Consumer complaint received 2018-11-25
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
I am becoming frustrated by the runaround, deception and conflicting answers I am receiving from Wells Fargo in relation to my predatory mortgage loan. I have tried to resolve my delinquency through Chapter XXXX bankruptcy and have made regular payments for several years. Yet their bankruptcy department still tries to file motions to remove the automatic stay and foreclose on my house even though I have indicated I have sufficient income to pay my current mortgage payment AND pay down the arrearages as well. I am also trying to apply for modification through the executive office but have now documented that their underwriting team is intentionally manipulating the information and criteria used to determine eligibility. I compared the results of their NPV analysis from XX/XX/2018 and the results from XX/XX/2018 ( results uploaded ). In the XXXX data collection, the property value was listed as {$980000.00}. In the XXXX analysis, the value is listed as XXXX XXXX. In the XXXX analysis, the proposed modification terms were an interest rate of 2 % with a term of 36 years. In the XXXX analysis the proposed modification terms had an interest rate of 3.24 % and a term of 24 years. Although values are increasing in my area it is not possible that they increased over $ 200K in a matter of months. It is obvious that Wells is continually moving the goalposts. I had a change in financial circumstances and began earning more income and submitted a modification request. Instead of conducting a good faith negotiation based on the loan parameters, Wells intentionally changed the inputs used in the evaluation of my loan in order to ensure that I do not qualify. 

Add to this the fact that Wells has admitted wrongdoing relating to the origination of predatory pick a payment loans through XXXX XXXX/XXXX and that my loan was in that same time frame and class yet they continue to say there was no wrong doing related to my loan and I don't qualify for any of these programs. XXXX XXXX steered me into a negative amortization loan, and then kept convincing me this was in my best interests and refinanced me 4 times in 4 years into toxic pick a payment loans. I did not know about the prepayment penalties I was paying each time nor was I aware of the fact that if I made the minimum payment that my balance would go up. I now realize that Wells Fargo specifically targeted minority borrowers and steered them into predatory mortgage loans. It was no surprise to XXXX XXXX then XXXX that my payment went from {$1500.00} to {$3900.00} and that I could no longer keep up. When I called and asked them for help they told me that since I was current I did not qualify and told me I must go late to get help and then after going late I applied at least 25 different times but was never able to get a full review completed. After filing complaints and forcing Wells to complete a review, I am told I am denied due to negative NPV. I am given certain parameters and inputs that were used to evaluate my case, and then a few months later when my income increases and I apply again and a completely different set of parameters and inputs are used, including increasing the property value over $ 200K in a matter of months.

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