Consumer complaint received 2015-06-24
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan servicing, payments, escrow account

Complaint:
IRS Explanation Letter/Complaint CFPB XXXX. On XX/XX/XXXX, I received a XXXX notice from the IRS based on a fraudulent XXXX form from Wells Fargo Bank for XX/XX/XXXX regarding a home equity loan. After contacting XXXX XXXX XXXX, Executive Mortgage Specialist for Wells Fargo Home Equity Division, I obtained the contract for this transaction and reviewed the time line associated with this fraudulent XXXX that was intentionally used to deceive the IRS. Based on the very contract that XXXX XXXX conveniently generated and by comparing the dates in her letter, there were a number of legal issues that were ignored and violated. According to XXXX XXXX, Wells Fargo Home Equity was assigned this debt for XXXX and I was notified by mail on XX/XX/XXXX, at the address of XXXX XXXX, XXXX, Tx. XXXX, that HomEq Servicing had assigned Wells Fargo the right to collect or receive payments of any debt owed. According to my understanding of the same contract provided by XXXX XXXX, the contractor of XXXX XXXX XXXX XXXX assigned a debt of {$11000.00} on XX/XX/XXXX for a period of ten years ending on XX/XX/XXXX to XXXX, DBA XXXX. This assignment was made on XX/XX/XXXX and during the life time of this contract there were no additional assignments. In addition, on XX/XX/XXXX, as per the same contract, the contractor filed a mechanic and builder lien on the real property located at XXXX XXXX XXXX, XXXX , Tx . XXXX which was filed in XXXX XXXX County Clerk 's Office under file stamped XXXX XXXX pgs. The contractor signed and acknowledged that his lien had a superior position over the deed of trust to the property, meaning if and when the property was sold that the lender would be paid from the sell. This statement was signed by XXXX XXXX and witness by a notary under oath. The lien on this property was listed as Exhibit A and filed and recorded as an official public record on XX/XX/XXXX under ref. number XXXX XXXX XXXX County, Texas, XXXX XXXX , County Clerk. Further, this document was returned to the XXXX XXXX by XXXX XXXX XXXX , XXXX With respect to validating the debt, XXXX XXXX never provided a payment history, the last date of delinquency, the dates where she attempted to collect this debt, or a XXXX. Based on the lien, the debt would be paid off when the property was sold XXXX and XXXX XXXX on XX/XX/XXXX. If The XXXX XXXX did n't receive their outstanding debt at closing ; then, they never informed me. According to Texas property code law, 13.002 XXXX ( XXXX ). Recording a lien constitutes public notice to all parties both potential buyers and creditors of the debt. Based on XXXX XXXX 's letter, she tried to notify me in XX/XX/XXXX after Wells Fargo Home Equity was assigned a debt that had already been liquidated by the sell of the property under old contract. So let 's cut through the chase. Either XXXX XXXX is lying or she thinks, we 're stupid. Who is so negligent in the mortgage industry that they fail to read a contract associated with an assignment of debt prior to XX/XX/XXXX, prior to forwarding the bogus XXXX to the IRS in XXXX of XXXX, and finally on XX/XX/XXXX when this letter and contract was generated as an explanation to Consumer Financial Protection Bureau ref file XXXX. Please have XXXX XXXX provide proof of a written assignment from XXXX XXXX along with employee name, contact information, the date, and payments. The assignment of this debt from XXXX to Wells Fargo is fraudulent because Wells Fargo has no legal standing to collect a debt where the legal rights of the lender ( XXXX ) were legally waived by the their failure to enforce a contractual lien for the debt at closing on XX/XX/XXXX and by their failure to accelerate the mortgage debt for non-payment of the debt prior to closing. Fault!

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