Consumer complaint received 2016-08-02
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: FHA mortgage
Issue: Application, originator, mortgage broker

Complaint:
I believe Wells Fargo has committed fraud.I was contacted by XXXX XXXX XXXX who does mortgage audits. They contacted us because our names popped up in a database red flagging county records.The county records show that XXXX ( who went bankrupt in XX/XX/XXXX ) assigned our Deed of Trust to Wells Fargo XX/XX/XXXX. XXXX XXXX XXXX does not believe the Promissory Note or the Deed of Trust were legally transferred to Wells Fargo before XXXX went bankrupt.We mailed a QWR which was submitted to Wells Fargo and the Consumer Financial Protection Bureau months ago.I am waiting on a response from Wells Fargo. Wells Fargo keeps requesting an extension on when they will have the information to us.Unfortunately I do not have the case # assigned by CFPB and need to find out if another complaint must be submitted.Here is the history behind my loan.My husband and I settled on our house in XX/XX/XXXX with XXXX.Shortly after, our loan was sold to Wells Fargo ( or so we thought ... not sure ) by XXXX. In XX/XX/XXXX we fell behind due to the horrible economy and my husband took a major pay cut and I was laid off.At that time we filed for a forbearance agreement with Wells Fargo which we completed. Wells Fargo offered us a modification loan that was doomed to fail.We unfortunately never made XXXX payment towards the modification and went into default.The loan modification terms took our original loan from {$960000.00} at 6.5 % ( interest only ) to a modified loan of {$990000.00} at 5.5 % ( interest only ) .On the original loan in XX/XX/XXXX we were hoping to refinance but due to the drop in the value of our home we were unable.We financed {$960000.00} on an ARM at 6.5 % interest only ( approx $ XXXX monthly payment ) and then 8 years later there was an increase in interest taking our mortgage payment to {$6300.00} ( interest only ) to just recently at 10 years another monthly increase where we are now paying principle plus interest at {$8300.00} a month.County records show that Wells Fargo was assigned the Deed of Trust XX/XX/XXXX ( 6 years after we were already making payments to them ) .Can XXXX represent a company that has gone bankrupt ( XXXX ) and assign a Deed of Trust to another company? Of course that is if the XX/XX/XXXX is the date of when paperwork was in fact assigned rather than in XXXX am not sure if paperwork was just delayed being filed 6 years later or if Wells Fargo was not legally bound to our loan until XX/XX/XXXX.Are Promissory Notes dated around the same time as a Deed is assigned? I know the Deed always follows the Note but I am confused on the timeline.The company that is doing an audit also has thrown out terms like XXXX and Robosigning.I filed for Chapter XXXX XX/XX/XXXX so that our house was not foreclosed on.Wells Fargo dragged our case out for 2 1/2 years in the Bankruptcy courts and they finally agreed to the terms and the case was confirmed XX/XX/XXXX.Being on a Chapter XXXX we paid close to {$50000.00} in attorney 's fees which I think Wells Fargo dragged out the case in hopes financially we would no longer be able to afford those attorney fees.Wells Fargo agreed to a 13 year plan of us paying back arrears of {$240000.00} ( $ XXXX monthly ) which was our initial offer at the beginning of the bankruptcy filing.This takes our monthly amount payments to Wells Fargo to $ XXXX.How did arrears payments accrue to be so much if they were going to deny our modification and why did Wells Fargo never accelerated the foreclosure proceedings if they were not going to approve a new modification.When we defaulted on the first modification we were told to apply for an in house modification where we submitted financial reports for almost 3 years and were denied anyway.After they denied any modification agreement they began the foreclosure proceedings not long after county records showed record of the assigned deed

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