Consumer complaint received 2016-09-06
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
XX/XX/XXXX, we started getting in financial stress due to reduction in income. I contacted Wells Fargo, the holder of the mortgage on my home, to request loan modification. I was told that since I was not delinquent, nothing would be considered. Over the next few months, we got behind in our payments, and on XXXX XXXX, XXXX WF sent me a foreclosure referral letter. I applied in XXXX XXXX for mortgage assistance. What followed between XXXX XXXX and XX/XX/XXXX ( 18 months ) was a string of 27 written letters from WF, and numerous phone contacts between us. I was shuffled around with XXXX different WF employees. I submitted my paperwork three different times, as there would be lengthy delays in processing my request while personnel were replaced, necessitating resubmission of my information. XXXX appraisals were conducted as the first on became too old for WF to use. These lengthy delays caused my arrearage to increase dramatically. In XXXX XXXX, WF offered me a trial plan, but it required me to pay most of the accumulated arrearage up front, which by that time I could no longer afford to do. WF stated that the only option they had was to require repayment of most of the arrearage as they were restricted by the terms of the Mortgage Backed Pass Through Certificates trust they set up and administered. They stated that if they reamortized my loan, they would have to offer that to anyone else who was part of that particular trust, and they were not willing to do that. 
WF handling of my mortgage assistance application almost exactly parrallels their past misdeeds that resulted in the suit brought by the State of New York and other states, including Maryland, where a consent decree knows as the National Mortgage Settlement ( NMS ) was ordered by the US District Court, XXXX. In that Consent Decree, WF was required to respond to and process mortgage modification requests timely, modify loans reasonably, and prevent the accumulation of arrearages that made it impossible for homeowners to avoid foreclosure. In my case, WF violated nearly all the terms of the NMS Consent Decree. I was forced to apply for Chapter XXXX bankruptcy protection in XXXX XXXX to delay foreclosure sale by WF. The Bankruptcy Court is unable to order modification of my XXXX loan since it is on our primary residence. All I am trying to do is to reamortize the loan to incorporate the arrearage, even though the loan is XXXX % greater than the appraised value of the house, due to the housing crisis. If WF forecloses, they stand to lose more than {$700000.00} in arrearages and loss of value, yet they are inflexible. I have evidence of all the WF contacts over the last two and a half years. I have also filed a Complaint in the Circuit Court of XXXX County MD which is deferred pending conclusion of the Chapter XXXX Bankruptcy filing.

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