Consumer complaint received 2016-02-11
Company: WELLS FARGO & COMPANY
State: NJ
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
After being relocated from XXXX to XXXX due to a job change in XXXX XXXX and having a serious burden of trying to carry XXXX mortgage payments/expenses and trying unsuccessfully to sell the XXXX home since XXXX XXXX ( I owe more than the house is worth XXXX ), I contacted Wells Fargo in XXXX XXXX to see what options I would have for assistance. Upon calling Wells Fargo I was bounced around to at least XXXX different people before anyone could remotely advise me on my options. I finally spoke to someone in loan preservation that told me that my XXXX options would be a short sale or deed in lieu. After considering the options, I contacted Wells Fargo and advised them that I would like to pursue the deed in lieu option and then sent all the required documentation on XXXX XXXX, XXXX. I kept in touch with the loan preservation specialist ( XXXX XXXX ) despite great difficulty due to her frequently being out of the office. On XXXX XXXX, XXXX, XXXX XXXX called me to tell me that the investor would accept my deed in lieu if I paid {$3000.00} and signed a personal signatory loan for the mortgage deficit once the home was sold. I rejected the offer because if I was able to afford that option I would have already completed it and sold the home if I could afford such an option. She said she would go back to the investor and see what other options were available. At the end of XXXX, she called to tell me that the investor agreed to accept my deed in lieu if I would pay {$500.00}. I asked what the {$500.00} would be used for since I had been paying for mortgage insurance and she did n't really have an answer. I explained that I had spent a considerable amount of money having the home repainted and cleaned so it is turn key ready for Wells to move for a sale. She said she would go back to the investors and see what other options were available and that she would call me by XXXX XXXX to let me know the outcome. I did not receive a call from her by XXXX XXXX but instead received a call from Wells Fargo Collections on XXXX XXXX to inform me that my loan was removed from loan preservation and they would be attempting to collect past due mortgage payments and moving forward with a foreclosure. I then requested to speak to a supervisor who told me all he could do would be to transfer me back to the loan preservation department to see why my loan status was changed and have someone call me and I agreed. Since Wells Fargo did not return my call, I called again today to the general loan preservation number only to be bounced around again until finally a loan preservation specialist named XXXX was able to assist me. She said she did not know why my loan was removed from the loan preservation status and that she would send XXXX XXXX an email to have her contact me because she was out of the office yet again. She then told me that I could reactivate my request for a deed in lieu at any time and I asked her to reactivate it. I then asked if I would have to send in new information and she said it would depend on the dates of my original request. I feel that this entire process is a big circle of deceit and Wells Fargo would rather move forward with an expensive Foreclosure when the home is already vacant and I have already agreed to giving them the deed in lieu of foreclosure. That seems like a very big waste of money for " their investors. '' I feel that as a consumer Wells Fargo has not made this process easy and have given me the run around. I have done everything I can do to sell my home since XXXX XXXX but to no fault of my own, numerous homes in my old neighborhood were foreclosed on ( because big banks like Wells Fargo gave mortgage loans to people who could not afford them ) which negatively impacted the value of my home and now I am unable to sell the home without a devastating loss that I can not afford.

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