Consumer complaint received 2017-09-21
Company: WELLS FARGO & COMPANY
State: IL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
As my history with the CFPB reflects, I have had continuous issues with Wells Fargo related to a Home Equity loan that I held with them. My loan was originally a Wachovia Corp loan originating back in XXXX. I have since learned that Wells Fargo broke the law. As my supporting documents show, in XXXX Wells Fargo acquired the loans & assets of Wachovia Corp. As part  of that acquisition agreement ( see the attached news article ) Wells Fargo agreed to offer all Wachovia borrowers a refinance opportunity because these loans were deemed " predatory loans. '' No such offers were made to borrowers - breaking the law & violating the terms of the acquisition agreement. 

In XXXX XXXX I learned that my Wells Fargo loan ballooned - balance was due in full. One of the issues causing these loans to be deemed " predatory loans. '' I was not able to come up with the balance to pay in full. After repeated attempts to contact Wells Fargo to establish a payment arrangements, I filed complaints with the CFPB because Wells Fargo refused to work with me. Miraculously, I was then offered an opportunity to re-establish a new loan with payments to Wells Fargo. I kept my part of that new agreement, which involved making payments on time for 90 days. I made all of those payments on time. However, Wells Fargo then claimed at the end of the 90 days that they had not received the signed loan agreement from me. Even after forwarding copies of the signed agreement - Wells Fargo refused to accept these. Completely frustrated, I came up with the funds to pay this balance in full & to be done with Wells Fargo. However, Wells Fargo continues to report me as having been delinquent. Now I take issue with this after learning that Wells Fargo broke the law. 

In XXXX XXXX a U.S. judge ( XXXX XXXX in XXXX California ruled in favor of the people ( plaintiff ) & against Wells Fargo finding that Wells Fargo failed to uphold its end of the acquisition agreement in failing to offer re-finance opportunities to borrowers previously holding the Wachovia Corp loans at the time of acquisition in XXXX. ( the exact loan which I had ). In finding for the people, Wells Fargo was fined & forced to uphold loan agreements in the amount of {$2.00} billion to homeowners affected by " predatory loans ''. All I had been asking for is restoration of my credit & removal of delinquent reporting since Wells Fargo broke the law. I would never have had an issue with this loan if Wells Fargo had kept the agreement that it made at the time - XXXX when acquiring the assets of Wachovia Corp. See attached document related & referencing class action law suit in California XXXX again finding for the plaintiff ( people ). 

When our judicial system finds for the people this is not merely a financial loss to Wells Fargo but a burden on Wells Fargo to do right by the plaintiff ( people ) who have been harmed. I have been harmed by Wells Fargo 's negligence in handling this " predatory loan ''. I want my damages repaired & my credit restored. I want Wells Fargo to be held accountable to the people whom they continue to harm. I want justice! 

The Class Action Lawsuit in California was a win & I demand financial restitution as well! 

REF # XXXX XXXX XXXX # XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX, CA XXXX Phone : XXXX XXXXXXXXXXXX

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