Consumer complaint received 2016-09-29
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
XX/XX/XXXX home was destroyed by a flood. XX/XX/XXXX Wells Fargo reached out to us to inquire about possible damage and placed us under Disaster Assistance protection. During this time period, we received monthly letters of from another division of Wells Fargo stating the mortgage payment was delinquent and the home would be foreclosed. A Wells Fargo inspector came to our home seven time and posted notices that he was recommending the home be seized. Each time I called and stated that the home was until disaster protection. They stated they would update the system, but the next month the cycle started all over again. I filed a complaint and the customer care recovery division assigned XXXX XXXX to my case. XXXX XXXX worked tirelessly to get my case resolved. She recommended we be given consideration for a loan modification since we have a perfect record with paying our mortgage on time every month for the 5 years we lived in the home. Simultaneously we obtained a FEMA disaster relief for temporary housing. We also obtained a XXXX SBA disaster loan to fix the home. In XX/XX/XXXX the modification was granted and we were contacted by XXXX XXXX, a Home Preservation Specialists with Wells Fargo to begin the process. She gave us XXXX options, pay the past due all up front or have it added to the end of the mortgage and refinance the payments. We were prepared to pay the past due but after stated that we had secured an SBA loan, XXXX XXXX encouraged us to keep the money for home expenses and let her work on a modification. A few days later she called us back with the new modification terms. Three trial payments XX/XX/XXXX, XX/XX/XXXX XX/XX/XXXX of apprx XXXX, and the new mortgage would take effect XXXX. We made both the XX/XX/XXXX and XX/XX/XXXX payments in full and early. Last Weds I called to make the final payment and Wells Fargo stated that on XX/XX/XXXX they stated our mortgage was sold to XXXX and stated they would have nothing more to do with our mortgage and any questions should be routed to them. When I inquired as to why it was sold in the middle of a trial modification and with a disaster relief protection and a stellar record with the company, the customer service rep had few answer and transferred be to a supervisor who stated all she could do was file a complaint stating that I felt our mortgage should not have been sold. I contacted XXXX and they stated they were a debt collector and Wells Fargo had sold our loan to them because we were nearly a year delinquent on our loan that we needed make the third trial payment or face them seizing the home within 30 days. I made the payment under direst and I stated to them that I was in the process of home repair with money from an SBA loan. I had received my first disbursement but I hand paperwork from the SBA that needed to be signed by them to receive the second and third disbursement to finished the work. They gave me phone numbers to fax the paperwork to. After about a week of not hearing anything, I contacted XXXX and they stated they had not received it. I resent. Another week. Again stated they did not receive. SBA has stated that they will not release any more funds until this paperwork is signed and my contractor is ready to walk off the job. I researched XXXX and they have thousands of complaints from customers all over the nation stating the same issue I have. Tuesday I was again contacted by XXXX XXXX again. She interviewed me about the issue and stated that she believed Wells Fargo should not have sold the mortgage in the middle of both a disaster and Loan modification period that was indeed successful. I requested that Wells Fargo buy my mortage back from XXXX. Our FEMA money has run out. We have submitted our notice to vacate the apt on XX/XX/XXXX and our home is only XXXX completed. We will be homeless soon.

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