Consumer complaint received 2020-05-19
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Consumer Financial Protection Bureau, I have two Wells Fargo Home Mortgage loans. A first loan # XXXX which was converted from # XXXX. And a second loan # XXXX which was converted from # XXXX. 
These loans were part of the Wachovia Pick-A-Pay Class Action Settlement ( attached ) in XXXX. 
After being notified of this court ordered Class Action settlement, I contacted Wachovia Mortgage for a Loan Modification. Wachovia Mortgage stated to me that I must discontinue making my mortgage payments to eligible for this court ordered Loan Modification before I could submit an application for the Loan Modification. Though reluctant, I was obedient to Wachovia Mortgages instructions and discontinued making my mortgage payments. I then submitted my Loan Modification application to Wachovia Mortgage as they instructed me to do. Wachovia Mortgage then denied my Loan Modification application. I then discovered that Wachovia Mortgages instructions to me to discontinue making my monthly payments was a common practice to purposely mislead and discourage people from a Loan Modification and to deny their Loan Modification applications. 
By following Wachovia Mortgages deceptive instructions to discontinue making my mortgage payments, I was put into further financial distress. I had to borrow money and incur additional expenses to bring all my mortgage payments current. 
After bringing my mortgages currents, I made another Loan Modification applications to Wachovia Mortgage. This Loan Modification application was incorrectly processed by Wachovia Mortgage, as Wachovia Mortgage purposely input incorrect figures contradictory to the figures I had submitted on my Loan Modification application. Wachovia Mortgage denied this Loan Modification applications. After Wells Fargo bought Wachovia Mortgage, I made a 3rd Loan Modification application to Wells Fargo. Wells Fargo also processed the application incorrectly in the same manner as Wachovia Mortgage had done and again denied my application. 
I then hired a Loan Modification Processor to submit my Loan Modification application to Wells Fargo in XX/XX/XXXX. I submitted virtually the same exact figures as I had on the previous 3 Loan Modification applications that were denied. After my new Loan Modification Processor had submitted my application, I was instructed by the Loan Modification Processor to contact XXXX XXXX of Wells Fargo. I promptly called XXXX XXXX with Wells Fargo. XXXX XXXX of Wells Fargo immediately began attempting to discourage me from applying for this Court Ordered Loan Modification. Why would XXXX XXXX with Wells Fargo Home Mortgage make such an effort to discourage me from applying for this Loan Modification? I insisted to XXXX XXXX that I wanted to proceed with my application for this Loan Modification. 
I received a letter from Wells Fargo dated XX/XX/XXXX ( attached ), informing me that I was approved for a Trial Loan Modification. In the next telephone conversation with XXXX XXXX of Wells Fargo regarding my Trial Loan Modification terms, XXXX XXXX stated that my permanent Principal Mortgage Reduction would be in the amount of {$28000.00} for loan # XXXX and {$5100.00} for loan # XXXX if I completed my Trial Loan Modification as described in the Trial Loan Modification terms. I wrote the Principal Mortgage Reduction figures that XXXX XXXX quoted to me on page 3 of the Principal Reduction Quote when I was on the telephone with XXXX XXXX of Wells Fargo regarding the Trial Loan Modification terms ( attached ). XXXX XXXX asked me if I accepted these Trial Loan Modification terms and I replied Yes, I accept. 
I paid all my monthly Trial Loan Modification payments exactly on time. After the Trial Loan Modification was completed, XXXX XXXX with Wells Fargo called me again to inform me that my Loan Modification was approved and would be permanent. XXXX XXXX went on to state at that time that the Principal Reduction amount of {$28000.00} for loan # XXXX that XXXX XXXX had quoted to me before I had accepted the Trial Loan Modification terms would not be honored by Wells Fargo. XXXX XXXX stated that the Principal Mortgage Reduction would be a Deferred Principal Mortgage Reduction in the amount {$19000.00}, which is not a Mortgage Principal Reduction. XXXX XXXX continued to state that the Principal Mortgage Reduction amount of {$5100.00} for loan # XXXX that XXXX XXXX had quoted to me before I had accepted the Trial Loan Modification terms had changed and would now be {$0.00}. I referred to my notes and reminded XXXX XXXX of the permanent Principal Mortgage Reduction amounts she had quoted at the beginning of the Trial Loan Modification and asked if I accepted those terms. XXXX XXXX denied making any such quotes. I reminded XXXX XXXX that all of our conversations were recorded by Wells Fargo and that all we had to do was to replay those previous conversations. XXXX XXXX became very defensive and made several excuses as to why those recorded conversations could not be used to verify her representations. XXXX XXXX remained intent on being dishonest with me and not honoring the terms of the Trail Loan Modification that XXXX XXXX asked me to accept. 
I appealed several times to Wells Fargo to correct. The last appeal was to Well Fargos CEO office with the same information that is in this letter. XXXX XXXX with Wells Fargos Executive office responded to me that they did review the recorded telephone calls from XXXX XXXX to me. Wells Fargo did acknowledge that XXXX XXXX did quote the permanent Principal Mortgage Reductions in the amounts of {$28000.00} for loan # XXXX and {$5100.00} for loan # XXXX if I completed my Trial Loan Modification as described in the Trial Loan Modification terms and did confirm that XXXX XXXX did ask me if I accepted those Trial Loan Modification terms. Wells Fargos Executive office went on to state that because that accepted the revised Deferred Principal Mortgage Reduction that Wells Fargo was justified in not holding themselves accountable to XXXX XXXX previous representations. 
First, the whole purpose of a Loan Modification was to reduce the Principal Mortgage Balance. Second, Wells Fargo made specific Trail Loan Modification terms on a recorded line and would not proceed until I accepted those terms. That is a contractual agreement. Third, if Wells Fargo would have been honest in their representations to me before the Trial Loan Modification that the Principal Mortgage Deduction would be a Deferred Principal Mortgage Reduction ( which is not a Principal Mortgage Deduction ) on my first Mortgage and that I would not receive a Principal Mortgage Deduction on my second Mortgage and that my loan would be extended to 40 years, I would not have agreed to those Trial Loan Modification terms. Fourth, by agreeing to XXXX XXXX and Wells Fargos deceitful and dishonest representations, this put me further into financial distress, as I did not have the financial ability to bring my regular payments current with Wells Fargo if I chose not to accept the Final Loan Modification terms. Wells Fargo used this financial distress to purposely mislead me for their financial gain and profit. 
Wells Fargo is required to follow the TRID guidelines in the mortgage business : TRID stands for the Truth in lending RESPA Integrated Disclosure that puts a tolerance on discloses fees : https : //www.consumerfinance.gov/policy-compliance/guidance/tila-respa-disclosure-rule/. I can understand if terms change a few dollars and a few cents, but not by {$34000.00}! If I conducted my business as Wells Fargo behaved with me, I would lose my license and most be in jail. 
Wells Fargo purposely misled and deceived me in this Loan Modification. I am now in financial bondage to Wells Fargo through the year XXXX. I will be XXXX years of age in XXXX. Approximately 16-18 years beyond the average life expectancy for an American male all for the financial benefit of Wells Fargo. 
XXXX XXXX

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