Consumer complaint received 2020-02-28
Company: WELLS FARGO & COMPANY
State: AZ
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
I had a home mortgage through Wells Fargo for 16 years and in XXXX I lost my job and then I was in a bad car accident and XXXX  my XXXX XXXX and was unable to work or XXXX  for several months. I called the bank and let them know and they didn't care so when I got behind on my payments the bank started to foreclose on me. I went to mediation and then spent the next year submitting the same paperwork over and over again and receiving letters stating my property was going up for auction. I contacted the FHA housing authority and my state Senator for assistance and I also went to the office of executive complaints with Wells Fargo and was denied again on an appeal. I even offered to pay a lump portion of the late payments and they refused. I owed under 90,000 dollars on my home and my interest rate was at 7.375 % and the interest rates at this time were at 4 or 4.5 %. Anyone that can do basic math can see that my house payment would have gone from XXXX dollars a month down to about 500 a month. HOW DID I NOT GET APPROVED FOR A LOAN MODIFICATION!!! Wells Fargo wants to blame a glitch in their system for not approving my loan modification. I'm sorry but you can not convince me or anyone I know that Wells Fargo was not able to clearly see without their software glitch that I more than qualified. Basically Wells Fargo is saying that not one of their employees that worked for their mortgage branch or any of the employees working in the Office of Executive Complaints at Wells Fargo looked at my loan and the amount that I owed on my property and the interest rate drop of 3 points that no one was able to see that I should be approved and that there was an issue. I am angry that Wells Fargo, the FHA Housing Authority, and my State Senator 's office did nothing to help me and now Wells Fargo sends me a check for XXXX dollars 5 years later and a letter saying they are sorry and they made a mistake!!! The XXXX dollars doesn't even cover the financial loss incurred during the entire foreclosure process with the bank. They added on an extra XXXX dollars a month plus late fees every month that I was going through the foreclosure process with them. So they gained at least another XXXX dollars during that time and made sure to let the process go on for quite a while knowing they were just putting more money in their pockets throughout the process. I loved my home and my neighbors and my son  spent his entire childhood  growing up there and had all his friends and we were comfortable there. That was our home and we lost everything because of the banks greed. I called them over and over and begged them to help me keep my home. I was desperate to keep it and they didn't care at all. Losing my home devastated myself and my son  and ruined our entire lives. My son  suffered a XXXX XXXX about a year and a half after losing our home. It affected both of us in such a tremendous way and I believe the entire experience played a huge factor in my son  's sudden XXXX XXXX. He lost the one place he knew since he was born  as home. He was seperated from his friends in our neighborhood and it had a huge affect on him. We had to sell so much stuff and moved into an apartment the first year and that was extremely depressing after spending my entire adult life in my own home and so had my son  to moving into a small apartment with no pool or yard. Wells Fargo sent the check with the " We're Sorry '' letter and then said we could go to mediation if we were not satisfied with their compensation. Not only was I not satisfied, but I am even more angry than I was before. XXXX dollars for ruining our lives and everything we had worked so hard for so many years. I was a single mother since my son  was 1 year old and I was proud that I was able to own my own home but I worked hard to keep my home and to lose it like I did was the worst possible thing that could ever happen to me. I will never get over it. So, I go to mediation with the bank and they had the nerve to pull anything negative about me or my financials and make me out to be someone that was never going to be able to pay back the loan if they had approved my modification anyway. This was their position. I had been making the payments for 16 years so I believe that would be a good enough track record especially if they had given me the loan modification because my house payment would have been cut in half. You couldn't rent an apartment for that cheap. So their claims were ridiculous anyway. But how dare they attack me and my history when they were in the wrong and that should have been what the mediation was about. We should have been discussing what compensation would be fair after their horrible life-altering mistake. Wells Fargo did not come to mediation in any serious capacity as they were only willing to offer XXXX dollars more. We did not even entertain their offer with a counter offer because it was clear that they had no intention of negotiating anything close to something reasonable and fair for the damage that they caused us. We are real people and the bank has absolutely no regard for us as people. I believe that the paperwork that I have from the foreclosure process I went through with Wells Fargo can prove that there was not a glitch in their system. They did this purposely and with intent. I would be willing to bet that all the people that were not approved for the loan modification most likely had equity in their homes because the bank makes more money that way. I talked to the bank when I was 3 months behind on my mortgage and I had a legitimate hardship. They could have deferred my payment for a year and re-financed me at the lower rate saving me thousands. I had also asked the bank to re-finance me in XXXX and they said I couldn't because I had a second mortgage on my home for my pool and I still owed XXXX dollars on it and the bank said to call them after I had that paid off. I also had renters income and the bank asked me for my renters pay stubs which is illegal. They also said they could not use my child support as income because I only had 2 years left in child support at that time. Anyway, that is my story and I pray that you do something about Wells Fargo and their scandelous business practices. They have destroyed lives and still don't want to pay for their actions. They need to be held accountable and they need to compensate people that were affected so severely. To take a person 's home is taking everything and their sense of security. It affected our health and our emotional health as well. To think that XXXX dollars makes it all better is a slap in the face. I am now facing another battle with the bank joining in a class action because the bank is refusing to be reasonable in compensating us for their horrific actions. I think its so wrong that we have to fight the bank again for them to do what's right. How many more years is the bank going to put us through this? And why won't someone make them pay instead of us having to once again fight an uphill battle with the bank when they are the ones that have wronged us. Please do something about this and stop letting the banks continue to run the show!!!! Thank you for your time and consideration. I look forward to your swift reply to this matter. 
Sincerely, XXXX XXXX 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