Consumer complaint received 2016-06-28
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I have a mortgage loan with Wells Fargo bank, account number is XXXX for my vacation condo located at XXXX XXXX XXXX # XXXX, XXXX, CA XXXX. 
I had lost my job in XXXX XXXX and I contacted Wells Fargo bank on XXXX XXXX to help me with my mortgage since my interest rate was too high at 6.25 % ; I could n't refinance since the market value is way less than the loan amount. 
Wells Fargo Mortgage Home Preservation Specialist had informed me of a forbearance option, which she said would help me for 6 months with a much reduced payment from {$2200.00} to {$760.00} a month ; I was told that should help during my tough economic time. 
I submitted all the required documents and I got approved for the forbearance plan starting XXXX XXXX, XXXX. My Home Preservation Specialist XXXX XXXX had changed and the new one ( XXXX XXXX ) which she so was hard to get in touch with, she never returned my calls nor did her manager ; I had complained to the corporate office and they assigned a different mortgage person ( XXXX XXXX ). 
XXXX XXXX I got a note from " XXXX XXXX '', a credit card watch, informing me that a change to my credit report was done with negative impact on my credit report. I found out that there were 5 delinquent payments reported by Wells Fargo Mortgage. 
I called Wells Fargo and they informed me since I made a partial payments, they had to report it to all credit agencies ; I was never told that the partial payment would be reported as delinquent and would impact my credit reports. 
They sent me the forbearance document and highlighted " Partial payments will be reported '', I did argue partial never meant delinquent and that had a great impact on my credit reports. 
In XXXX XXXX, I started getting collection calls from Wells Fargo for {$11000.00}, and I got a letter on XXXX XXXX, XXXX stating that I have to pay all the five delinquent payments at once. They did say that if I did n't pay the {$11000.00}, I had no option but short sale or foreclosure How do you expect an unemployed person to come up with a huge payment like this? Why did n't any one ever explain to me this Forbearance and the outcome of the program, so I can make an informed decision? 
Is n't it the bank 's Home Preservation Specialist responsibility to state all the facts about the program or was it the bank plan or intention to take my condo for a quick sale? Is this the way to conduct business by a big financial institution? Just trick their clients to get their money one way or another. 
Wells Fargo ruined my credit report with 5 delinquent payments and on top of that I had to pay {$11000.00} or I lose my condo. I had to borrow the money to save my place. I have all the bank correspondences and not a single one stated that with the forbearance I had to pay all the variance of each reduced payment in a lump sum and that it would be reported to the credit agencies. 
Wells Fargo Executive office XXXX XXXX, had promised a full investigation, but the outcome on XXXX XXXX, XXXX was that everything was done properly ; I tried to get an exception and refinance with a decent interest rate. They turned my refinance down. I was shocked, but I was n't surprised since there are many class action lawsuits against Wells Fargo practice. 
I am demanding that Wells Fargo remove the delinquent payments from my credit reports since I was n't informed about the program in detail when I signed for it ; and secondly, refinance my loan with a decent interest rate instead of the current 6.25 % based on my hardship. 
I am writing to you to make you aware of such crooked business practice of a well-known financial institution, and I hope you can do something to stop such practice. 
I really appreciate you effort and help on this matter.

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