Consumer complaint received 2015-08-15
Company: WELLS FARGO & COMPANY
State: OH
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
It has been nearly XXXX years since I filed my last complaint against Wells Fargo Home Mortgage with the CFPB and I still have not received any positive outcome or results. Wells Fargo Home Mortgage has been servicing my mortgage loan for over 10 years and has denied me the opportunity to modify my high interest loan. I currently have an FHA loan with an interest rate of 7.25 %. I have made at least XXXX attempts to apply and qualify for a loan modification to reduce my interest rate and monthly mortgage payment through various mortgage assistance options that were readily available to consumers like myself over the years. I have applied for the streamline refinance, recast, and President Obama 's Making Home Affordable Plan and other loan modification plans for the past XXXX years and Wells Fargo has continually denied my request based upon their investor guidelines from what I have been told. When I initially reached out to the CFPB I was hoping to receive additional guidance and support on how to communicate with Wells Fargo and bypass the blatant discrimination practices I have had to endure throughout this process. In XX/XX/XXXX, I suffered an economic hardship after I became unemployed as a result of a massive company layoff after working nearly XXXX years on the job. I filed for unemployment and received {$140.00} per week until I became gainfully employed in XX/XX/XXXX. When I notified Wells Fargo to explain my hardship and the drastic reduction of income due to the layoff, I was hoping to receive an offer to reduce the monthly mortgage payment until my financial situation had improved. However Wells Fargo claims the only option the investor could offer me to prevent foreclosure on my home was to accept a repayment plan that would increase the current monthly mortgage payment of {$1000.00} to {$1600.00} per month if I want to keep my home and avoid foreclosure. I was informed by Wells Fargo once again, that I am ineligible for any mortgage assistance options, including a loan modification, recast or streamline refinance based upon the investor guidelines for my specific loan. Following the denial, I consulted with a HUD counselor, real estate attorney and other knowledgeable lenders in the real estate industry and I learned there may be a better solution or alternative to help me keep my home. At this time, I am requesting that the CFPB investigate and review all prior and current complaints against Wells Fargo Home Mortgage to let me know whether or not Wells Fargo Home Mortgage and the Investor for my loan who has continually denied my request to modify my loan for the past 15 years has engaged in housing discrimination. Based upon my limited understanding of the Fair Housing Laws and rules and regulations of the CFPB and the Dodd-Frank Act I strongly agree that Wells Fargo is not in compliance with the rules and regulations of the CFPB and Federal Laws. Furthermore, I have now become a victim of discrimination due to my age, race, gender and familial status. The interest rate I have at 7.25 % is not an affordable rate and I want my interest rate reduced to reflect the current market rate in order to provide me with an affordable monthly mortgage payment so I may continue to reside in my home.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation