Consumer complaint received 2015-11-09
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
To Whom It May Concern, I have been fighting Wells Fargo for years in regards to a foreclosure on my property. They do n't seem to believe they need to adhere to the laws of California or the guidelines, rules, and regulations that pertain to them. On XXXX XXXX, 2015, I mailed to Wells Fargo Home Mortgage, my servicer, a Notice of Rescission to cancel my loan transaction. It came to my attention recently that the opportunity to send a notice of rescission to them was still available because consummation of my loan had not yet occurred. Pursuant to the Federal Truth In Lending Act, hereinafter referred to as TILA, the notice of rescission is effective upon mailing. It automatically cancels out my deed of trust and the liability. To my understanding, under the statute, the promissory note and lien becomes automatically void by operation of law. 
I mailed out the notice of rescission to Wells Fargo on XXXX XXXX, 2015. Wells Fargo received the notice on XXXX XXXX, 2015. Pursuant to TILA, Wells Fargo had twenty ( 20 ) calendar days from receiving the notice to either file a declaratory action against me to challenge the notice of rescission or to take the mandatory steps required under TILA. Wells Fargo did neither. The only thing Wells Fargo did was send me a letter stating they received my letter. Pursuant to TILA, the security interest is void and of no legal effect irrespective of whether the creditor makes any affirmative response to the notice. There is nothing in the statute that gives Wells Fargo the right or authority to grant or deny my notice of rescission. Had they disagreed with my notice of rescission, they were suppose to file a declaratory action against me within twenty ( 20 ) days to challenge my right to rescind. Wells Fargo or my " true creditor '' failed to take those actions. Wells Fargo or my " true creditor '' are in violation of TILA because they have failed to take the mandatory steps required under TILA. The statute makes no distinction between my right to rescind in 3-day or extended as neither cases nor statute give courts equitable discretion to alter TILA 's substantive provisions. Since Wells Fargo or my " true creditor '' has failed to file a lawsuit challenging the rescission within the statutory 20 calendar period, they have given up any and all affirmative defenses to the rescission and they have no right or standing to attempt to enforce the deed of trust. I am puzzled as to who they believe they can proceed with a foreclosure on a deed of trust that has been canceled and made null and void by operation of law. There is absolutely no question that by operation of law my deed of trust has been canceled. Wells Fargo or my " true creditor '' is in violation of TILA for their failure to comply with the statute within 20 calendar days. Thus, they have given up their right to make a claim for the money that was allegedly loaned to me. The debt is not only unsecured but it is eradicated starting with the rescission notice and ending with their failure to comply with the statute.

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