Consumer complaint received 2017-07-14
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
Fax Transmission _______________________ C. XXXX XXXX XXXX XXXX XXXX writers direct dial : ( XXXX ) XXXX XXXX fax : ( XXXX ) XXXX XXXX To : XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX  Attorneys for Wells Fargo XXXX XXXX XXXX Senior Vice President, Wells Fargo XXXX XXXX  Executive Resolution Specialist Wells Fargo Bank Consumer Financial Protection Bureau Senator XXXX XXXX Date : XX/XX/XXXX Fax # : Phone # : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Pages : 9, including this cover sheet.
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From : XXXX XXXX XXXX  Subject : Re : Notice of Intent To Foreclose Loan # XXXX Property Address : XXXX XXXX XXXX XXXX XXXX, XXXX, MD XXXX COMMENTS : URGENT Loan # XXXX Property Address : XXXX XXXX XXXX XXXX XXXX, XXXX, MD XXXX Dear XXXX. XXXX XXXX XXXX and XXXX XXXX : I am in receipt of a Notice of Intent To Foreclose dated XX/XX/XXXX, sent by XXXX XXXX XXXX, who is representing Wells Fargo Home Equity with respect to the above referenced matter. The Notice claims that I owe Wells Fargo {$62000.00}. A copy of the Notice is attached as Exh. 1. I deny owing this debt for the reasons set forth below.
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First, Wells Fargo sent me a Notice of Right To Cure Default datedXX/XX/XXXX claiming that I owed Principal and Interest of {$8700.00} and Current Late Charges of {$28.00}, for a total of {$8800.00}. A copy of the Notice is attached herewith as Exh. 2. Wells Fargo has not explained to me how the alleged debt of {$8800.00} on XX/XX/XXXX ballooned to {$62000.00} at the interest rate of 3 % XXXX XXXX indicated on the Proof Claim form. As I said in my complaints to the Consumer Financial Protection Bureau and Congress through XXXX XXXX XXXX, this is an unmitigated extortion by Wells Fargo in its practice of vulture capitalism. I seek full investigation and hearing by Congress and CFPB on this matter.
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Further, based on the claimed debt of {$8800.00}, I offered a payoff of {$6000.00}, which Wells Fargo rejected while taking the same amount to forgive white borrowers owing over {$100000.00} on second trusts. Recently, sometime this year, I reinstated the offer of {$6000.00} in order for me to move on but Wells Fargo continued with its intransigence to boot. During the housing crisis, FHA ordered banks to accept {$6000.00} payoff on second trusts regardless of loan amount. Because Im not white, Wells Fargo decided it would hire lawyers, pay them ten times the amount, to destroy me and my credit. This is settled practice of Wells Fargo practice on minorities, namely, using lawyers to intimidate and extort them. Not only that, by adding their murderous attorney fees to a disputed debt, Wells Fargo makes it impossible for its victims to pay the alleged debt and thereby facilitate its foreclosure of their properties. Wells Fargo has been fined in billions and hundreds of millions for its fraud against borrowers, yet it has not deterred Wells Fargo because of its culture of fraud that can not be quantified. Therefore, something more drastic needs to be done against Wells Fargo.
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Second, per the Notice of Intent To Foreclose, the name of the mortgage lender is XXXX XXXX XXXX XXXX, which was bought by Wachovia, which was bought by Wells Fargo using the taxpayer bailout money during the mortgage crisis caused by toxic loan products. As the evidence I have shows, Wells Fargo received no transfer of the Deed of Trust or assignment of the lien instrument from Wachovia. Also, Wachovia did not get any transfer or endorsement from XXXX XXXX. In other words, Wells Fargo has no title to the alleged debt to collect. As the history of this matter clear, I told Wells Fargo that the loan was paid off, but Wells Fargo disputed it. To avoid Wells Fargo ruining my credit and my life, which they have done, I agreed to set up automatic payment on the disputed debt while Wells Fargo researched my claim. Wells Fargo stopped collecting payments and referred this matter to one of its many lawyers in Baltimore, hoping to use them, as they are using XXXX XXXX and his law firm, to extort money from me. Wells Fargo never provided an answer to the XXXX inquiry until XXXX when it made a bogus assertion that it could not locate the payoff. Instead of Well Fargo accepting the fact that it does not have title, it chooses to use its lawyers harass, intimidate and extort borrowers, in a drunken passion to collect.
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Third, this is a classic case of reprisal and retaliation. Because I filed a complaint with CFPB and Congress through Sen. XXXX, Wells Fargo is retaliating by filing foreclosure before resolution of the complaint. Wells Fargo claims that it is making an attempt to resolve the claim, hopefully amicably, but did not tell its lawyers to hold off, thereby exposing its hidden agenda of retaliation.
<P/> XXXX XXXX, I want you to be on notice that I will sue you and your law office for being instruments of fraud and extortion if you proceed with you alleged foreclosure, having known the truth. Its enough for you and Wells Fargo Thank you.
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Sincerely, /s/ XXXX XXXX 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