Consumer complaint received 2016-01-05
Company: WELLS FARGO & COMPANY
State: CO
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I was denied a Home Affordable Modification from Wells Fargo Home Mortgage on XX/XX/XXXX, stating the reason was that I did not meet the requirements of HAMP was because I did not provide them with valid documents. I have copies of my faxed documentation that proves that I sent all requested valid information several times prior to XXXX XXXX, XXXX. I was also told by Wells Fargo that their investor XXXX XXXX XXXX XXXX does not provide HAMP assistance. First Wells Fargo told me their investor does not approve or work with HAMP. Then Wells Fargo later told me I did not provide them with valid documents. I have since lost my home to foreclosure sale on XX/XX/XXXX. Wells Fargo did not bid my home which had a fair market value of {$450000.00} at fair market value. They started the bid at {$210000.00} which sold for {$260000.00} because the investor bidding on my home knew it was worth much more than the winning bid of {$260000.00}. Now I am out {$180000.00} of equity because Wells Fargo did not bid my former home at " Fair Market Value ''. 

I truly believe that I was discriminated against on my HAMP and loan modification request by Wells Fargo Home Mortgage. At the time of my loan modification request I was able to get out of underemployment and had landed a new job that gave me enough income to start paying my mortgage payments again if a modification plan could have been worked out. I sent Wells Fargo all my pay stubs from my new job as well as all my bank statement information. Once I told them I have the funds to start making mortgage payments again I was told by by the home preservation specialist that they could not validate my income, even after I send them pay stub information, copies of recent bank account statements and all the other income information they requested. I worked extremely hard to save my home. I got behind on my mortgage payments due to underemployment. I had been a Wells Fargo customer since XXXX on the home they recently foreclosed on. Wells Fargo did not loose one cent of money on my foreclosed property. They made {$550000.00} on my home, {$280000.00} on 15 years worth of payments and another {$260000.00} at the foreclosure sale. Wells Fargo also held the XXXX mortgage on my home and requested the Over Bid proceeds of {$53000.00} on my foreclosed home. Wells Fargo sent me in writing that my homes market value was {$320000.00} prior to taking my former home to foreclosure sale. They knew they could get all the money owed to them if they would have placed a fair market value on my home prior to the foreclosure sale. 

I truly feel that a huge injustice has taken place in the non-approval of my HAMP and Loan Modification Request. I should have been a candidate for being approved for either program. Since XX/XX/XXXX Wells Fargo has made over {$850000.00} off of my hard work. I paid a mortgage in full in XX/XX/XXXX on another mortgage I once had with Wells Fargo. Now 16 years of making mortgage payments is all gone. I have lost everything I have ever worked for because Wells Fargo continually came of with invalid reasons why I was not approved for a loan modification of approved for the HAMP program. I have paid Wells Fargo over {$850000.00} and now my home has been lost to foreclosure, all because of their discriminatory loan modification denial. Why would they not work with a long time loyal customer who needed temporary assistance. I have the all the paperwork to prove that I should have been approved for a loan modification plan. I was at Wells Fargo mercy and they deliberately decided not to approve my loan modification because of discrimination and greed. This injustice in pure evil and greed at work. I hope you can help me stop Wells Fargo doing this to other long time customers. 

Sincerely, XXXX XXXX XXXX Wells Fargo Loan # XXXX XXXXXXXXXXXX

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation