Consumer complaint received 2017-03-08
Company: WELLS FARGO & COMPANY
State: MD
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
Wells Fargo stole our house right out from under us. in XXXX, we did everything right purchased our home under appraised value, put 20 % ( {$110000.00} ) own money down, plus we invested another $ XXXX in renovations. After 10 years of never making a late payments @ {$2800.00}, have maintain credit scores over XXXX but our house was still upside down. So Wells Fargo refused to refinance our interest only loan. In XXXX, Wells Fargo told us we owed more than our house was worth, so there was no way to refinance and told us to try modification. WF denied modification because we made enough money that we could afford our current payment. In XXXX, our mortgage payment was going to jump to {$3900.00} a month. In XXXX, we attempted again to refinance to a fixed 30 year mortgage rate. We locked in at XXXX % 30yr P & I of {$2300.00} less then what we had been paying for the last 10 years. Wells Fargo denied us and told us our numbers did n't work that we could n't afford the new pay. Again we were steered by WF to try a modification. WF can back telling us that we did n't qualify because we made to much money and could afford the new {$3900.00} mortgage payment. We do n't understand how we could be denied for the refinance saying we could n't afford a $ 2321 monthly payment and then be told we ca n't get modification because we make too much money and can afford the current {$3900.00} payment. HOW IS THAT POSSIBLE. WF pushed us to short sale or face foreclosure. On XXXX, we lost our house to the short sale and our good credit has been ruined. 
I immediately started question how we could be able to make {$3900.00} payment but could n't qualify for {$2300.00} payment? WF XXXX keep pushing my question off and telling us we had been denied and had no more information. After getting several months of Mr. XXXX not helping, I sent letters to WF Executive Resolution Department and Senior Vice President XXXX for assistance and answers. We were assigned to Executive Resolution Specialist XXXX in XXXX. After months of getting the run around from Mr. XXXX not answering our questions and putting off any answer he had until after our short sale date we contacted his supervisor Mrs. XXXX. XXXX finally in XXXX XXXX, state that the refinance in XXXX XXXX, was cancelled by us. I told her there was no way we would have cancelled, for that is what we had been looking for all along. Plus I had emails in May still asking Mrs. XXXX what is going on with our refinance. I said you record calls so have that call pulled and prove to me we cancelled the Refinance. On XXXX, Mrs. XXXX advised that the call revealed that we were turned down because our numbers were too high and that we were told to seek a modification. XXXX went on to say that WF did nothing wrong and would not be looking into it any further and that our short sale is going through. I asked her how could our numbers be too high to refinance but modification WF says that the {$3900.00} payment we could afford because it was under 30 % of our income? She just replied WF did nothing wrong and will be closing my file. I ask you, where does this make sense? It only makes sense because WF does n't make any money if we refinance but if we short sale they make full payment as a Servicer. We feel we should have been able to refinance our of our interest only loan that WF was supposed to have switch everyone out of anyway but continued to deny us the opportunity to keep our home.

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