Consumer complaint received 2016-09-15
Company: WELLS FARGO & COMPANY
State: PA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
To start off, Wells Fargo pushed us to borrow too much money from them & we are now underwater. My husband & I were hit hard by the economic downturn in XX/XX/XXXX & XX/XX/XXXX. We struggled to pay our debts & mortgages for 3 years. XX/XX/XXXX we began to request help with our situation. We had to file bankruptcy on our unsecured debt & we were granted a Ch. XXXX bankruptcy. We have been out of the bankruptcy for over two years. We have credit scores in the XXXX. We have XXXX mortgages on investments properties that are current & in good standing. During the time we were continually stalled, delayed & denied a loan modification by Wells Fargo for our home because they said we did not qualify, we got XXXX loan modifications on investment properties from other lenders. Wells Fargo has been delaying & stonewalling us for 5 years. We filled out modifications paperwork many times. They would ask for the same paperwork over & over again for a few months. They 'd then send a letter saying they had everything & they 'd get back to us in 30 days. They 'd take up to 6 months ( sometime more ) & then deny us. When we asked what we needed to do to qualify, they would say that they could n't tell us, but if our finances changed, we could apply for another modification. One time we were denied for not making enough money & the the next time for making too much money, the difference was only a few hundred dollars a month. Then, after a couple of years of the back & forth, we received XXXX letters saying we could settle for a fraction of what we owed. They offered a settlement of {$200000.00} on XXXX XXXX, XXXX & then a new settlement of {$150000.00} on XXXX XXXX, XXXX, if we could pay it all in a lump sum in two weeks. They said we never responded, but our lawyers could not get a response from them. They knew we did not have the money on hand & could not get it from another bank, especially not in two weeks ( while WellsFargo was saying we were in foreclosure ). It was like a cruel joke. They could have just worked out a modification with us instead of taunting us with " If only you had this money ''. Two weeks ago, a person Wells Fargo told me to send my info into the re-entry team, so they could review it to see if we are eligible for any modification programs. I sent my info in last week & I received a call today saying we had been in default too long & they will not even review our documents. I asked why they had me send the info if it 's too late & she did n't know. Wells Fargo is the one who has dragged out the process & are now denying us because it 's been too long a time. We had a forensic audit of the loan done & were told by lawyers that it was " dirty ''. Our lawyers said we should not pay on the " dirty '' loan until it is corrected. Their lawyers are now trying to get a " Legal description '' of our property because they do not believe that Wells Fargo is in the first position on our line of credit. Yet, they are saying we are in foreclosure without their paperwork even being in right. The legal description is only one of the mistakes in the loan. Our lawyers said XXXX, Wachovia & Wells Fargo all did the paperwork incorrectly. We have a copy of the audit. We had a person call us XX/XX/XXXX saying she was from Wells Fargo Underwriting Department & we got our loan modification, but we had to send a payment right away, she had all my info & it turns out she was a scammer. That means all my info at Wells Fargo has been compromised as well. When I asked WellsFargo how the scammer got my information the answer was again, she do n't know. They are doing immoral, illegal & unscrupulous things. They need to be stopped. I have found multiple forums where people are describing some, if not all, of the same things we are going through. This is not an isolated case, it is an epidemic that needs to be stopped. PLEASE HELP US STOP THEM.

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