Consumer complaint received 2016-08-03
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
We are reaching out to you with the hope of saving our home. We do not believe that the XXXX XXXX XXXX XXXX ( XXXX ) at Wells Fargo Bank has acted in our best interest. We are in the strongest financial position today since XX/XX/XXXX and can certainly afford to keep our home. Our income clearly demonstrates our ability to pay our mortgage yet, we are told for the first time ( after all many years and at this critically late date ) that only XXXX % of our income is being recognized as the basis for underwriting our mortgage modification eligibility. 
After requesting an explanation for denial of our modification request and receiving XXXX extensions on dates to provide requested information from the XXXX team, we were then told on the day before a scheduled Sherriff 's Sale that only XXXX % of our income ( because we are married and business partners since XXXX XXXX ) was being used as the basis for underwriting our eligibility. We are effectively being penalized for being married business partners. 
We have been communicating most recently with XXXX team member XXXX XXXX. XXXX XXXX conducted requested research on our loan modification application denial and subsequent appeal. Her research was originally scheduled to be completed by XXXX/XXXX/XXXX, but on this day, we were notified the research would take longer to complete. There was no Sherriff 's Sale scheduled at that time. The completion date was then pushed to XXXX/XXXX/XXXX and then again to XXXX/XXXX/XXXX. The bank subsequently extended the original completion date to XXXX XXXX, XXXX. Under less urgent conditions this could be understandable but it left no time to react to the finding of the research as it was only one day before the then scheduled Sheriff 's Sale! We were forced to use our statutory Sheriff 's Sale adjournment on XXXX/XXXX/XXXX to prevent the sale of our home. 
We have weathered major storms - financial and natural, and are now on the best financial footing since XXXX. XXXX has not advocated on our behalf. There was one person on the Reentry Team who for the first time, took time to provide detailed information about each of the XXXX modification interviews that started XX/XX/XXXX. Up until that point various members of the Reentry Team were often confused and unable to clearly explain what the underwriters wanted from us. 
Our MANY phone conversations with a multitude of your staff members have often resulted in us hearing new information never shared before and often never mentioned again. There has been persistent inconsistency. It felt like we were dealing with several divisions in your organization, each oblivious of the actions of the other. 
A glaring example of this is receiving a loan modification packet on XXXX/XXXX/XXXX with an opening paragraph stating " Let 's continue the conversation about your mortgage payment challenges. If you would like us to complete a full evaluation and review your loan for mortgage assistance options, you will be required to provide us with specific documentation. If you choose to do so, please provide it by completing the package enclosed and turning it to us by XXXX/XXXX/XXXX. '' Two days later by phone, before we even responded, we are told " a modification is not possible, only reinstatement or short sale. '' A review of the documented history shows a pattern ; we have been receiving and responding to a consistent flow of conflicting information and requests. 
We are seeking your intervention on our behalf to stay the imminent Sheriff Sale of our home that is now scheduled for XXXX/XXXX/XXXX. We further seek our mortgage be modified based on our actual income - not at the stated XXXX % reduction. We hope to resolve this matter fairly and in both our best interests - for our family and Wells Fargo. We look forward to hearing from you very soon as time is of the essence.

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