Attorneys and that is why it sold it so fast, applying illegal tactics and for pennies on the dollar. It hurts me to continue feeling that I was robbed by the Financial Institution that I did Trust with my homes. 
I have been a Wells Fargos loyal and honest customer for almost 30 years, always in good standing, except for the time of financial hardship that affected us all, but it did not matter to Wells Fargo because it robbed me of my dream to ever own a home and/or enjoy to the extent that I should be entitled to.

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