Consumer complaint received 2017-04-26
Company: WELLS FARGO & COMPANY
State: OH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
In   XXXX  , I obtained a mortgage from  Wells Fargo to p urchase an investment property. I 've never missed a mortgage payment since. In   XXXX   XXXX  , there was fire damage to the property caused by the tenant at the time. I filed an insurance claim and received an amount that ' s 2.4 times th e mortgage I currently owe  Wells Fargo. At about the same time, I have received an offer from another investor wanting to buy the pro perty as-is, but I have a HELOC on the property as well through another financial institution that I was going to pay off using the insurance proceeds. Since the insurance check was made out to  Wells Fargo and me, I called Wells Fargo 4 TIMES in less than a week explaining that I had a   buyer lined up to buy the house as-is and would like for them to endorse the check and send back to me in time for it to clear and close by   XXXX  . Each time, the claims dept said ok. I even sent the check  Next Day mail and included a Next Day return envelope ( at my expense ) so I could get the check  back prior to my  XXXX  closing date. On  XXXX , I received the pre-paid Next Day shipping envelope I sent them but it was empty. I called on  XXXX  and only then was I told that the funds were put into escrow and paperwork sent me to detail how I was going to fix the property!!! I have now had well over  15 conversations  with different  Depts at Wells   Fargo in  less than a month, including with a  XXXX   XXXX  at thei r Executive Solutions (? ) Team but they keep asking for an insurance adjustment sheet for   repairs to the property. Last week, their collections dept even called me stating my mortgage is past due ( which means there 's a real chance my credit will be affected ) WHEN  WELLS FARGO HAS MORE THAN TWICE THE AMOUNT I OWE THEM!!! I keep telling them to deduct  the mortgage balance and send me the rest, but NO ONE seems to care ... for some insane reason! After faxing the worksheet ( which I 'm still n  ot sure why they need it as no one has explained it to me ), I am told it may take another 30+ days for the funds to be returned me!!
In my opinion, this is a blatant example of how a trillion dollar company uses their weight to crush the average person because they can. I am missing out on selling the property ; my Federal tax liability was not paid on time ( as I made plans based on them endorsing and sending me the check back ) and my credit rating may be affected as well, not to mention the emotional toll of having to deal with front line reps who are completely helpless, providing me canned/templated policy responses! On top of all this, they 're making money on my misfortune because the property is still incurring {$2.00} in interest A DAY while they hold on to the money I 'm counting on to pay them off! Should I be considering legal action instead?

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 non-monetary relief