Consumer complaint received 2018-01-16
Company: WELLS FARGO & COMPANY
State: DE
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Wells Fargo currently holds our mortgage loan and they are trying to auction off our home in violation of Delaware law. We have been working to get them to review our financial information but have been caught in a merry go round of transfers from one department to another who never seem to know what is going on with our case. At the same time, they lose our paperwork and never actually complete a review. Instead of allowing us to go through state monitored meditation ( as is required in the state of Delaware ) Wells Fargo chose to try and auction off our home that we have owned for 14 years. We had a rough patch financially when my husband was injured on the job and was on workmens compensation for several years, but we have recovered and have indicated a willingness to resolve this. We cant believe that Wells Fargo, a bank that received 30 billion in bailout funds and a company that knowingly and purposely misled consumers would engage in this type of conduct. 

A couple of years after purchasing our home we were convinced to refinance into a high rate predatory adjustable loan in 2006. We were sold a bill of goods about the benefits of paying off our car and credit card debt and exchanging that for a mortgage rate that started at 8.8 % and could go as high as 14.8 % and could only adjust UP! A couple of years later this came back to bite us as the interest rate started to increase along with our payment and I was involved in a bad car accident that XXXX XXXX XXXX XXXXXXXX and XXXX. I applied for and was eventually granted workmens compensation, but this plan only paid me {$6.00} per hour! This was far less than what I was earning before as a network engineer but due to my injuries I could not work full time. We tried to work something out with XXXX who was the servicer at the time and could only afford to make partial payments. When we started doing that the agents at XXXX said they wanted to work with us to modify the loan and had an appraisal done and then requested all of our paperwork. These guys blew smoke up our *** because they said we would be approved but we were never approved for nothing! We kept going back and forth and back and forth and documents would be misplaced, then they would expire and it was so frustrating. This went on for some time, and we were never able to get anything completed or approved. 

The bottom line is that I have been back at work as a network engineer for a couple of years now and my wife is working as a Customer Service Representative. We live in our home with our XXXX son as well as our adult daughter, son in law and grandson. We have sufficient income to afford a reasonable mortgage payment but the agents at Wells Fargo will not give us the time of day. This is not right or fair. I served my country proudly in the XXXX XXXX and was gainfully employed when I got into the car accident. This situation was not my fault or my doing and we have been doing everything we can to fix it but our requests have fallen on deaf ears. We do not want to lose our home, we want a chance to fix this mess but Wells Fargo needs to play fair and engage in a transparent negotiation and review, not an endless and systemic wheel of lost documents and shifting contacts.

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