Consumer complaint received 2018-08-07
Company: WELLS FARGO & COMPANY
State: FL
Product: Mortgage
Sub-product: Reverse mortgage
Issue: Struggling to pay mortgage

Complaint:
My elderly XXXX mother was tricked into thinking she had to get a reverse mortgage on her property with Wells Fargo because they bought XXXX bank. 

it turns out she had signed a amortized rate mortgage in which in the interest keep incurring. she had never received a copy of the note till she was under foreclosure. at this point a property she had originally purchased for about XXXX is now owed close to XXXX? 

As her son I moved in with her because she could no longer use the 2nd story of her small town home and needed a partial caretaker. I helped her complete the loan modification documentation with my income as contributing in order to help her pay the mortgage. the process took about a year but was finally approved though it seems that the approval only occurred after a natural disaster called hurricane irma. 

when they did the modification but i had to aquire insurance which i did and the payments were reduced to about XXXX a month from XXXX XXXX some thing and the house was over appraised at about XXXX none of the terms were present and the original principal and interest were still due of close to XXXX and the terms of the arm remained and my mortgage would be extended to 40 years. 

At this time our roof was literally blown away and we could not begin payments because our house was now even more destroyed. we explained that we wanted to make payments though they over valued the house and they cancelled the modification stating it was a mistake in there system. that we would need to re apply. 

Apparently we had forced placed insurance - which would only cover about a quarter of the damages with a deductible of about 75 %. this insurance had increase the over all debt. 

we re-applied again and they dragged the process for over a year and half to avoid having to follow hamp or harp guidelines. They stated that the modification was not approved because of there investor guidelines from a company called usholdings. It seems that the investor is a company called wellsfargo usholdings - so the wells fargo cant approve a modification because the investor wellsfargo has it's own guidelines? My only options for payment was to pay the house in full. 

From the start they said they would not talk to us because the file was under foreclosure and this is a matter that only an attorney can handle. So I took a part time job with a law firm in order to try to save my mothers house. after about another year of trying to make payments and the modification dragging on they said the house is no longer under foreclosure because a modification is under review but there was still a sale date scheduled? 

There legal department stated that they transferred my file to the home preservation department because we were no longer in foreclosure but that they can not remove the sale date XX/XX/XXXX XXXX when I spoke to the home preservation department in reference to my file they stated that a decision would be sent to me by certified mail. after a couple of weeks of waiting with out receiving any thing - I called and they stated that a decision been made and i would need to request re entry. I spent about 4 weeks trying to reach my home preservation specialist assigned with countless messages and I never got a reply - I never received a letter that stated they had made a decision either. I had to request i speak with the office of the president in order for them to at least send me an email. 

After about another two weeks of constantly calling I finally got to speak to my home preservation specialist who didnt same much other than gather my loan number and state that there is a scheduled sale date that my house is going up for sale. she then placed me on hold for about an hour. during that hold time she had contacted the police who were knocking in my door about a complaint from wells fargo? 

I called back the next day to the legal department in reference to why they transferred my file to the preservation specialist and her actions. they transferred me to what is supposed to be the office of the president and is now changed to consumer grievances. that lady just said the house is scheduled for sale XX/XX/2018 and i would need to hire an attorney.

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