Consumer complaint received 2015-05-30
Company: WELLS FARGO & COMPANY
State: AZ
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
Our home was foreclosed on by Wells Bank after years of promises and lies about giving us the best mortgage loan for us with great interest rates. During XXXX we met with our Wells Fargo Mortgage Banker in the XXXX XXXX area, XXXX XXXX whom we have had previous home loans and equity lines of credit. When we approached XXXX with our desire to pay cash for our new house in XXXX @ XXXX in XXXX, Arizona he convinced us that his new 5 year ARM, interest only loan was the best way to go and we could refinance anytime. We moved into our new house on XXXX XXXX, XXXX and things seemed to go really well. By now we had been given a PMA checking account to sweeten the pot of the XXXX year ARM. WE opened up a Wells Fargo Savings Account, Checking Account, we were convinced by the Investment Banker we met with to move our IRA to Wells Fargo Investments and we did. As our home started to appreciate in value I called my Private Banker at Wells Fargo Bank and inquired about a Home Equity Line of Credit. XXXX XXXX asked how much I wanted and I said {$100000.00} or {$200000.00}. XXXX hour later XXXX called back and said {$160000.00} was in my equity line account and his boss approved the additional {$40000.00} to let him know when we wanted added to the account. We were told to come in anytime to sign the documents. What he did n't tell us was it was also an interest only Equity Line. I guess we were in awe of the financial power we had that we never realized it was interest only. During XXXX we started hearing rumblings about the real estate market, stock market and the automobile market. I took the proactive approach and contacted Wells Fargo Bank Corporate to get some information on the mortgage industry status form our mortgage holder. When a young woman answered I asked about our mortgage status based on the market trends. The telephone was handed to a Mortgage XXXX XXXX XXXX and I asked him about our loan and the market. The response swift and rudely pointed we were not behind on our mortgage payments so they did n't want to talk to us. We were told to contact XXXX XXXX and when we talked to XXXX he said he was in the same boat and Wells Fargo Bank will not help the people not behind on their payments. We were next told to attend a Making Homes Affordable session. We spent XXXX hours at the convention center, met with a Wells Fargo Banker and left wondering and confused. As time progressed we had XXXX or XXXX Making Homes Affordable Specialist and no results on any part of the mortgage or equity line. Our IRA was never serviced by Wells Fargo Investments and our Private Banker told us to move our IRA back to XXXX XXXX where it died a quick death. Our mortgage became underwater and matured after XXXX years and went up and never went down even when the real estate market dropped. We were denied a refinance prior to the XXXX years and we were told we initially we could refinance anytime. Finally with our investments gone and finances not covering our obligations and helping our XXXX children save their homes we decided to file for bankruptcy. In the mean time Wells Fargo Bank without notice reduced our equity line to {$150000.00} without prior notice, our {$25000.00} credit card was reduced to {$12000.00} then to {$4000.00} and made to look like we exceeded our card limit. We asked to do a short sale and our Real Estate Agent presented XXXX offers higher than what Wells Fargo Bank sold our house at foreclosure. The latest was we received a letter from Wells Fargo Bank telling us they overcharged us {$4400.00} during the period of the life of our equity and were putting the amount against the written off amount of the equity line that was closed over a year. We owed {$320000.00} on our mortgage and they sold it for {$350000.00}. We had over {$250000.00} in upgrades in our house. Wells Fargo took our money and never helped us.

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