Consumer complaint received 2021-09-03
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
Re : XXXX XXXX XXXX XXXX XXXX, XXXX NJ XXXX Loan # XXXX Servicer : Wellsfargo Contact # XXXX My name is XXXX XXXX XXXX XXXX to this property With XXXX XXXX XXXX XXXX in XXXX NJ. 
I am filing this complaint for myself and NOT for the seller. As the Broker of this transaction, I have provided a short sale offer with all pertinent documents required for the same to be reviewed and decided upon by Wellsfargo bank. The time period in which the submission of the same package was around or about 2 years ago for and on behalf of my client Mr. XXXX XXXX. The buyer is a cash buyer perfectly willing and able to purchase this property very quickly, as my client ( homeowner ) is in dire need to sell. This property is a pre-foreclosure, and the bank advised us that the file was in fact eligible for a workout, of which one of the options is a short sale. We have since been waiting and re-providing documentation as requested from the multiple negotiators on this file. I am at this point concerned, that the negotiators are purposely dragging this file out and allowing the documents to expire so they can keep requesting new appraisals in hopes that the buyer would go away and Wellsfargo ends up foreclosing on my seller and keep the property for their own means. This has been made clear to me in many instances such as the following. 

Bank counter at $ XXXX buyer agreed on full counter cash, still no approval The file was suddenly closed once all docs were received and approval was to generate Once I requested to have fresh eyes look into this matter, my authorization was removed suddenly. To the point where no one in the whole Wellsfargo system could discuss my file with me, not even provide status or why this was happening. 

Authorization was resent via me and my seller multiple times and the bank would not acknowledge. 

Finally, after having the seller call in and verbally authorize me again, I was able to get them to upload authorization and discuss the file. Which at the time, needed to be reopened and all docs resubmitted. All because of the games Wellsfargo is playing. 

The bank refuses to pay for the essentials of the transaction on behalf of the owner, which is the norm in all short sales. Simple things such as attorney fees, realty transfer taxes, etc. This can only be because Wells Fargo is not willing to sell this property in spite of getting the full counter and is just misleading my client about their intent to offer him the opportunity to work out and settle his loan. Furthermore, the negotiators seem not to understand the very basics of a short sale package, refusing to send the file to the next level for review and approval. I have multiple emails from this last negotiator who's name is XXXX XXXX.. who will ask for some of the most frivolous things just to avoid moving this file forward. I have literally asked her why, when everything is there. Ms. XXXX will call me on the phone whenever she feels like, in spite of my timely providing of documentation, she claims her so call manager is reviewing still even after a week, yet she will never move the file forward. This is been three months since I'm dealing with Ms. XXXX, the file has not gone any further than her hands. Because I am convinced that Ms , XXXX is operating in the capacity of a gatekeeper to avoid this file moving forward, with no regard to the seller who will end up with a short sale judgment against him. All because Wellsfargo/XXXX XXXX wants to keep this property for themself. 
Note ; Ms. XXXX went as far as to request that I XXXX XXXX XXXX XXXX ( listing Broker ) changes our listing agreement price and XXXX to reflect the so call appraised value of the property, which by the way is 90 plus days old. And just now she requests this. As there is nothing else she could think of coming up with to avoid sending this file for review and approval. This request from Ms. XXXX on behalf of Wells Fargo is e-legal, to say the least. As, this property is still owned by my seller XXXX XXXX, and the law is that the Listing broker and owner of the title determine the listing agreement price and period or the listing, not the bank, as this is not XXXX for the bank. Hence Wellsfargo or Ms XXXX has no legal ground to demand such changes. This needs to be looked into as Wellsfargo and MS. XXXX business practices are deceiving, misleading, and unethical to say the least. And directly harms the seller and Broker who has done all the work needed for a short sale approval by now. This is unacceptable!. These dishonest practices from the big bad banks are becoming all too common. Wellsfargo and Ms. XXXX are not an exception. I am hereby requesting this be investigated, as this abuse of power and mishandling of sellers in distress seeking a workout with a perfect full counter cash buyer should be approved by now. It's been two years. Let it be known, I XXXX XXXX listing Broker have requested to speak to a manager multiple times, to no avail. It's been a month since a so call Mger is going to call me back, and nothing. This behavior from Ms. XXXX would never be if she was not encouraged by leadership. The reason why Wellsfargo would not want this Non-performing asset of their books by now can only be because of their alternative intention to keep this property for themselves. While misleading the seller and myself. As a professional courtesy, if nothing else. The time invested should be respected. 2 years later, and we are still here. Full counter, where is the approval? 
Please help look into these e-legal requests made by Ms. XXXX on behalf of Wells Fargo. I can only imagine how many other Brokers and sellers are being bullied and abused while attempting to remediate and work out their situation. Please help!

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