Consumer complaint received 2017-03-23
Company: WELLS FARGO & COMPANY
State: SC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Application, originator, mortgage broker

Complaint:
Incorporatess by reference all preceding paragraphs as though fully set forth herein. 
An actual controversy has arisen and now exists between XXXX and Wells Fargo Bank NA specified herein above, regarding their respective rights and duties, in that XXXX, contends that WFB, and each of them, do not have the right to foreclose on the Property because WFB, and each of them, have failed to perfect any security interest in the Property, or can not prove to the court they have a valid interest as a real party in interest to foreclose. Thus, the purported power of sale, or power to foreclose judicially, by the above specified WELLS FARGO BANK NA, and each of them, no longer applies. XXXX, informed and believes and there upon allege that the only individual who has standing to foreclose is the holder of the note because they have a beneficial interest. The only individuals who are the holder of the note are the certificate holders of the securitized trust because they are the end users and pay taxes on their interest gains ; furthermore, all of the banks or other entities holding the note in the middle of the chain of transfers were paid in full. Further contends that the above specified WFB, and each of them, do not have the right to foreclose on the Property because said WFB, and each of them, did not properly comply with the terms of own securitization requirements ( contained in the XXXX ) and falsely or fraudulently prepared documents required for WFB, and each of them, to foreclose as a calculated and fraudulent business practice. Requests that this Complaint find that the purported power of sale contained in the Note and Mortgage/Deed of Trust has no force and effect at this time, because WFB actions in the processing, handling and attempted foreclosure of this loan involved numerous fraudulent, false, deceptive and misleading practices, including, but not limited to, violations of State laws designed to protect borrowers, which has directly caused XXXX, to be at an equitable disadvantage to WFB, and each of them. XXXX, further requests that title to the Property remain in its name, with said Mortgage/Deed of Trust remaining in beneficiaries ' name, during the pendency of this Complaint, and deem that any attempted sale of the Property is " unlawful and void ''. The Note in this action identifies the entity to whom it was payable, the original lender. Therefore, the Note herein can not be transferred unless it is indorsed ; the attachments to the notice of default do not establish that indorsements were made, nor are there any other notices which establish that the original lender indorsed and sold the note to another party. Furthermore, insofar as the parties to the securitization of XXXX base their claim that the Note was transferred or assigned to XXXX, the Trustee of the Securitized Mortgage herein, by the original lender, it is well established state law that the assignment of a Mortgage/Deed of Trust does not automatically assign the underlying promissory note and right to be paid and the security interest is incident of the debt. Pursuant to state law, to perfect the transfer of mortgage papers as collateral for a debt, the owner should physically deliver the note to the transferee. Without physical transfer, the sale of the note is invalid as a fraudulent conveyance, or as unperfected. The Note herein specifically identifies the party to whom it was payable to and the Note, therefore, can not be transferred unless it is indorsed. WFB, and each of them, can not produce any evidence that the Promissory Note has been transferred ; therefore, XXXX could only transfer whatever interest it had in the Mortgage/Deed of Trust herein. The Promissory Note and Mortgage/Deed of Trust are inseparable. WFB want to put XXXX, out of there home with no prove of evidence, lack of standing, and lack of first hand.

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