Consumer complaint received 2023-02-27
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage

Complaint:
I hold a Mortgage and Equity Line with Wells Fargo Bank. 

During Covid my Mortgage and Equity Line were falling behind, I wouldn't get a stranglehold of all the fees that were placed on these accounts. I could no longer make heads or tails of what I owed. I called up Wells Fargo and explained my situation my income was down at that stressful time of Covid had two daughters in college and needed assistance to get these accounts in good standings. They sent me over to the Loan Preservation Department which we then started this application XX/XX/XXXX process to get all the infomation and documents they requested. We were approved XX/XX/XXXX and signed XXXX XXXX upon signing this loan I was told that this was just for the Mortgage side I would have to do the entire process over on the Equity Line. I was totaly confused I was lead to believe that I was doing a Home Presevation for both Mortgage and Equity and that only makes sense since they knew that both needed the Preservation. Not sure why this process we just went through would be for just for the Mortgage side when I needed both Mortgage and Equity but what could I say at that point. The next day I started the entire process for the Equity Line Preservation loan after months of back and forth with all the information they needed which is basically the same for the Mortgage even though after Covid restrictions life got back to normal and my salary got back to normal. I sent in all information they asked I sent in good faith payments as they asked for and then for some reason Wells Fargo returned all my good faith payments and told me they could not accept them? Hum, I wonder why? Weeks later I got a letter Wells Fargo that they denied me for the Equity Line Preservation Loan which is around {$150000.00} less than the Morgtage. I was shocked and unprepared. I asked all the questons of how could I just be approved for the Mortgage and not the Equity Line it just doesnt make any sense. No one could share much information the only information I got was that I made enough to make the payments. I explain now I do yes then was a different world and story and top it all off with all the Wells Fargo Fees attached I couldn't but again all the same information for the Mortgage Preservation I just was approved for? I was told on that day by a Wells Fargo agent they can short sell my " property '' if I can sign over the paperwork? I was like what? This is my Family 's home of 23 years where my children were born and raised I contacted you Wells Fargo thinking you are working with me for this Loan Preservation so I can be back on track and then I am denied? If that was the case why didn't you advise me to refinance or direct me on how we can keep our home? I was working with Wells Fargo I thought to do what I can to keep my home. There should be no reason I am approved for a Mortgage Preservation Loan and then a couple months later denied for the Equity Preservation Loan. The Mortgage I hold with Wells Fargo has been paid on time since and even before so I truly do not understand what would it serve Wells Fargo to want to Forclose on my home when here I am trying to work with them to get this rectified?

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