Consumer complaint received 2016-02-23
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
After 9 months of providing volumes of information to facilitate a loan modification on a XXXX mortgage of {$23000.00}, we were informed in XXXX by Wells Fargo that our request was declined. The reason given was " Your loan with us is not a XXXX lien mortgage ''. Wells Fargo took us down the path of requesting financials and making us believe the loan would be modified when they knew right from the onset that this was a XXXX mortgage and had no intention of modifying or assisting us in our financial hardship. 
We submitted Loan modification documentation to Wells Fargo in XXXX and XXXX, XXXX, respectively, and made subsequent follow-up calls to the Home Preservation Specialist ( See XXXX ) and left voicemail messages which were never responded to. On XXXX/XXXX/XXXX I received a voicemail asking for some minor updates and clarifications which I responded to the same day only to be told on the next day that they were too late to be considered. We have been harassed with foreclosure action for the last several months when in fact ASC ( Wellsfargo Home Mortgage ) has had all the necessary documentation to facilitate a modification of the loan as sought. We would like for our request to be reviewed in light of the unfair treatment we have been subjected to, which has further compounded the hardship we have been experiencing. We were forced to borrow from our 401 ( K ) to make a {$5600.00} payment on XXXX XXXX, XXXX to avoid foreclosure, which included foreclosure fee/cost - {$920.00}, unexplained Unpaid Advance balance- {$1500.00} and Escrow Advance - {$73.00}, to reinstate account due to Wells Fargo 's failure to complete the review of the modification request as promised. We will appreciate if the {$5600.00} is refunded back to us and account modified and/ or reaged as previously promised. Furthermore, we have paid more than the original XXXX amount at the usurious and predatory lending rate of 13.29 %. Current Principal Balance {$22000.00} ; Loan Origination Date XXXX/XXXX/XXXX ; First Payment Due Date XXXX/XXXX/XXXX Maturity Date XXXX Effective Interest Rate 13.29000 % Original Loan Amount {$25000.00} ; Amount paid since origination {$40000.00}. While the account was being reviewed for modification, Wells Fargo accelerated the loan and started foreclosure action even while telling us that the property would not be foreclosed on. It is apparent that Wells Fargo causes my aggravation than assistance to it 's customers as evidenced by the numerous complaints some of whom have lost their homes to foreclosure, which seems to be the business model that Wells Fargo uses. Our credit and financial situation was worsened by Wells Fargo 's unfair and deceptive practices. It should further be noted that Wells Fargo would not even offer a deferment or payment plan to us to get caught up on the past due amount, which lends credence to the notion that Wells Fargo uses foreclosure as a cash cow! The holder of the XXXX mortgage ( XXXX ) were extremely helpful and completed the modification in 45 days.

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