Consumer complaint received 2017-01-10
Company: WELLS FARGO & COMPANY
State: UT
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I am filing a complaint because we are being treated unfairly by our mortgage company Wells Fargo. Our real estate agent initiated a short sale with Wells Fargo on XXXX/XXXX/XXXX. We went through a long and extensive review of all of our financials and current situation. On XXXX/XXXX/XXXX we received an " Approval To Participate '' & sent it back signed on XXXX/XXXX/XXXX along with a valid offer meeting the terms of the approval. 
We were told on XXXX/XXXX/XXXX that the short sale was declined advised from Wells Fargo " Unfortunately, the Insurer is not willing to proceed due to the following : Seller does not meet the requirements of this program. Seller 's expenses, subtracted from your monthly income, resulted in a balance that does n't meet program requirements. We reached this decision by reviewing the monthly income, along with the other information provided. Seller has the ability to maintain all monthly obligations, and has not made a payment since XXXX/XXXX/XXXX. Your request required approval from the Insurer that owns your mortgage. The Insurer has declined the request. As a result, we are required to deactivate this file in Loss Mitigation. ". We escalated the file to upper management immediately because all of the proof we provided showing financials and documentation showed our expenses exceeding our income and we did in fact meet the FHA guidelines for expenses vs income requirements. Management did re-review the file and we had to go through another long financial review as well as provide several more financial documents. On XXXX/XXXX/XXXX we were advised by Wells Fargo " Financial review is now complete and file is approved to move to the negotiations phase of the process after I receive the new appraisal and broker 's price opinion which were both ordered today. '' On XXXX/XXXX/XXXX the new appraisal was completed. After request updates we received an email from Wells Fargo advising " Good Afternoon! Unfortunately, the file has received a hard decline by the investor ( XXXX ) and is not eligible for short sale. File removed today after the decline was reviewed by our Second Level Review team. '' We requested clarification 6 times on why the short sale was declined and never received a response from the processor, negotiator or management team. On XXXX/XXXX/XXXX we escalated this directly to the XXXX office & on XXXX/XXXX/XXXX we received a case/file # XXXX. Since then we have been working with the XXXX office and up until today we thought that XXXX & Wells Fargo were getting this resolved and reopened to move forward. However, we received an email from Wells Fargo asking us to resubmit ALL short sale documents for the 3rd time to review and start all over at square XXXX. We are very upset and frustrated. We have gone above and beyond to provide all documentation and proof that we qualify for the short sale, along with having a qualified cash buyer since XXXX XXXX with an offer that meets the min net requirements by the investor ( XXXX ). We feel we have been treated unfairly and unjustly and would like our case to be investigated and reviewed. This has caused a lot of problems & stress in our family as we are already experiencing a hard time with facing foreclosure/debt & losing our home. We have very detailed notes and documentation for everything and can provide more details. Thank you.

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