Consumer complaint received 2020-09-11
Company: WELLS FARGO & COMPANY
State: MI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
1. On XX/XX/XXXX Wells Fargo Mortgage defrauded me of money by misrepresenting the amount owed on my home located at XXXX XXXX XXXX XXXX Michigan XXXX when it offered me a refinancing product. 

2. The alleged amount Wells Fargo claimed I owed own my home as of XX/XX/XXXX was {$76000.00} and the gross amount owed was {$79000.00} 3. At the time of signing for the loan product Wells Fargo presented me, I noticed on the loan document the address listed was XXXX XXXX XXXX Michigan XXXX. I pointed out the address error to the agent, he assured me it was merely a typo and that the alleged balance I owed was accurate. He instructed me to correct the typo with the correct address and place my initials by the correction. 

4. The refinancing loan product Wells Fargo Mortgage provided locked me into a relentless loan cycle in which I paid fees and interest without noticeably reducing the principal amount of the alleged debt. 

5. Out of concern that my wife and I may have fell victim to a scheme the mortgage industry refers to as mortgage churning, in XX/XX/XXXX I requested a copy of my mortgage documentation and payment history records from my the previous mortgage servicer XXXX XXXX XXXX. 

6. XXXX XXXX XXXX provided me with my lien release, mortgage discharge letter and payment history which it claimed it sent back on XX/XX/XXXX, but I never received the copies via mail. For reference my XXXX XXXX XXXX loan account number is XXXX. 

7. XXXX XXXX XXXX confirmed my home was paid off completely in XX/XX/XXXX. 

8. In XX/XX/XXXX Well Fargo Mortgage offered me a refinancing loan product that I did not need. It is a matter of record that XXXX XXXX XXXX did not sale the alleged debt to Wells Fargo as XXXX XXXX XXXX was in the processing of discharge my mortgage loan that I paid off in XX/XX/XXXX. 

9. XXXX XXXX XXXX has stated there is no record of Wells Fargo or any other lender purchasing my loan prior to paying off my loan in XX/XX/XXXX. Furthermore, XXXX XXXX  stated they do not sale mortgage loans to other lenders. 

10. Wells Fargo Mortgage confirmed via phone conversation XX/XX/XXXX that my current loan is a FHA approved conventional and " not a cash out loan '' ( Equity Loan ). 

11. It is without question that if my previous mortgage servicer XXXX XXXX XXXX or me did not receive a check from Wells Fargo Mortgage for my home, the alleged amount owed of {$76000.00} was in fact fraudulent as well as the other associated fees. 

12. I take responsibility for signing the document. However, it is unconscionable and unethical the way Wells Fargo Mortgage representatives have handled my claim thus far and the nature of the loan its self is reprehensible. 

13. Wells Fargo Mortgage has delayed contacting XXXX XXXX XXXX on this matter. A basic review of its own financial records would undoubtedly offer insight into the crux of this matter. However, these basic steps are being protracted by 10 days or more at time, and I am elderly and my health is declining. In contrast to the above stated issue, my wife and I have been victims paying a mortgage based on fraud for over 12 years. 

14. I urge anyone with a conscience reading my complaint within Wells Fargo Mortgage or the CFPB to please expedite the investigation. If I should transition before the resolution of this matter I do not want my wife to be left homeless due to fraud.

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