Consumer complaint received 2021-04-22
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
We are self employed small business owners. When the pandemic hit our income plummeted. We applied for and were granted a 6 month forebearance period on our mortgage from XX/XX/XXXX to XX/XX/XXXX. When that period ended in XXXX we applied for an extension and were denied. We then called Wells Fargo and spoke with a home preservation specialist regarding our options and were told we could apply for a loan modification. The specialist told us she had to process the forebearance on her end so that those payments could be put at the back end of our loan before we could apply for the modification. While still on the phone she assured us that she had done so and we then proceeded with the modification process. All the while this is being recorded. After getting as far as we could with her she told us we would be further contacted through email and US mail as to what else was needed from us. We faxed the documentation that was needed within a week or so in order to get started. This was in XXXX of XXXX. Weeks and months passed with no answer. We left several voicemails and sent several emails asking and pleading with our specialist as to why it was taking so long to get any answers. After several weeks we got a return call. She proceeded to let us know they were quite busy with all the requests and to be patient. However, she indicated that it was a good sign that it was taking so long and that it probably meant we had been approved. After some time we were asked to submit the same information we had already sent in. It felt like the process had just begun again. In the meantime we were assigned a new home preservation specialist and we recounted our whole story and asked the same questions as to why it was taking so long to get an answer, our concerns about preserving our home, not knowing if we would find a foreclosure notice on our door or in the mail and why we were asked to keep sending in the same information over and over. On XX/XX/XXXX - over 5 months from when we first started the process we were told we were not approved for a modification and that unless we could bring the loan current the only option available to us was a short sale. And we were told the total amount due ( about {$83000.00} ) included the first 6 months that were in forebearance. That is when we were informed that the first 6 months forebearance was null and void if we applied for a loan modification. What? We were completely given the wrong information by the first loan specialist. Which is all recorded and those conversations have since been confirmed by the executive office of Wells Fargo. We have also learned that the reason it took 5 months to get an answer about the loan modification is because our first set of paperwork went to the wrong terminal and was not even picked up or looked at until XX/XX/XXXX. A full 3 months after we sent it and had been asking over and over what was taking so long! Critical time for us to be making informed decisions about our home. How could we make an informed decision without being given the correct information in the first place? Since receiving all this very disturbing information we have spoken with people in the Wells Fargo executive office about all this uninformed, incorrect activity. How can this unprofessional, unethical behavior be taking place in a major bank during this very devastating time in our history? Its unconscionable to us and feels like we are being preyed on. We are currently scheduled for another call to be conducted by XX/XX/XXXX. The last call we received informed us that we had 4 options - pay the entire balance, make arrangements to catch the payments up in 12 months, short sale or regular sale. We asked again about the forebearance being put on the back end and we were denied with no reason given even though the bank knows through the recorded calls that we were clearly misinformed. Weve asked for a clear and legal answer as to why the forebearance isnt being put on the back end of the loan when that call comes. We arent looking for something for nothing. We are simply trying to preserve our home that we have owned for almost 15 years. Weve raised 4 children here. Weve never been late or missed a payment in all that time. We informed the bank that we have the ability to start our regular payments up again and have made our XXXX payment. Were just like so many other people looking for assistance during these troubled times.

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