Consumer complaint received 2016-02-16
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
I 'm making this formal complaint about the fairness and accuracy of the credit reporting based upon the misleading, unfair, irresponsible and predatory lending practices of Wells Fargo Bank. 

I am asking that all late payments be removed from all three of my credit reports as a result of Wells Fargo setting me up for failure at the beginning or our financial relationship. 


I have outstanding debt with Wells Fargo in the amount of XXXX. 


In the beginning I was razzed and dazzled by the loan officer ( XX/XX/XXXX ) as I was a First Time Home Buyer and I did not quite understand the confusing interest payments were going to make my payments so much more than what they said they would be initially. I was just so excited to own my first EVER home and to have a safe neighborhood for my XXXX impressionable children to thrive in. I was mislead by the loan officer. The talks as to the amount of the mortgage payments were irresponsibly misleading and the final payment that became due from Wells Fargo in the form of my mortgage payment was outside of my financial mean at the time. 


I did speak with several different loan officers during the closing process. The closing process was misleading and confusing since I was told a completely different and manageable total that I could handle at that time. I was mislead as to the final number as far as a mortgage payment that was expected of me on a monthly basis. Had these loan officers done their due diligence they would have been sure to inform me as to my exact mortgage payment, which was notably out of my means at the time.The amount that I would have to pay monthly was unclear and when the bill came I paid it for as long as I could. I depleted my savings until I could not pay this unexpected higher amount any longer. 


I am able body but lost my job in XX/XX/XXXX shortly after I closed on this home. 
I was open and honest with Wells Fargo in XX/XX/XXXX when I lost employment for several months. They were made aware at every turn of my struggle. I was harassed by their debt collection calls even though I was in talks with Wells Fargo to work out a refinanced interest payment for my home loan when I regained employment. I was on the " do not call list '', yet they continued to discriminate against me on an almost daily basis, based on my income, with their predatory practices. 

At this point I have a strong employment history but it was a long road to my financial recovery and I am not only willing but I am glad to pay my debt, as is evidenced by my refinancing the loan and having a direct withdraw being liked to my checking account to take place EVERY TWO WEEKS. It was n't easy for me to get here and Wells Fargo was unfair and predatory in their practices on my financial journey. 


I am in good standing with Wells Fargo and have been in good standing for almost four years now. I would like these late payments removed from all three credit bureaus. I would like to apply for a loan to send my first born to college in a few short years. This negative reporting only furthers Wells Fargo attempts to discriminate against me continuously. 





Thank you, XXXX.

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