Consumer complaint received 2018-06-01
Company: WELLS FARGO & COMPANY
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
XXXX XXXX XXXX XXXX, Texas XXXX Dear Sirs : Please see attached letter that I wrote concerning Wells Fargos illegal predatory actions against my husband and me over the past several years. Wells Fargo demanded that I ask you to drop this complaint in return for a settlement. I did so last year. 

Within 30 days of the small settlement, we received last year, Wells Fargo again started a monthly system of attaching fines and fees to our account, in full breach of our settlement contract as well as a renewed attack against my family and The Fair Debt Collections Act. All of our payments were and are paid in full and automatic. There is no confusion on the part of Wells Fargo. They know what they are doing. 

Wells Fargo has knowingly acted to systematically steal money from my account and to prevent me from borrowing money ( from any bank ) for large purchases, or to refinance several rental properties, and even to finance a home, after we sold our previous one 2.5 years ago. We have had to financially operate entirely on savings and income. This has prevented us from moving forward on the renovation of a commercial property that we bought outright several years ago. This predatory behavior has also left us with no faith in the banking system, especially when this banking behavior is treated with wrist slapping that more resembles loot sharing that it does an honest governmental attempt to restrict runaway predatory Banks. 

I can not stress enough how damaging Wells Fargo has been to my family. 
XXXX XXXX XXXX -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - XX/XX/XXXX To Whom It May Concern at Wells Fargo : When I received a letter from Wells Fargo incorrectly notifying me that my property at XXXX XXXX XXXX was in a flood plain, I innocently thought it was simply a mistake. For that reason, I immediately supplied multiple current and updated maps and documentation to Wells Fargo, FEMA, and XXXX XXXX in an effort to inform and educate about this well protected, high-elevation property, and in an effort to show that the map that wells Fargo was using was a preliminary error filled map, that was not intended for FEMA or any other insurance purpose, as relayed by Levee Improvement District XXXX Attorney, XXXX XXXX XXXX. 

After years of Wells Fargo and XXXX XXXX aggressive manipulation of my innocent attempt to inform and protect my property, Wells Fargo continues to reapportion my mortgage payments to pay for a bank-created escrow account to pay for forced flood insurance cross selling, even though FEMA rules required that this policy be refunded. Although the insurance company did finally ( after a two years and numerous calls to government agencies and the insurance company directly ) refund this policy ( to Wells Fargo, ) Wells Fargo refused to use the refund to correct their bank-created and manipulated escrow account. Wells Fargo continues to transfer aggressive fines, fees, and my hard earned principal into Wells Fargos account. As no doubt intended, this amount is difficult to fully assess, because it involves my principal as well as the escrow account itself. 

In addition to the losses above, the absurd amount of time and money extorted from me by Wells Fargo, and my costs for paperwork, copies, mailings, meetings, etc., Wells Fargo has also, knowingly : 1. Destroyed my credit from XXXX to XXXX 2. Dramatically increased the costs for me to obtain insurance for numerous properties and autos etc. due to destroyed credit rating ( as explained by XXXX XXXX XXXX ) 3. Prevented me from getting a mortgage on another home ( XX/XX/XXXX ) 4. Prevented me from starting a business 5. Prevented me using 25 years of equity from two properties 6. Devalued my property that is not, and was never, in a 100-year-flood plain 7. Prevented me from refinancing XXXX XXXX XXXX in XX/XX/XXXX,  from an interest rate of 5.78 to 3.50. 

As a final note, I did not at any time seek out Wells Fargo as a lender. They found and purchased three of my mortgages from other lenders and immediately attempted cross selling in many ways, finally settling on forced flood insurance, for a property that they knew quite early was not in a flood plain. Wells Fargos well documented behavior is not aggressive business practices it is instead predatory fraud that destroys people, businesses, and the environment for starting businesses. The economy will not recover with Wells Fargos continued predatory fraud and theft of resources. 



Sincerely, XXXX XXXX

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