Consumer complaint received 2016-04-09
Company: WELLS FARGO & COMPANY
State: GA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I went into modification with Wells Fargo XX/XX/XXXX for my XXXX mortgage loans which they said would take 3 to 6 months. After two years in the modification program, Wells Fargo inexplicably charged off my XXXX loan. Every time that I would ask why the modification was taking so long, they would say to just keep paying and sending in the docs. and everything would be ok. I never missed a payment or did anything that would disqualify me for either loan. I objected, but was threatened with foreclosure if I did not accept the modification and charge off. They had already sent foreclosure documents in the final week before the modification came through - which they claim was their right to do as my trial payments were less than the original regular amount of my mortgage. Being a single parent of XXXX, the thought of being foreclosed upon and evicted from my home was terrifying so I reluctantly agreed. I asked if their was any way I could get the second loan reinstated of modified ; as it was not fair to charge off the loan because I was paying what they had asked and following the terms of the modification. It would also have a devastating effect on my credit too. They flatly refused and told me to move on past it. 
Four years had now passed ( XX/XX/XXXX ) and I have never been late on my payment. I routinely inquire about the possibility of reinstating the second loan but would just be told that its no longer in their active database. My credit shows it as a charge off and lists no other ownership or status change of the debt. XX/XX/XXXX I received a letter from a law firm stating that they represent the owner of the debt. The owner they told me was XXXX XXXX XXXX XXXX XXXX. I researched the company and realized it was a dubious firm whose owner, XXXX XXXX, had gotten fined and jail time for bribing mortgage execs - including Wells Fargo- to sell him loans like mine.I called and spoke with a rep who said that my loan amount had now ballooned to {$73000.00} and was due immediately. I of course could not pay that and he said that he would take one time lump payment of {$25000.00}. I did not have that either but told him I would work towards that sum. All year I tried to see how I could come up with the money as, once again, just as how Wells Fargo threatened to foreclose my home four years ago if I did not take the charge off, that same charge off has now placed me in the same terrifying situation for me and my children. XX/XX/XXXX I managed to access the financing for the {$25000.00} through XXXX XXXX, who said they would assume the lien from them for that amount but they were having difficulty trying to locate the owner of the lien. I researched the number for XXXX XXXX but the XXXX of Calif. reports them as out of business. I also researched the number for XXXX XXXX but the only thing showing up was the verdict from the bribery case. I had hit a roadblock. One week later I received another letter from a new lawyer stating that they are representing the owner of the loan. I called the number they gave me and got the same rep I spoke with last year. I told him I finally got the settlement we spoke of but had difficulty finding him. I told him even XXXX XXXX could n't get a hold of him but would assume the lien for the {$25000.00} we had agreed upon. He said the balance was now {$83000.00}, and he needed {$50000.00} to settle the loan. Of course I do not have that. Two weeks ago I received a certified letter that my home for me and my children have been listed for a foreclosure sale XX/XX/XXXX ... My worst fears are materializing. PLEASE SEE WHAT YOU CAN DO TO HELP!! It was grossly unfair that Wells Fargo charged my loan off and sold it to these sharks. I did everything Wells Fargo asked for in my two year modification to avoid this and it has come back - but now its 100 times worst.

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