Consumer complaint received 2015-07-27
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
After falling behind on my mortgage due to costs from a Federally Declared Disaster affecting my home, and divorce, I have been working with my Loan Servicer, Wells Fargo, to try an obtain an affordable loan modification and avoid foreclosure. Wells Fargo has not been easy to work with, has not followed guidelines set by XXXX in processing the modification request, and has not tried in good faith to work with me. Specifically:1 ) After tremendous amounts of follow up, and documentation being submitted, Wells Fargo finally replied with a Loan Modification offer on XX/XX/XXXX. However, the payment amount was over {$440.00} higher than my current loan payments, and used a valuation of $ XXXX which is much higher than the property is worth. 
2 ) I appealed their decision on XX/XX/XXXX on the basis that my P & I payment was higher than prior and the higher valuation used. I also submitted my valuation of $ XXXX with supporting documentation ( recent appraisal, as well as a XX/XX/XXXX appraisal in line with the valuation ). 
3 ) On XX/XX/XXXX, we had a NJ State Foreclosure Mediation session as part of the ongoing foreclosure initiated by Wells Fargo. Wells Fargo 's single point of contact was supposed to be available by phone, but did not attend, and was not reachable by Wells Fargo 's attorney. The Attorney was able to get someone from the loan servicing department on the phone, who stated the appeal was with the investor and we should hear back within the next few days. As such, I agreed in mediation to make a trial modification payment by the end of XXXX. 
4 ) On XX/XX/XXXX, I still had not heard back from Wells Fargo on the appeal, despite XXXX Guidelines that appeals must be responded to within XXXX days. As such, I needed to make the current modification payment to comply with the mediation agreement. I called Wells Fargo and spoke to Single Point of Contact, XXXX XXXX. He was unable or unwilling to give me any information about the appeal, but said he would push to get a response on the appeal to me via their lawyers. He took my trial payment of {$3200.00} by phone. 
5 ) In a letter dated XX/XX/XXXX ( received XX/XX/XXXX ), Wells Fargo sent a new trial plan notice, this time with an even higher valuation ( XXXX ) and a payment {$260.00} higher than the original trial plan notice indicated. No notice of how my prior payment was applied was given. 
6 ) In a letter dated XX/XX/XXXX ( received XX/XX/XXXX ), Wells Fargo sent a letter stating the valuation was being reviewed, and included an exterior only bpo, that came to the $ XXXX valuation. The BPO has blatantly false information ( lists an extra bedroom, lists full finished basement despite the basement being unfinished from damage related to disaster, values in-ground pool at $ XXXX despite it not being functional, etc ), and was derived giving the most weight to more expensive, larger comparable sales. I have not heard back on this review. 
7 ) I called Wells Fargo on XX/XX/XXXX and left a message for XXXX XXXX to discuss but did not receive a call back. I called again, and pressed " XXXX '' to speak to a different team member, and was told they would not discuss my account with me. 
8 ) Current trial modification status notes first payment made, but does not offer an accounting for how that payment applies. 

In Summary : Wells Fargo : * Did not meet the XXXX day timeline for replying to an appeal* Essentially forced me into making a payment prior to resolution of the appeal* Has not operated in good faith* Has not provided an accounting of how my XXXX XXXX payment will be applied towards my trial plan* Not provided a loan modification offer within XXXX guidelines of lower P & I payment* Used blatantly false information in determining valuation* Is unwilling to communicate further with me, leaving me in the dark on how to proceed.

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