Consumer complaint received 2016-07-22
Company: WELLS FARGO & COMPANY
State: MA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I truly need help! Please help, if my house of 23 Years will foreclose on I will be homeless, I 'm currently with XXXX waiting for another XXXX and will have no place to stay. I tried selling the house ( short sale ) but the value of the house is so low now, it has been fallen into disrepair even more now since last winter, I was planning on repairing stairs, deck, driveway ... so I 'll be able to sell it and pay off the mortgage in the near future, but the fear of foreclosure for over a year preclude us from doing so. I 'm enclosing the market analysis that was done on the house less then a year ago, by a real-estate agent, when I was looking into selling the house, he was not payed by me for the analysis.The house value now is XXXX-XXXX. So at this point I 'm stuck, the value of the house is too low to sale and pay off the mortgage, and the monthly mortgage payments with 6 % interest are unendurable. 
For the last 17 years I have seen my mortgage principle increase regardless of the timely monthly payments that I made for years. When my mortgage was with XXXX XXXX over 10 years ago, I made additional payments and asked the bank, to apply it into the principal but it was never applied, I received notices that " I over payed, therefore I do not need to make payments for the next 2-3 month ''. I could see that my principle kept on increasing and was not able to do anything about it, the bank refused to make any arrangements to stop that trend. 

My hardship started prior to 2013 when my employer, in order to save money, decreased our working hours, after several month of receiving lower income it became apparent that I will not be able to keep up with the mortgage payment of {$1600.00} a month, I called Wells Fargo and asked for help. I was asked for documents ( over XXXX ), all were submitted to Wells Fargo but I received no help. 
I had to find another job with a higher income in order to be able to make the mortgage payments! I left the compony that I worked for for 7 years and moved to XXXX ( I reside in XXXX and my house is XXXX ) since I could not find a local company that would pay a higher salary in my profession, I rented a room there, i was hoping to sell my house. However after several month of working with that new company, the owner announced that the company is being sold, and he is " letting people go ''! I was one of the newest employees, therefor I was among the first employees that the company " let go ''. 
I received unemployments benefits and therefore was told by Wells Fargo that I 'm not qualified for modification, however my monthly payments were reduced to {$800.00} a month for a year. I had no problem making these payments but I was surprise to find out that additional fees and interest were added, therefore my principle has being getting higher during that period. 
Unfortunately, while looking for another job, I was experiencing some health problem that required surgeries and treatments. I applied and was awarded social security XXXX. I had XXXX in the past 18 month XXXX. I have been in treatments and physical therapy for the past two years and my health has been improving slowly, I 'm planning on getting back into the workforce as soon as I recover from the upcoming XXXX. 
However, knowing the range of salary for my profession ( XXXX ) my income, at a full time job, will be only slightly higher that it is right now. 
Currently, I supplement my income by making and XXXX, and some tutoring. I also have a tenant that has been giving me $ XXXX monthly rent payments, and has been paying the electric bill as well. I 'm sure I will have no difficulties making monthly payments if it will be lower than {$1600.00}. For the past 6 month I have been paying XXXX XXXX {$900.00} a month, they did not help.

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