Consumer complaint received 2017-03-10
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Our home in XXXX, New Jersey has been in our family for over 60 years. Due to misrepresentations and unethical behavior by XXXX, XXXX and now Wells Fargo, we are in danger of losing our home to foreclosure sale. I have tried to resolve this problem directly with my lender Wells Fargo but ca n't seem to cut through the red tape and need help to hold them accountable. My name is XXXX, I am the son of XXXX and the legal and rightful heir to the property. 
My father XXXX was coerced into refinancing our home in 2006 by the agents at XXXX, even though we were close to having the house paid off. He was not aware that this was a predatory option ARM loan with a payment and rate that would continually increase as well eventually recast and double the monthly payment. He was a senior citizen at the time of origination and I definitely feel that he was taken advantage of. My father passed away not long after taking out that loan, and I took over on this loan because I am the rightful heir and lived in the house. Due to the fact that I had several XXXX and was on fixed income I was struggling to make the mortgage payment. I contacted the people at XXXX ( holder of the loan at that time ) at that time to request that I be reviewed for a loan modification. They told me that they could not help me unless I was delinquent on this loan. I believed them and missed several payments with the expectation that I would receive a modification. However, that was not the case. When I tried to resume making my monthly mortgage payment I was told that they would not accept my monthly payment, that I would have to pay all of the missed payments at once. This was DEFINITELY not what had been promised by the representative from Wachovia. 

I have tried to move forward and be reviewed for various programs so that I can save my home. I try and get the process started, but Wells Fargo always finds a reason to stop or postpone the review. They have claimed that since I am not the borrower on the loan that they ca n't modify this loan. However, I am the rightful heir to the property, I live in the property and the mortgage statement lists me as the executor of the Estate of XXXX. When I send this paperwork in to show Wells Fargo they continually misplace it or invent excuses as to how or why they ca n't help me. It is beyond frustrating. They are now setting foreclosure sale dates. I receive fixed income and have a renter as well and I have sufficient income to make a fair payment. However, Wells Fargo has dragged this on for a long time so I am very behind on the loan. As the rightful owner of this property Wells Fargo should have to review me for programs that would let me fix this problem, but they have never done so. If the agents at Wachovia had not misled me and told me to miss payments when I was struggling I would not be in this situation and feel that Wells should work with me to fix it.

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