Consumer complaint received 2017-07-31
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I originally had a mortgage with XXXX XXXX, which afterward was transferred to Wells Fargo. I am currently a few years behind in mortgage payments. In the past I 've tried to work out options with Wells Fargo to keep the home. After several failed attempts, I decided that doing a short sale would be my best option. The property is falling apart, needing a new roof, new plumbing ( which is dripping throughout the building ), there are major settlement cracks throughout the building, in 1 apartment the ceiling caved into the bathroom tub because of the seriously bad plumbing issues, which eventually caused mold issues in that apartment, which is now vacant. The basement is soaked and damp for the past few years of the damaged, poor plumbing dripping from the upper floors, leaving it moldy and uninhabitable. The building is in poor condition. With that being said, I had no other alternative but to do a short sale. The highest offer submitted was for {$300000.00}. Wells Fargo did an EXTERIOR appraisal and determined that the property should be valued at the current market cost, which they quoted to be {$650000.00}. My agent explained the property 's condition and informed the bank that the value was unrealistic and too high. A property inspection report with photos was also submitted to Wells Fargo detailing the damages and the costs to cure showing a little more than {$300000.00} to repair. Wells Fargo then sent a team over to assess the condition. The team, while viewing the property, agreed that it needed extensive work. The team leader asked if the buyer could come up closer to {$370000.00}. The buyer then increased the offer to {$360000.00}. Wells Fargo then countered the offer with {$670000.00}. Going up by {$25000.00} and setting an auction date for XXXX XXXX, 2017. This determination still came with no interior appraisal, and after being provided a copy of the detailed property inspection report ( photos showing the damage ). The buyer then increased the offer to the {$370000.00}, which was the offer asked of by the Wells Fargo inspection team. After my agent submitted the final offer, the negotiator at Wells Fargo told her that they would not be able to conduct business with the current buyer and that we would need to submit a new buyer and offer. With the absurd value, a foreclosure auction quickly approaching and the sudden notification that they can no longer do business with the buyer, I feel at this time, that Wells Fargo is acting in bad faith. They not only are asking for an unrealistic amount considering the condition of the property, but to go upwards another {$25000.00}? If we have n't been able to get an offer for it at {$650000.00} over the past year because of all the mold and damage who would buy it at {$670000.00}? They know that there is an upcoming sale date and in my opinion, would like to insure that the auction goes through for them to take my property. With the amount that they are looking for and their refusal to order an interior appraisal to get an " actual '' value, they know that I will not be able to find a buyer who 's willing to pay that amount, the time is also limited to find another qualified buyer. I can only believe that the bank is up to no good.

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