Consumer complaint received 2018-06-14
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Hello, On Thursday, XX/XX/XXXX I sent the following letter to Wells fargo. This letter explains my problem. 


Whom It May Concern, I spoke to my Attorney and she suggested to give you one more chance at making things right. The following is an overview of my struggle with XXXX and Wells Fargo in the last few years. Please go over this letter and the attached documents and then call me to set up an appointment or a phone call to see if we can resolve this matter without having to end up in court. 

I am also including in this Fax a few pages from the results of the Audit conducted by XXXX just a few weeks back. 

I will summarize in bullet points the situation with XXXX and Wells Fargo to help you see a little of what my family has gone through in the last few years. 


1. We bought the house in XXXX for XXXX. 
2. Refinanced it in XXXX for XXXX. 
3. We got in trouble due to the Real Estate Market crash in XXXX and because my wife was unable to work due to extreme migraines caused by the financial stress. We got a loam Mod for the following 5 years. We were and we are very grateful for the help we received. 
4. Six months before the end of our 5 year loan mod I called XXXX to ask for a new payment information. I called XXXX at least 5 times in the lapse of 6 months and I was given the same response by everyone I spoke to at XXXX customer Service. They repeatedly told me that my loan was not going to change. It was to remain the same for the following few years. They stated that my Interest Rate was 2.5 until XXXX/XXXX. They directed me to my monthly mortgage statements which reflected that same rate and the maturity date. 
5. Two weeks before my XX/XX/XXXX I received a letter stating that my payment was changing. It basically tripled giving me no chance to plan properly and accordingly. 
6. Called XXXX for help but they denied it. They ignored all my calls as I pleaded for someone to look at the file. 
7. We fell behind our payments and had to hire help to pursue a second loan modification. ( The company helping me with the mod has agreed to testify in court if necessary ). 
8. The following two years we went through a lot of money and a lot of time consuming efforts trying to get a loan mod that was never approved. Sometimes I made too much money, some other times I did not make enough. We even received direct input from the underwriters at XXXX and even with their own advice we always got denied. A statement from the company helping me is in file. This statement describes the struggle and the misleading direction we were always given by underwriters and customer service at XXXX. It also describes the multiple times that the entire file was lost and had to be re-submitted time after time. We were shocked to see that we were denied time after time even when we followed all their guidelines. 
The statement describes the unprofessional manner in which we were treated. They also wrote that no matter what we did or say, our loan mod was never going to be approved because we simply had too much equity in the property. In those days the rates were as low as 2.5 and the house had a good XXXX in equity. For 2 years we had to deal with extensions and representative changes as XXXX trained new people to deal with the overload of files. 
9. My wife was unable to work due to XXXX XXXX that kept her from working from XXXX to XXXX. 
10. Finally in XX/XX/XXXX we were forced to file BK just about 18 months ago. Of course Wells Fargo 's attorney tried to stop the BK filing on us. Finally the courts approved it.

11. About 6 months ago I noticed in my mortgage statements that my principal balance was not decreasing. Around this time is when Wells Fargo took over the loan and XXXX was out of the picture. 
12. I called Wells Fargo customer service to request specific details on my loan and it was then that I realized that they did not know anything about it, other than my monthly payment.

13. I requested an amortization schedule to see how many years I had left on my loan. 
14. I received an amortization schedule showing payments until XXXX/XXXX in which the principal is never paid. 
15. I called Customer Service and I was told that my loan was an Interest only rate until XXXX/XXXX. Current rate is 6.375. 
16. I quickly wrote them a letter asking for someone to look into my loan and to resolve my concerns.

17. Four weeks letter I received a letter stating that someone was looking into it.

18. They called me asking if I was interested in a Loan Modification. I told them I had tried but was denied twice already. 
19. They said, you should be able to get it this time. So, I started the process for the 3rd time.

Three months later, DENIED again, 20. I received a letter telling me that my only option was to SELL the house in a SHORT SALE. 
I realized that no one was working on my file because the documents I submitted for the previous 30 days clearly show equity of about 400K in the property. What a disappointment and a waste of time for everyone, especially for me and my family. Do costumers mean this little to Wells Fargo? 

Concerns that were never addressed, a. I still have an Interest only loan with a rate of 6.375 b. My mortgage statements show a maturity XXXX/XXXX. 
c. The Amortization schedule shows XXXX/XXXX. 
d. The Principal amount is not chancing even after all this years. 
e. Customer Service is never accurate in the information they give me. 
f. They have misled me since the end of my first loan modification. 
g. What kind of loan do I have and when will it go from interest only to fully amortized? 


This is why I decided to hire XXXX to conduct an Audit on my loan. I want transparency and honesty from Wells Fargo and XXXX. 

I want accountability just as I am required to be accountable. 

I am including a couple of the pages from the Audit that summarizes some of the findings in my loan files. Please look at the Audit docs and respond to me with your side of the story or I will be forced to proceed with a call to my attorney asking them to file the case in court. However, I will rather settle this out fast and easy with an agreement that will keep us out of court. 

Thank you so much I greatly appreciate you help, XXXX XXXX and XXXX XXXX As of XX/XX/XXXX I have done the following and no one is calling me or responding to my claims. 

1. Sent them a letter requesting loan information on XX/XX/XXXX 2. Received a letter form them telling me they were looking into it on XX/XX/XXXX 3. I called them on XX/XX/XXXX to follow up because I did not heard from them. 
4. I was told by Customer service that I needed authorization from my attorney to talk to them about my case. XXXX XXXX is in charge of the case they said to have my attorney call her to get me authorized, her phone number is XXXX Ext XXXX. 
XXXX. I called my Attorney to have him authorize my conversations with them. 
XXXX. Called them on XX/XX/XXXX. Left a message for XXXX XXXX. No calls or letters from Wells Fargo as of today.

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