Consumer complaint received 2015-08-16
Company: WELLS FARGO & COMPANY
State: NC
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
On XXXX I called Wells Fargo to lower my interest rate. I had a XXXX credit score, a savings account, and had never missed a payment on any home. 

To lower my interest rate, Wells Fargo required me to miss 3 payments in a row and write them a hardship letter ; upon receipt they would work with me to lower my interest rate. Instead, on XX/XX/XXXX, days after I missed a third payment ( at the direct and explicit instruction of Wells Fargo ) ; Wells Fargo initiated a foreclosure on my home. 

That is the beginning and end of a challenge that has persisted now for four years. 

The nuance of that challenge is that I very much want to stay in my home and it has been that desire that has caused this problem for 4 years. Describing modification as my only option I again followed Wells Fargo 's advice and applied for a " modification ''. After two attempts, a dozen foreclosure hearings, endless paperwork, phone calls and mail I was denied " modification '' ; a result that I had never wanted or sought out. 

After an initial 10 months I was offered a solution with a large balloon payment I did not have. Wells Fargo was quite aware that I did not have that payment because they had all my paperwork, and knew that I could not make their balloon payment. 

I hired an attorney and mortgage specialist to manage this for me as this effort was causing trouble at home and at work. The attorneys received the same result. My marriage, finances, credit score and children have all taken a huge hit. To say nothing of my peace of mind. 

Throughout this process we asked, every month, if we could simply make payments to Wells Fargo to stop the bleeding and the accruing of debt. We were told " no '' due to the " pending foreclosure ''. Our arrearage, interest and legal fees increased to over {$200000.00} and I became aware that not only did Wells Fargo want my home, but additionally wanted the money I would make years after their foreclosure as well. 

XX/XX/XXXX it was suggested that I " had too much equity in the home '' to modify ; but, refinancing was out of the question, because now my credit was so terrible. 

It was offered that if I " were n't so far behind '' modification would have been an option ; except that after XX/XX/XXXX Wells Fargo refused to take any of my payments. 

When we were forced to file bankruptcy in order to make Wells Fargo take payments through a trustee ... '' bankruptcy '' was the reason given for the denial. 

Everyone at Wells Fargo has told me that do not want my home ; and yet it is the only logical explanation I can come up with why Wells Fargo wo n't work this out. I am able to pay my mortgage. I have been able to showcase for Wells Fargo a static income for the last 30 + months, and yet ; " income instability '' was another reason given for my denial. I have been stymied at every turn, falling under some new investor " guideline '', or " reason '' why " this time '' it wont work. 

I have asked Wells Fargo who owns my loan and have been told several different things at several different times. Recently I was told over the phone that XXXX owns the loan. A document I received a week ago stated XXXX. I have been told Wells Fargo is the investor and the servicer. I am concerned now that Wells will simply " produce '' paperwork to, again, try anything they can to take this house from me. 

I remind you that my purpose for initial contact 4 years ago was to lower a very high interest rate when the rates were historically low ; to try and save money. It is my belief that I was blindly swept up in a sea of foreclosures, paperwork and negligence and I was artificially placed into a hardship, which, due to Wells Fargo, has now become quite real. 

I am at a place where they may actually get my home, a price I do not want to pay for calling them on the phone and following their advice. 

Please please help me.

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