Consumer complaint received 2018-03-23
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I HAVE OWNED MY HOME SINCE XXXX AS A SINGLE MOM THIS WAS A GREAT ACHIEVEMENT AND A PROUD MOMENT. I HAVE BEEN EMPLOYED FOR THE SAME EMPLOYER FOR 28 YRS AS AN OPERATING ROOM TECH AT XXXX XXXX IN XXXX NY. AT THE TIME OF PURCHASE I WAS ADVISED TO MOVE FORWARD WITH AN XX/XX/XXXX MORTGAGE EVEN THOUGH I HAD THE MONEY TO PURCHASE THE HOME WITH A 10 % DOWN PAYMENT. IT WAS SUGGESTED I AVOID MORTGAGE INSURANCE AND PROCEED WITH AN XX/XX/XXXX LOAN AS THIS WOULD BE A BETTER OPTION FOR ME. I WAS A FIRST TIME HOME BUYER SO I FOLLOWED THE ADVISE OF XXXX XXXX XXXX THE MORTGAGE BANKER I WAS WORKING WITH. I WAS NOT AWARE AFTER A COUPLE OF YEARS THE LOAN WOULD BECOME A HIGH RATE ADJUSTABLE MORTGAGE. I CONTINUED TO MAKE THE PAYMENT BUT THEY KEPT SELLING THE LOAN TO DIFFERENT SERVICERS. I KEPT TRYING TO REFINANCE INTO ONE FIXED RATE MORTGAGE BUT WAS TOLD I WASN'T APPLICABLE TO REFINANCE BASED ON MY LOAN TYPE AND MY HOME WAS UNDERWATER. EVENTUALLY MY LOAN WAS SOLD TO WELLS FARGO ALL ALONG I WAS MAKING MY PAYMENTS IN A TIMELY MANNER ALTHOUGH THEY WERE CONSISTENTLY INCREASING AND BECOMING UN AFFORDABLE I CONTINUED TO PAY ON TIME. IN APPROXIMATELY EARLY XXXX WHILE MY LOAN WAS BEING SERVICED BY WELLS FARGO I ATTEMPTED TO REFINANCE BUT WELLS FARGO OFFERED ME A MODIFICATION INSTEAD. THE FIRST PAYMENT ON THE MODIFICATION WAS DUE XX/XX/XXXX I MADE THE PAYMENT OF {$4200.00} TO WELLS FARGO ON TIME. APPROXIMATELY ONE WEEK LATER I WAS ADVISED THE LOAN WAS THEN SOLD TO XXXX. I SENT MY NEXT PAYMENT DUE XX/XX/XXXX OF {$4200.00} TO XXXX, BUT THEY REFUSED MY PAYMENT BECAUSE THEY SAID THEY HADN'T RECEIVED THE COMPLETE LOAN AND MODIFICATION PACKAGE FROM WELLS FARGO. AT THAT POINT I CONTACTED WELLS FARGO BUT THEY ADVISED ME XXXX HAD THE LOAN PACKAGE AND I SHOULD CONTINUE MY MODIFICATION PAYMENTS WITH THEM. I EXPLAINED TO WELLS FARGO, XXXX HAD REFUSED THE PAYMENT STATING THEY HADN'T RECEIVED A COMPLETE PACKAGE FROM WELLS FARGO SO THEY COULDN'T ASSIST ME. WELLS FARGO TOLD ME TO RESUBMIT MY MODIFICATION PAPERWORK TO XXXX ALONG WITH THE APPROVAL THEY HAD SENT ME AND I COULD CONTINUE MAKING THE MODIFICATION PAYMENTS WITH XXXX, AFTER APPROXIMATELY 90 DAYS OF WORKING WITH XXXX I RECEIVED A NOTICE STATING MY PROPERTY WAS IN DEFAULT AND THEY WERE PROCEEDING WITH FORECLOSURE THEY HAD DENIED MY NEW APPLICATION FOR A MODIFICATION. I HAVE BEEN FIGHTING WITH BOTH ENTITIES EVER SINCE WITH NO RELIEF OR OFFER TO REFINANCE OR MODIFY. APPROXIMATELY 8 MONTHS AGO I WAS CONFRONTED BY A LOCAL REAL ESTATE BROKER WHO STATED THEY COULD ASSIST ME AND I BEGAN WORKING WITH THEM TO CONTINUE TO OBTAIN A MODIFICATION. THEY ADVISED ME THEY WOULD NEED TO LIST MY HOME ON THE MARKET WHILE ATTEMPTING TO MODIFY MY MORTGAGE WITH XXXX, THEY STATED THIS WOULD BY TIME AND POTENTIALLY DELAY THE HOME FROM GOING INTO FORECLOSURE. AFTER ALMOST 6 MONTHS OF MY HOME BEING LISTED ON THE MARKET, THEY ADVISED ME I WAS DENIED THE LOAN MODIFICATION AND A SHORT SALE. I WAS NOT EVEN AWARE MY HOME WAS GOING TO BE SHORT SOLD THAT WAS NOT MY INTENTION, THE INTENTION WAS TO SAVE MY HOME AND TO OBTAIN AN AFFORDABLE AND NORMAL LOAN REPAYMENT OPTION. I HAVE SINCE BEEN ADVISED THAT MY HOME IS SCHEDULED FOR FORECLOSURE, THIS IS MY WORST NIGHTMARE, I DONT EVEN KNOW HOW THIS GOT TO THIS LEVEL, I FOLLOWED THE ADVISE OF THE PROFESSIONAL ADVISERS I WAS WORKING WITH AND DID ALL THAT WAS EXPECTED OF ME AS A HOMEOWNER. RESPECTFULLY I BEG FOR YOUR ASSISTANCE, I WANT TO SAVE MY HOME, I FEEL AS IF I HAVE BEEN VICTIMIZED BY A MANIPULATIVE MORTGAGE ADVISER WHEN PURCHASED AND MOST RECENTLY A DECEPTIVE REALTOR THAT MAY HAVE BEEN ATTEMPTING TO BUY MY HOME OUT FROM UNDERNEATH ME KNOWING I WAS IN A VULNERABLE STATE. IT HAS BEEN SUGGESTED I CONTACT YOU FOR ASSISTANCE I CAN ONLY HOPE AND PRAY THAT YOU HEAR MY PLEA AND ASSIST ME IN OBTAINING A NORMAL LOAN REPAYMENT PLAN AND SAVE MY HOME FROM FORECLOSURE

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