Consumer complaint received 2016-08-04
Company: WELLS FARGO & COMPANY
State: DE
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
XXXX and XXXX XXXX, CFPB Complaint Statement My husband and I have been having serious issues with our mortgage lender, Wells Fargo, for 7 years now. I was diagnosed with XXXX XXXX in XXXX, and XXXX XXXX in XXXX. My husband was diagnosed with XXXX XXXX in XXXX. This caused a huge reduction of income, so we contacted Wells Fargo to apply for a loan modification. At the time we were told that because we were not currently behind on our payments we did n't qualify. Due to our decreased income of {$2700.00} per month we did eventually start falling behind on our payments in XXXX at which point we submitted an application for a loan modification. Over the course of 6 months, Wells Fargo dragged their feet, lost paperwork we had submitted several times, and would request new forms of documents on a regular basis. By XX/XX/XXXX our home went into foreclosure as Wells Fargo was making it impossible for us to submit a complete loan modification application. 
At that time we decided to utilize the services of XXXX XXXX, XXXX, a home preservation specialist, in hopes that they would have a better outcome with Wells Fargo than we did. XX/XX/XXXX we received an approved loan modification from Wells Fargo for a monthly payment of {$800.00} per month with the first payment being made that month. We continued to make payments, through auto debit, through XXXX XXXX. Starting XX/XX/XXXX Wells Fargo ceased to auto debit our account, because our loan modification plan was removed from their system. We were not given any notice, and unfortunately we did not know this was occurring until our home was put in foreclosure again by Wells Fargo in XXXX XXXX. Wells Fargo was not able to give us nor XXXX a reason as to why this occurred. So we were forced to begin the loan modification application process all over again. Just like the first time we went through this, Wells Fargo made this very difficult for XXXX. They claimed several times that they did not submit appropriate paperwork, despite XXXX being able to provide proof otherwise. This whole ordeal continued all the way through XXXX XXXX until the house, now for a XXXX time, was put in foreclosure by Wells Fargo. At this point I was advised by XXXX to obtain the help of a lawyer. 
XX/XX/XXXX we retained an attorney to assist with this very troubling matter. A loan modification was submitted by my attorney 's office which was accepted by Wells Fargo on or about XXXX/XXXX/XXXX. After an unnecessary amount of repeated requests for the same documents over and over again, it was not until XXXX/XXXX/XXXX that Wells Fargo actually made their decision. This decision is was a denial was not accurate. The lender is not calculating the income properly which they refuse to acknowledge. My attorney appealed in XXXX XXXX in hope of having them review the modification again insisting on them correcting their inaccurate calculation. This appeal was also denied with no explanation other than " you still do not meet the requirements for a loan modification ''. Based on our many submissions and affordability, we believe that a loan modification would certainly assist us with being able to keep our home. We are unable to afford a Chapter XXXX bankruptcy at this time due to Wells Fargo 's inability to properly process our loan modification requests for many years. The arrears are way to high at this time to be able to afford the bankruptcy plan. We are in foreclosure and Wells Fargo has stayed the foreclosure for periods of time while the modification was being reviewed, but the decision they made is not acceptable. The loan modification process was created with the intention of assisting homeowners who had a financial hardship but can afford their homes keep them. Wells Fargo is certainly not giving us a fair review.

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