Consumer complaint received 2019-04-01
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
On XX/XX/XXXX I refinanced with Wells Fargo from XXXX. 
The sum approved for refinancing was XXXX. 

When the payoff actually occured, XXXX, in the very last moment, finally applied the extra payments I had made over time and that they had failed to apply, and as such the payoff was only of XXXX dollars, instead of XXXX. 

Wells Fargo, who did not adjust the loan downward, apparently does not have an escrow policy and does not give cash to the person who loaned the money, so roughly XXXX remained in excess after the payoff to XXXX. 

Out of this excess money, XXXX were applied to closing costs, appraisal, broker 's fee etc. 

XXXX was the amount of payoff off to XXXX. 

Still, XXXX ( or around there ) remained in excess. 

This money was supposed to be applied to reduction in principal. 

I have been fighting for this reduction in principal ever since this loan was originated, that is end of XXXX- early XX/XX/XXXX. 

Wells Fargo never sent me a letter regarding this reduction in principal, and although this is simple mathematics and I have the documents showing what the payoff was and what the costs were, they refuse to apply this reduction in principal up to today. 

They are blaming me for their having not sent this letter : for my not having asked for it. 

I did ask fora written confirmation of the reduction in principal repeatedly, and the lawyer who was handling my loan from Wells Fargo, a Mrs. XXXX XXXX XXXX, stated the letter would be sent to me, but eventually after a few months she stopped answering my phone calls. 

Wells Fargo 's agents over the phone or in person never cooperated with me in this matter, always stating there is no documentation of any reduction in any principal, that they do not have the payoff amount to XXXX, etc, etc. 


It was only now, when I threatened to start legal action, that they assigned a case manager, who has been stalling since XX/XX/XXXX, and who one phone call is telling me she has all the documents and the letter of repayment, next phone call she asks me what I am talking about, that she does not have any information on this case. 

The case manager 's name is XXXX XXXX. Her phone number is XXXX, X XXXX. 

As I paid more money monthly with my mortgage, my mortgage should been paid off by XX/XX/XXXX, that is the XXXX minus the XXXX or so, which should have been the reduction in principal. 

As I was afraid to stop the mortgage automatic withdrawals for XXXX, ( my mortgage amount ), which are still being made monthly, by now I should actually have a balance of around -3,500.00, not to talk about the interest that should be be repaid to me for the excess principal I paid interest for all these years. 

Wells Fargo Bank obviously has all the documentation, and they still refuse to accept the facts and the math. 

I am particularly hurt by this, I live in anguish and despair, because I can not see light and justice being done and also because I would like to go back to XXXX, where my mother is ailing in a Nursing Home, to be able to take her home to her apartment and have her spend the amount of time she has left ( maybe months ) in her home. 

I am not able to do this as long as this is not clarified, and as long as Wells Fargo does not come clean about this loan. 

I believe this bank should be very seriously investigated for the fraudulent acts that undoubtedly they have been committing over the years to many, many people, not just me. 

I would be extremely grateful if you considered my case and if you could look into this. 

My loan number is XXXX. 

Thank you for your time in reviewing this matter, 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