Consumer complaint received 2015-10-21
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
My wife, XXXX, and I have a joint mortgage with Wells Fargo ( WF ) ; the mortgage was formerly with XXXX and then XXXX. We have been paying the mortgage each month, but because of WF 's accounting process they refused to amend the payment date to coincide with XXXX 's payment date which is on the first of each month. WF insisted on maintaining the XXXX of each month as the mortgage due date which disadvantaged us, the borrowers, as our salary was paid on the XXXX of each month, and enabled WF to calculate whether the loan was past due or in default. Despite the fact that the mortgage was always paid each month, WF have applied erroneous late fees amounting to over {$5000.00} because the payment was not received on the XXXX of each month. .WF 's refusal to work with us has cost us XXXX dollars and negatively impacted our credit status. We are disputing the accounting process that WF is using in the " Customer Account Activity Statement : Loan # XXXX created on XXXX/XXXX/XXXX. 
Secondly we have made several attempts since XXXX to obtain a fixed rate mortgage for this loan. We have received conflicting information from a succession of " mortgage specialists '' employed by XXXX XXXX, XXXX and now WF. Clearly our mortgage loan was bundled into a mortgage security, used as collateral for a succession of bank mergers and acquisitions, to our detriment as the loan holders. 
We have been requesting detailed explanations from WF justifying the accrual of these late fees and WF have either failed to respond or given us unsatisfactory explanations.. 
We strongly feel that we have been treated unjustly and that our financial situation has been adversely impacted by WF 's ; lack of due diligence. Confirmation of this belief is evidenced by the recent decision of the City of XXXX CA to file suit against WF in federal court on behalf of WF customers, such as ourselves. 
We also applied for a loan modification ; we did not receive positive consideration from WF to assist us in keeping our home and modifying the loan payments. Subsequently since XXXX we have been periodically threatened with loan foreclosure, causing us considerable distress and negatively impacting our credit rating, despite the fact that we pay the mortgage faithfully each month, and we are both employed. 

We are requesting that ALL the so-called late fees totaling {$5300.00} as of XXXX/XXXX/XXXX be removed as a good faith gesture by WF since we are not delinquent mortgage payers and we are long term WF customers. On XXXX XXXX XXXX, under difficult financial circumstances and under threat of foreclosure we made a good faith effort to raise and pay {$5000.00} towards the late fees This should have paid off the late fees. Instead because of WF 's dishonest accounting gimmicks the late fees remain the same and so we are further disadvantaged. 
This late fee dispute is preventing us from converting our sub prime mortgage, XXXX the kind of mortgage condemned by XXXX XXXX as being responsible for the XXXX financial crisis ) to a fixed rate mortgage..

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