Consumer complaint received 2017-04-21
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
My home that I have owned for 14 years is currently on the foreclosure auction block with a sale date set for  XXXX   XXXX . I blame my current mortgage lend er Wells Fargo, fo r failing to work with me or negotiate to resolve the late payments. My financial situation has changed and improved and I believe that I could qualify for government or internal programs that are established to help struggling homeowners. The problem is th at Wells Fargo re fuses to open a new review or assign an account manager to my case. The agents  at Wells Fargo ar e telling me that since I received help through a modification 5 years ago that I can never have a second chance to get modified or a workout completed. I do n't believe that this is correct, and feel that they are pushing to foreclose on me while not providing all options.     This was originally a refinance loan done through  XXXX   XXXX  in  XXXX , and it was a subprime adjustable rate loan and I was not aware that the payment would continue to increase throughout the life of the loan ; this was never explained to me. I struggled during the recession financially and at the same time my adjustable rate was going up increasing my monthly payment, while my loan got sol d to Wachovia and then Wells Fargo. I a pplied for modification help and after several months of back and forth I was granted a loan modification in  XXXX , for which I was very thankful. I made the payments as agreed for several months, but at the time my sports apparel business was in major trouble due to large outstanding debts. I ended up having to file Chapter  XXXX  bankruptcy in order to stay afloat due to the bad business debt. During that time I had difficulty communicating wit h Wells Fargo re garding the payments and also had some major legal bills to settle and as a result ended up missing some payments on the loan modification.     I tried to resume making the monthly payments but was told  by Wells Fargo th at since I had missed some modification payments that they would not accept any more payments and that I would have to reinstate all past late fees. Since that time I have been trying to negotiate with  Wells Fargo.  I appreciate the fact that I was offered an option for assistance in  2012 but a t that time my entire business crumbled under the bad debt. I am in a much stronger financial position at this time and able to afford a fair and reasonable monthly payment. The issue I am having, and the reason for my complaint is tha t Wells Fargo is refusing to even consider my request for modification, forbearance agreement or restructured loan. I have not been assig ned a single point of contact, no one has reviewed my current financial situation to determine affordability and instead a sale date has been set for  XXXX   XXXX . I understand that I am delinquent on this loan but I am in a much stronger position now and able to resolve this issue i f Wells Fargo  would work with me. I am not pleased with the way th at Wells Fargo ha s handled this mortgage loan and feel that a fair negotiation based on my current financial situation needs to happen.

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