Consumer complaint received 2018-02-24
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
I found it hard to believe that WELLS FARGO BANK sent a letter addressed to my deceased wife, of which they are aware of, stating that the property is AGAIN under foreclosure proceedings and that the loan is 9 months past due. Furthermore, the letter stated that the mortgage assistance was not being considered when in fact, the Loan Modification was already approved by WELLS FARGO BANK, in which, the documents were ready for her signature. But due to her untimely death on XX/XX/XXXX, the signing of the documents were deferred by WELLS FARGO, and the closing lawyer they hired. 

On XX/XX/XXXX, I wrote an email to XXXX XXXX, Home Preservation Specialist of WELLS FARGO. Please see my email below for your perusal : Dear XXXX, For your ready reference, please let me share with you the excerpt from CFPB Bulletin XXXX, dated XX/XX/XXXX, starting on XX/XX/XXXX, a servicer must have policies and procedures reasonably designed to ensure that, upon notification of the death of a borrower, the servicer promptly identifies and facilitates communication with a successor in interest7 of the deceased borrower with respect to the property that secures the deceased borrowers mortgage loan. In issuing this guidance, the CFPB seeks both to assist servicers in implementing these policies and procedures and to promote home retention whenever possible for successors in interest faced with the loss of their homes due to the death of a borrower. 

The CFPB adopted the successor in interest provision of the Policies and Procedures Rule after learning about difficulties that some surviving spouses, children, or other successors in interest experienced in attempting to communicate with servicers. The CFPB has received reports of servicers either outright refusing to speak to a successor in interest or demanding documents to prove the successor in interests claim to the property that either do not exist ( e.g., probate court documents for an estate that is not required to go through probate ) or are not reasonably available. These practices often prevent a successor in interest from pursuing assumption of the mortgage loan and, if applicable, loss mitigation optionspotentially resulting in the avoidable loss of the home. In applying the Policies and Procedures Rule, the CFPB seeks to reduce the number of unnecessary defaults and foreclosures, including those following the death of a borrower. 

Basing on the above-stated Bulletin, may I request that Wells Fargo must adhere to its implementing guidelines and thereby amend the APPROVED LOAN MODIFICATION documents transferring the accountability of the Loan Modification from my deceased wife, XXXX XXXX XXXX, to my son and me, as early as possible. 

As Ive said, the Approved Loan Modification is so affordable to us ; and the question now remains, Why the delays. 

May this merit your utmost attention and consideration. 

Most Sincerely Yours,

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