Consumer complaint received 2016-06-27
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
The purpose of this letter is to request a formal review of our loan modification that occurred last year. The entire experience was very painful as we were working with XXXX XXXX and then requested a new representative. XXXX XXXX became our focal point and after the long process of being denied a few times and served with foreclosure papers. 

We were in constant daily communication with XXXX beginning in XXXX XXXX. Although XXXX was not working then so she could not provide proof of employment, she received a severance package so we clearly had the funds to make full mortgage payments. The reason we were requesting a loan modification is lower monthly expenses not because we could afford the payment. This was our first experience with the process and repeatedly asked XXXX for advice and instructions. XXXX advised us to postpone full payments, however, until the process was completed. We relied on his advice and trusted that since we were in ongoing communications, everything was okay. 

One day, in between the calls with XXXX, we were informed that our house was going to go through foreclosure. We were shocked, scared and confused because we had just talked to XXXX and he said everything was fine and under review. When asked about the late payment notices, he advised us " not to worry - these letters were being automatically generated by another department. '' Again, we trusted him until people started knocking on our door offering financial counseling. This was so embarrassing, we requested a new representative. XXXX XXXX handled the rest well and suggested that our mortgage was fine and credit reporting would later be corrected. 

We are in the market to purchase a car and was informed that we have 3 late mortage payments last year at exactly the time of working with XXXX. This is ridiculous because again, XXXX had a full year severance that we could use, however, we were advised not to worry per XXXX. 

Here we are almost a year later. Mortgage payment barely dropped and our credit score is negatively impacted due to working with Wells Fargo and listening to the advice of your representative. 

We are requesting that Wells Fargo either reverse the late payment notices or make notation that it was at fault in this process. We really need to buy a car so this needs to happen immediately. We have been dedicated customers to Wells Fargo for over 10 years and would hope that we would not have to change financial institutions considering we were given wrong instruction by one of your representatives. 

Regards, XXXX and XXXX XXXX The above letter was sent to Wells Fargo on XXXX/XXXX/XXXX. In XX/XX/XXXX, we received notice that Wells Fargo would not do anything to modify our credit report. We were never in a hardship and was simply looking for a lower monthly payment. We were advised to not make full payments, which was wrong advice. We trusted the bank and have now suffered. The monthly payment ended up to be only {$50.00} less after all of this unfortunate situation.

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