Consumer complaint received 2016-04-13
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I have a mortgage managed by Wells Fargo, but which they appear to have sold to an investment group of some sort, identified only by a code number. The mortgaged home is in foreclosure for a variety of reasons, but with Maryland 's required mediation, I was optimistic that a modification would happen. I submitted all appropriate documentation, and on the day of mediation ( XXXX XXXX ), both the XXXX and Wells Fargo 's lawyer were stunned that the package was already complete and submitted. Wells Fargo 's position was that they would take 30-45 days to reach a decision on the modification, so the XXXX notified the Court that the parties had been unable to reach agreement -- she said that 's the only outcome when a modification request is under review. Given that the package was complete, Wells Fargo was reviewing, and even their attorney was confident an offer would be forthcoming, there was no direct contact with Wells Fargo during the mediation session on XXXX XXXX. Twenty-four hours later ( not 30-45 days ), Wells Fargo denied the modification request. They stated that I was ineligible for HAMP modification based on my ability to afford the mortgage ( with no reference to the mid-five-figure arrearage ), and that the mystery investor who actually owned my note would not allow a modification because there had been a prior modification on the note. In essence, Wells Fargo rendered the mediation required by Maryland law ( because like everyone else, the Maryland legislature recognized the bad faith of Wells Fargo and its ilk ) utterly meaningless by feigning consideration of a modification just long enough to check the mediation box before proceeding with the foreclosure process the next day. My e-mail appeal to the XXXX went unanswered ; my call to Wells Fargo 's attorney was met with an " oh, well. '' ( I 'd note that that attorney 's boss was previously suspended from the practice of law by the Maryland Court of Appeals for forgery in connection with Wells Fargo foreclosure practices, but was back from suspension and signed my foreclosure docuemnts ). Ironically, days after this deft move, Wells Fargo agreed to pay the largest fine ever for its bad faith in mortgage practice, but the XXXX dollar fine certainly has n't changed anything about their behavior, nor have all the fines and lawsuits that preceded it. I 'm appealing the mediation denial to Wells Fargo, though that 's clearly nothing more than another box for Wells Fargo to check off. It 's hard to understand how both the Federal and State governments can criticize, punish, and try to control Wells Fargo, yet they sidestep, manipulate, and carry on as if it were still 2007 and they were still handing out mortgages like balloon animals to stock their mortgage backed securities ( which is what, I suspect, my mystery investor/mortgagor actually is ).

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