Consumer complaint received 2016-05-10
Company: WELLS FARGO & COMPANY
State: MA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
My mortgage was originated in XXXX by XXXX XXXX, with a list of expensive, abusive and deceptive lending practices. This home was also over appraised, plus the inspector did not notice that the sewage breathing pipe was leaching methane into the home through a hole that was n't capped, that the back of the house was rotting and falling off, the roof was leaking and the barn needed to be taken down, so the value of this home was n't near to the cost. A town appraiser said that the unstable barn should never have been counted in the property appraisal either, as it was an expense, not an asset. 
I am dealing with Wells Fargo/ASC as the servicer. This loan originated with XXXX XXXX, whom was subsequently delisted by the XXXX in XX/XX/XXXX, filed a Chapter XXXX Bankruptcy and became subject of a federal criminal investigation. I was not aware my loan was never assigned to a static entity by the originator within the legal 90 days stated in the IRC for REMIC loans. XXXX XXXX never owned the note or title, they were only a broker, yet XXXX supposedly acting on their behalf, assigned my mortgage in a very untimely manner, which is still against the law. Suddenly an assignment of my mortgage was made almost 4 years after origination in XX/XX/XXXX, after I filed for bankruptcy. I had to file for bankruptcy because of the predatory loans and the banks unwillingness to assist me. The first assignment took place in XX/XX/XXXX, but my mortgage originated XX/XX/XXXX. The broker, " XXXX XXXX, '' submitted XXXX subprime XXXX loans as owner occupied mortgages, which is also illegal, and is also a part of the fraud at origination. Both of my properties went under water during the housing crash, and the rents on the income property went way down and could no longer cover the mortgage of that property. I also lost a long term partner and his income during this time. The servicer would not work out any fair modifications and the loan was exuberantly unaffordable, especially as they continued to add fees and fines. XXXX continued to assign the mortgage 2 more times by changing wording on each assignment, for a total of XXXX assignments which is also against the Internal Revenue Code law within REMIC loan rules. The Attorney General in Massachusetts ( XXXX XXXX, at the time ) brought a class action suit against XXXX XXXX for several illegal practices of the sub-prime lending scheme that were directly connected to XXXX. These illegal practices harmed homeowners, small investors and the economy. XXXX XXXX had to make payments to the servicers to assist homeowners to reduce their principal and make the homes more affordable. They also had to pay out to small investors whom were harmed as well. In my case, I won {$64000.00}. Barely, if any of this money was applied to my principal, instead it was applied to arrearages, fees and fines.. it was not used to assist me as intended, it never did reduce my loan or make it more affordable. After trying to work with Wells Fargo/ASC on many occasions, I finally gave up, as they had no intentions of helping me in any way and the modification department was always rude to me and still is today. XXXX different people from Wells Fargo have told me its my fault if any funds have been misappropriated. 
Now XXXX XXXX, XXXX XXXX ( that has now added pass through certificates on the last assignment in XX/XX/XXXX ) along with Wells Fargo is foreclosing on the home on XX/XX/XXXX, even though I 'm willing and able to do a short payoff. 
These lenders have unclean hands and have committed several illegal acts in the origination of this loan, they should be willing to sell it to me for a more accurate value and should have applied most if not all of the {$64000.00} that was for this purpose in the first place. How can anyone try to work with lenders that commit these types of predatory crimes?

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