Consumer complaint received 2016-05-31
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Credit decision / Underwriting

Complaint:
Wells Fargo is threatening to foreclose on my house because I missed XXXX payments on my 2nd mortgage as part of an informal agreement during a failed modification last year, even though my 1st mortgage has always been current and I make regular payments on my 2nd mortgage. They claim that they can do this because WF is the servicer on my XXXX XXXX 1st mortgage. This is the first time in over XXXX years of credit history that I have EVER been behind on payments and all of my other credit is fine. 
After attempting to refinance this loan since XXXX, In mid XXXX, when my unemployment ran out, I finally told them they could not take any more money out of my checking account automatically. That got their attention and I was handed over to a very ethical and nice single point of contact who told me that WF " could not '' give me a formal payment plan due to Dodd-Frank rules, but it would be OK if I paid every other month while they processed a modification and someone in their executive office " researched '' the origination of my loan. This went on for 6 months until the unethical person in the executive office, XXXX XXXX, claimed the origination was fine because I " did not have sufficient down payment, '' even though I showed them documentation that my down payment was sufficient given banking standards now. 
I have been paying this loan every month since this time, going without medications, food, staying at a friends because I could not afford the utilities, etc. but had no way to make up the arears payments as I struggle to start a new business in this economy. They want {$4200.00} per month for 3 months to modify this loan. Sometime in XXXX, a check did not show up and I went over XXXX days for 1 day. They then sent a demand letter saying they would foreclose if I did n't ay {$1200.00} in less than a month. I borrowed money and sold things to get this down to XXXX payments past due. Earlier this year, I filed another CFPB complaint and went through the XXXX office and housing counselor 's office trying to get XXXX ) the whole unethical research process reviewed by a neutral third party and XXXX ) either modify the loan or set up a payment agreement to stop destroying my credit and let these back payment stand until I could prove enough income for a modification. They did neither, the results of that interaction was : XXXX. Failure to do an independent investigation on the original case. Instead of an independent review by a neutral third party, XXXX XXXX - the manager of the unit that employs XXXX XXXX ( who is her direct report ) claimed to do the review herself but really he did all of the work. I continued to receive communications signed in his name. 
XXXX. Unmet promises to facilitate communication with home preservation to address the current status of the loan. Given the nature of the case and the fact that my loan is passed due because I believed the lies told me by Wells Fargo that they would in fact develop a reasonable payment plan and do what they could to refinance the loan while XXXX XXXX " researched '' the account for XXXX months, I asked XXXX XXXX to ask someone senior in home preservation with the authority to work out a payment plan to contact me. SHE AGREED BUT THEN BACKED AWAY FROM THAT AND NO-ONE EVER CONTACTED ME. 
My understanding from the various conversations with WF was that as long as I kept paying this overpriced loan, they would leave me alone. Instead on XXXX, I received a letter dated XXXX telling me that they will foreclose on the loan unless I paid {$960.00} past due by XXXX. I have contacted the senator 's office and my housing counselor and asked them to see if they could get someone high enough up in home preservation to SCHEDULE A CONVERSATION WITH ME AND WORK OUT SOMETHING, but so far neither has received a response. I have no place else to borrow any more money from.

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