Consumer complaint received 2020-07-06
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Back in XX/XX/XXXX I was able to negotiate an accepted offer for a new development in XXXX. My real estate broker suggested an attorney to me that I subsequently hired for this deal. In the contract negotiations the lawyer I hired pressured me multiple times to sign the contract while I was out of the country just to lock the deal in. Not allowing my any time to review the details. I signed it when I returned back in mid XXXX XXXX one stipulation of the contract, is that I was supposed to get my mortgage not only with Wells Fargo XXXX but with a specific broker at WF. I had a mortgage contingency in my contract so if my loan did not get approved I would have been able to get out of the deal. I had originally been slated to close in XXXX, then XXXX, with the dates getting constantly pushed back. In this time WF held half my down payment. As XXXX rolled around I realized maybe this deal I had partaken in was unethical as WF was very uncommunicative about the mortgage, the rate I could lock in, the costs etc. I tried thru various ways to get out of the deal and my attorney never once offered me any reassurance or solution. The building received its TCO on XX/XX/XXXX around XXXX as I was told. Setting my closing date for early XXXX. The mortgage broker continued to be evasive about all facets of the mortgage. Multiple times ignoring communication from either myself or my real estate broker. About 2 weeks before the closing WF alerts me because my condo had not sold 50 % of the units I needed to get a different type of mortgage that would go against WFs books I believe not the XXXX XXXX or XXXX   XXXX. I was told this wouldn't affect me or my costs at all. The broker was so unpleasant to deal with. The final numbers were never properly disclosed to me at the closing or in any communications with WF. My escrow was setup incorrectly in my payments and I do believe my income is not anywhere near high enough to even qualify for the mortgage amount of XXXX. I believe the developer and WF had an existing relationship. On some of my loan documents they estimated my costs to be about 4k/month. The building is a new development and my taxes just got reassessed at over 12k/yr.  Bringing my costs to almost 5k/mo. With my current salary and discretionary bonus this eats up well over 80 % of my net pay monthly. I have been trying to find any rationale or resolution with WF but have had no luck so far. I do believe WF fudged some numbers or underestimated my costs to get the loan through underwriting. I question my " ability to replay '' this loan. I barely have enough money to cover just the apartments costs now. One the loan application I had noticed the numbers communicated to me and the ones of the document are not the same and the estimated taxes were about half ( {$540.00} ) of what my realized taxes of ( {$1000.00} ) a month are.

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