Consumer complaint received 2017-01-23
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Other mortgage
Issue: Settlement process and costs

Complaint:
After years of aggressively reaching out to Wells Fargo to assistant with an affordable home mortgage, a modification was finally extended to me. This offer has helped me to save my home from foreclosure status and preventing me from losing my home in an auction. Although an modification offer has been extended, I do n't understand how this is an affordable option. The original principal amount is {$320000.00}, Wells Fargo has added an additional {$130000.00} to my original principle amount making the new principal {$460000.00}. This excessively exceeds the current market value of my home. The current market value for my home is approximately {$29000.00}, the original principal amount was is already an upside down mortgage, I do n't understand how adding an additional {$130000.00} to my principle balance is suppose to assist with my current situation or make this an affordable offer. The value of my property will never be worth {$460000.00}. Why is Wells Fargo pushing to increase my loan amount to exceed the value of my property in lieu of working with me to provide an affordable offer. What is Wells Fargo anticipating if I need to sell my property in a few years? Am I anticipated to short sale and damage my credit that I am currently working on repairing? 
The breakdown of {$130000.00} is not clear to me, nor should is be included to my original principal loan. Also, the additional {$130000.00} does n't make any sense. If this is for taxes and insurance, the total cost should be approximately {$60000.00} for 5 years. I would like to get this issue resolved sooner rather than later. 
I have been reaching out to Wells Fargo for years to avoid late charges and try to resolve this issue, but I kept getting the run around, or just rejected. I had to file bankruptcy in order to save my home from going up for auction. I feel as though Wells Fargo is intentionally making it difficult to provide an affordable home mortgage that is equivalent to the market value. 
I have successfully paid the 3 month trail payments, but not enough time was provided to vet through the modification offer. I have agreed to the offer to prevent my home from going up for auction, but understand I have 30 days to make changes as needed. I 've submitted several letters asking to waive all additional fees to avoid the upside down scenario with my home, but have n't received a response. 
I do n't understand why Wells Fargo would increase my original principle amount to exceed the current market value of my home. Currently, the market value of my home is already less than the original principal amount. How is increasing the loan amount even higher to exceed the value of the home making this an affordable home mortgage? I am a single mom and if I decide to sell my home in a few years, I will be in a worst situation due to the balloon payment that has been added on by Wells Fargo. My investor XXXX XXXX, is not requesting the additional fees, these fees are all from Wells Fargo, and I would like it to be removed and really making this an affordable offer that is in line with the market value.

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