Consumer complaint received 2018-08-29
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
I have been completely devastated for months attempting to work with Wells Fargo Home Mortgage. I initially purchased my home and borrowed and FHA Loan for the amount of $ XXXX. Years later, I suffered tremendous business and personal losses in XXXX - XX/XX/XXXX due to Hurricane Harvey and my mother being diagnosed with XXXX XXXX and having to have immediate and expensive treatments. I called to seek some relief on my home mortgage and I was quickly granted two months relief from paying my mortgage. After that time, I was asked to pay the months that I had missed all at once. When I told them that I could not afford this, they put me in their Home Preservation program. After reviewing my financial information, they told me that I had two options - pay {$8000.00} over the next six months to bring my loan current or to consider a short sale. Neither of which were ideal for my situation. My regular monthly mortgage payment was {$2000.00}. 

I declined the egregious payment plan and began the process of speaking to their short sale department in parallel to speaking with my realtor for a traditional sale. We immediately put my home on the market and received a purchase contract within 3 days with a closing scheduled for XX/XX/XXXX. The title company immediately requested a payoff on XX/XX/XXXX and received it on XX/XX/XXXX. The payoff quote received from Wells Fargo was in the amount of {$250000.00}. During the title search, they discovered at Partial Claim from HUD and asked me if I had every refinanced or modified the loan. I answered yes as it was done several years ago ( XXXX ). She told me that she needed to verify that the Partial Claim ( around XXXX ) was included in the amount. She called to verify that the total payoff quote included the Partial Claim Amount three separate times, each representative in that department said that it was and there were no additional monies owed. 


I ordered a separate payoff request on XX/XX/XXXX just to be absolutely sure. I was mailed an updated payoff quote in the amount of XXXX. The title company and myself called Wells Fargo again on XX/XX/XXXX in which we were told that no separate balance was due because of the partial claim and that those monies were included in the principal or unpaid balance on the payoff quote. 


On XX/XX/XXXX, a representative from the short sale department who received 3 separate emails from me regarding the need to hold off on the short sale process due to the fact that I was paying off the full loan on XX/XX/XXXX, sends me an email stating that my house was moving from the short sale division to the foreclosure division because I had no completed the necessary short sale documentation. She also notified me that the title company had been trying to call and that the partial claim was NOT included in my payoff quote. 


We are now 3 days away from the sale - the sales price was based on the inaccurate payoff amount given to me by Wells Fargo as well as the market value for the house. Wells Fargo verified the inaccurate amount to me 4 separate times ( 3 times from the payoff department and XXXX time from the foreclosure department ). We even called HUD to verify the payoff and cancellation of lien procedure on XX/XX/XXXX. They verified that Wells Fargo would receive the total payoff ( including the partial claim ) and would subsequently send funds to them which would trigger them notifying the county/parish to cancel the lien at which time the title company could request a copy of the cancellation for their records. 

I have spent thousands of dollars on repairs to prepare the home for a successful closing. My buyers have invested thousands of dollars and are slated to take occupancy of the home after closing on the XXXX. I had NO idea that the total amount that I owed would increase by almost XXXX because of Wells Fargo providing my inaccurate verbal and written information repeatedly. Had myself and the title company not inquired about the Parital Claim payoff, I still would not have been notified by Wells Fargo. To date ( XX/XX/XXXX ), I still have not received an updated payoff quote from Wells Fargo and we requested a payoff or the first time on XX/XX/XXXX. 


This has put me in a devastating bind and over a full year of misinformation and battling with Wells Fargo, I have no other recourse but to report this company. Today, I stand to lose a sale to payoff my home mortage and also potentially incur lawsuits from the buyers and real estate agents whom have entered a contract with me. I have exhausted all of my savings during this process and do not have an extra {$20000.00} to remedy this issue. Wells Fargo provided me with two incorrect payoff quotes and 4 incorrect verbal payoff quotes to myself and my title company ( XXXX XXXX XXXX ). 


Yesterday, my case was escalated to the " executive office '' of the customer service group and after explaining my case the representative ( XXXX ) was extremely aggressive with me and essentially blamed me for not recalling all aspects of the loan modification documentation that was completed in XXXX. He chastised me for not understanding what a partial claim from HUD was. He said that I should have known that the payoff quote that they gave me did not include the full amount. He took no accountability for the XXXX Wells Fargo representatives that told me the payoff figure was accurate and it was the worst experience I have EVER had in every dealing with a financial institution. I was in tears during the majority of the call and had to seek immediate medical attention afterwards. No one should be treated the way I have been especially when I did not initiate the gross error. 


I am seeking an immediate resolution to this matter which has a devastating effect for so many parties involved. Wells Fargo should not treat any of their customers this way. I continue to be treated unfairly and illegally. I am asking for your help to quickly resolve this matter.

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