Consumer complaint received 2016-04-20
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I have been trying to receive mortgage assistance from Wells Fargo for nearly 8 months. Wells Fargo has denied me 3 times for a loan modification with no detail explanation as to why. The letter said I was denied for a Proprietary Step Rate Program. The last denial read " You did not provide us with valid documents as requested ''. That is a bold faced lie. I spoke to XXXX XXXX ( underwriter out of XXXX, XXXX ) on XXXX XXXX, XXXX at XXXX XXXX PST time out in XXXX XXXX, XXXX at the Home Preservation Workshop. He clearly told me that he had everything he needed ( documents ) to finish the loan modification review and he would have an answer for me within 20 to 30 minutes. XXXX, the Wells Fargo rep at the event was aware of this communication between myself and XXXX. He ( XXXX ) never once told me that I provided " invalid documents '' that would prevent the lender from moving forward to reviewing my loan for a thorough professional review. This is the 3rd time Wells Fargo has gave me the run around and the game playing with my mortgage. I have been a victim of loan modification abuse since XXXX XXXX. From the beginning the Home Preservation person XXXX XXXX lied to me allowing a loan modification review to move forward with documentation ( XXXX benefits ) that Wells Fargo was never going to factor into my review outcome. He should have known that the lender will not use unemployment income for a loan modification review because its not a permanent source. It is Wells Fargo 's duty to give the consumer the correct and factual information so that he or she can make the proper decision for their own well being. In this case I was lied to and waited around for 8 months thinking that my loan was properly being reviewed for a loan modification. Wells Fargo has to provide me with someone who is capable of performing certain functions truthfully. Wells Fargo said they will not take my payments. Again this false information from Wells Fargo has contributed to my house being in danger of foreclosure. I signed a promissory note saying that I would make monthly payments and for nearly 9 months Wells Fargo will not accept a single full monthly mortgage payment from me nor have they encourage it. That does n't sound legal to me discouraging a borrower to not pay toward there debt. This direction from the Wells Fargo only puts the delinquency further behind. My last statement said that my delinquency is {$36000.00}. I was told by collections and customer service that they will not take payments past 7 months unless its the full amount due. I have been informed by several professionals that Wells Fargo will not offer XXXX loan modifications. That if the NPV favors the investor that the investor and lender will not offer a loan modification. When bank and investor realizes there is equity, both would rather foreclose to gain bigger profits. I am fed up with these games and the mess that Wells Fargo is playing. My credit is being injured, pain and suffering has taken effect, emotional distress has set in and this has had an affect on my family life within my home. Wells Fargo is liable and I demand assistance immediately. I hope that CFPB can intervene so I do not have to file a huge suit against Wells Fargo in XXXX XXXX courts. All I want is some type of plan or agreement in writing to cure the delinquency. Thank you for your time and assistance into this serious time sensitive matter.

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