Consumer complaint received 2021-11-18
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Consumer Complaint against Wells Fargo Bank Summary : Wells Fargo forced us to choose between a short sale or foreclosure or paying {$130000.00} to bring our note current. The bank loured us into debt by asking us to stop making payments as a form of Covid relief, after XXXX months the bank claims it never offered covid relief and blames XX/XX/XXXX as the responsible party refuses to receive payments or lump sums short of being current, offers a loan modification and delays the results for XXXX  months, and produces XXXX unimaginably inaccurate propertys appraisals that reflect 20 % of the propertys actual value, misrepresent the number of stories, underestimated the square footage by 75 %, missedXX/XX/XXXX  toilets, wrong zoning and use, historical relevance and historical value, economic age, location, inaccurate sale comps, no special commercial access, wrong construction type etc. 
 The Facts :  Wells Fargo wrote a XXXX dollar 6 % residential first mortgage and a XXXX XXXX XXXX dollar 6 % home equity line of credit on our mixed-use XXXX zoned commercial property and newly rehabilitated historic XXXX/American house and commercial XXXX XXXX XXXX XXXX 
We were current on our home loan and home equity line in XX/XX/XXXX and ready to make our XX/XX/XXXX payment. Wells Fargo called us XX/XX/XXXX in XX/XX/XXXX and againXX/XX/XXXX in XXXX of XXXX and asked if we wanted to stop making our home mortgage and equity line payments and move them to the end of our loan or refinance. Since our business was closed due to Covid XXXX guidelines, we agreed and missed XXXX months of payments. 
In XX/XX/XXXX, Wells Fargo refused to receive our XXXX XXXX payment, and demanded the note be brought current, face foreclosure or continue to not pay our monthly mortgages and agree to apply for a Wells Fargo loan modification. 
We agreed to apply for a modification, as our loan was at 6 %  and the bank said our loan had never had a full review and that they were there to help. That and the fact that we had already paid Wells Fargo approximately XXXX XXXX dollars on our loans since XXXX, and the property more than XXXX in value. 
We escalated our concern and asked that the bank honor its agreements to move XXXX months of payments to the end of the home and equity line loans. A phone manager explained that it had sold our home mortgage to XXXX XXXX XXXXXXXX, and that XXXX XXXX  XXXX decided not to provide Covid relief to this property. Wells Fargo explained that we couldnt talk to XXXX XXXX XXXX or see the criteria being used to deny Covid relief. Wells Fargo said it was following guidelines agreed to by regulators that were not available to customers. 
Wells Fargo agreed to partially honor its Covid relief agreement for our home equity line of credit because it said it hadnt sold it to an investor. Wells Fargo moved XX/XX/XXXX missed equity line payments to the back of the note and allowed us to pay the note current, which we did. We have been current since then. 
On XX/XX/XXXX Wells Fargo sent us an incorrect {$700000.00} XXXX appraisal on our property. The appraiser decided that the property was worth less than half Wells Fargos original XXXX XXXX dollar loan - a full XXXX years later. The bank wrote Unfortunately, the valuation we received is missing important information. This means that we wont be able to use it as part of our review. Rest assured that theres nothing you need to do. Well order a new valuation and share a copy of it with you when its complete. 
Wells Fargo gave us a second appraisal for {$720000.00} on our property dated XX/XX/XXXX on XX/XX/XXXX. Incorrectly stating Description : Single story XXXX bed, XXXX bath XXXX sq. XXXX Zoned XXXX and included Comps for small old wood houses on XXXX lots within a mile and a half of the ocean ( XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  CA XXXX ). The actual property is is a mixed-use residential/commercial/retail, XXXX stories, XXXX square feet, Zoned XXXX XXXX and includes a XXXX/American cultural site and historic home of XXXX XXXX, located XXXX block from the ocean and the XXXX XXXX XXXX. And a retail store and commercial film and recording venue with a live music permit, commercial access to the regional XXXX XXXX XXXX XXXX and XXXX XXXX 
We repeatedly offered Wells Fargo a lump sum to bring the note current starting with the XX/XX/XXXX payment during this loan application process. Wells Fargo refused payment and slow walked the modification process out for XXXX months with dozens of phone calls and letters. 
We received the results of XXXX XXXX extensive loan modification review process on Friday XX/XX/XXXX by regular mail. The Wells Fargo XXXX XXXX XXXX decided that the property is eligible for a short sale, be brought current or face foreclosure. The bank reports that our gross income is {$0.00}. The notice is un-substantiated and does not include an appraisal or financial review form of any kind. The mortgage is now XXXX months and {$130000.00} behind. Wells Fargo has a new person unfamiliar with the property and without access to the loan information call and explain what a short sale was and how we could just sign the banks short sale form and walk away. XXXX area specialist XXXX XXXX called to find out what we were going to do but could not explain when the bank reports the loan as delinquent to the credit reporting agencies. We believed the bank would report the missed payments at the XX/XX/XXXX opportunity. We asked XXXX XXXX for the new appraisal, and she said it may not have been conducted. 
XXXX  days later, on XXXX  XX/XX/XXXX, we were forced to pay {$130000.00} at the Wells Fargo XXXX XXXX or face the immediate destruction of our credit by the XXXX XXXX XXXX XXXX XXXX. By the grace of XXXX, we received an inheritance and will likely be one of the few property owners not destroyed by this chain of events. 
After paying our note current, Wells Fargo Home Mortgage tried again to offer the Covid-XXXX relief it had previously denied. XXXX XXXX called and made an offer and our XX/XX/XXXX printed statement says The total amount due is {$92000.00} as of the date of this statement. This is the amount you need to pay in order to bring your account current. {$92000.00} specifically pays for the XX/XX/XXXX to XXXX XXXX, XXXX mortgage payments.

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