Consumer complaint received 2020-05-05
Company: WELLS FARGO & COMPANY
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
My house was scheduled to be auctioned on XX/XX/XXXX by Wells Fargo even though we were told XX/XX/XXXX. With the help of XXXX   XXXX XXXX XXXX XXXX XXXX the auction was stopped. XXXX also suggested to have a Forensic Mortgage  Audit reviewing the entire history and conditions of the original mortgage. 

In XXXX the contract documents the purchase price was {$140000.00}. The loan amount was {$110000.00} I paid {$9000.00} down payment and {$5.00} at the closing. I was short {$14000.00} that was never paid. The real cost of the house was {$120000.00}. I have the checks or other copies of all the house expenses. 

In XX/XX/XXXX, at the time employed, I was assured that my work contract would be renewed but days before the closing date my employer informed me that my employment was not renewed. I expected I would be employed until XX/XX/XXXX. I could not risk putting a 20 % down payment and have no money to live on after loosing my employment. Eventually my employment was renewed after the closing. 
I was short {$14000.00} at closing that was never paid. The real cost of the house was {$120000.00} because I was expecting to loose my job in XX/XX/XXXX. I paid less of a down payment while the selling price was kept the same. At that time, I was told that that was the way things were done by the professionals. The interest rate set at time in XXXX at the closing date was 10.25. 

XXXX XXXX confirms the loan date as of XX/XX/XXXX. They are the owner of the loan and Wells Fargo is the servicer. None of this appears on the MERS database. Any irregularities would have to be addressed by the bank and that now is Wells Fargo because they bought the portfolio. 

There were some misrepresentations and exclusions in the submitted Home Inspection Document ( I still Have ), not being forthright. The House inspection completed in XXXX did not include or disclose the existence of a buried oil tank on the property. There also seems to have been a furnace early on in the home too. A recent home inspection in XXXX reveals the existence of a buried tank and possibly a furnace too. This was the major barrier in attempts to sell the home. 

In a recent phone contact with XXXX XXXX they confirmed the mortgage is held by them. This is the only paper I have from the original closing. XXXX XXXX  was handling my mortgage initially and then it was sold to Wells Fargo. Wells Fargo Bought XXXX XXXX XXXX. XXXX XXXX confirmed it was being serviced in the 4th quarter of XXXX by WF who began the purchase in XX/XX/XXXX and completed by XX/XX/XXXX. 
In my recent conversations with XXXX XXXX representatives from their records they reported that Wells Fargo is servicing my mortgage from XXXX ( 4 quarter ). 

In my attempts to investigate the current status of my loan, I spoke to XXXX XXXX and also MERS. The only way my loan is only identified by my property address on MERS ( Mortgage Electronic Registration System ) None of the MERS records match any of the servicers that I have had in the past.

Based on the servicer record on MERS XXXX XXXX XXXX is the investor on my property. XXXX XXXX does not know anything about the loan even though they are supposed to be the investor and own the note. There is no information on the MERS Data Base of my property or loan. 

XXXX XXXX is only able to locate the mortgage by property address only and can only provide information if there are no court cases open. 

Below Summary is from my sister : From my brother 's summary of the history of the Loan, there were no safety measures in place to prevent his home going into foreclosure. He was sold a house when without any checks regarding his financial situation at the time of closing. He has been paying 10.25 interest rate since XXXX up until XXXX. In addition there was a lack. of honesty regarding buried oil tank and furnace. No one would have been able to sustain paying a 10.25 interest rate for 30 years. The most egregious abuses in Banks predatory lending practices. 

When he was unable to continue to pay mortgage in XXXX XXXX, his principle was still {$49000.00}. 

In summary, my brother had a XXXX XXXX loan, were for 24 years he paid 10.25 % interest rate, around {$270000.00} in interest rate over the years. His principal owed is XXXX. Is there anyway to revisit and renegotiate all the money is paid, because the amount the bank wants which is probably XXXX, principal, interest fees, real estate taxes, legal fees, additional fees Is outrageous and the home is not worth it. 
He will be walking away with no equity and nothing to show for the 24 years that he had paid into this home. This has resulted in chronic hardship unable to recover. 

My brother XXXX needs urgent help to be able to stay in his home of 30 years. He is a gentle man who supported himself as a XXXX XXXX, and now lives on a fixed social security income. 

After 25 years, XXXX became unable to keep up with mortgage payments to Wells Fargo bank. The bank has been charging him an interest rate of 10.25 percent. All attempts to modify his loan to reduce the interest rate ( due to fixed income ) were denied due to not being eligible. Instead, the bank had scheduled the auction off his home which was stopped. 

No one who hasmade payments on their home for over 25 years expects to be forced to leave it in their senior years, with no place to go. XXXX suffers under the strain of losing his livelihood and home of 30 years, and the foreclosure experience has been frightening and overwhelming for him and family members. Anyone in his situation would feel the same way. 

My brother is a victim of Wells Fargo 's ( also other Banks ) predatory lending behavior. Wells Fargos only interest is to satisfy its shareholders. ( The bank has made enormous and steadily increasing profits in recent years : its annual revenue for XXXX was {$100.00} Billion, a 3.4 % increase from XXXX ; for XXXX it was {$97.00} Billion, a  3.79 % increase from XXXX ; for XXXX it was {$94.00} Billion, a 4.6 % increase from XXXX ). 

Sadly, the mortgage loan system is not sympathetic to homeowners who have been trapped by banks into paying usurious high interest rates, with no chance of refinancing to be able to stay in the homes for which they have been faithfully paying at an exorbitant loan rate. He is being forced to just walk away after 30 years living in his home. 

Mr. XXXX, Lawyer conducted an in-person review of the chain of title at the XXXX County Clerks Office on XX/XX/XXXX. The court denied discovery in the assignment of the mortgage. This was determined by the Court when it made its decision to grant the Plaintiffs motion for summary judgment in XXXX. The Courts decision granting Summary Judgment to Wells Fargo. The Court denied our application to compel discovery. My case which was in the federal courts was returned to the state court after the Bankruptcy court. 

As a senior at the age of XXXX, my goal is to save my home to prevent me from becoming homeless with continued hardships.

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