Consumer complaint received 2015-10-27
Company: WELLS FARGO & COMPANY
State: AZ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
In XXXX of 2014, we were experiencing extreme financial hardship due to the economy and the " slow down '' in our family business. We have been with Wells Fargo for 10+ years and always paid XXXX mortgage accounts on time every month. 
We contacted Wells Fargo for advice on our mortgage payments to see if we could reduce the interest on either loan. We were advised at the time by a Wells Fargo Loan Preservationist that the value of our home was less than what we owned so we could not refinance. The Wells Fargo Loan Preservationist stated that the ONLY way to qualify for any assistance ( i.e. Loan Modification ) we would have to allow our mortgage to go past due by 1 month. We of course were very concerned of not paying our mortgage payment but we were assured once again - this was the only way they could assist us in lowering our payments. 

Upon the Wells Fargo Loan Preservation 's advice and against our own belief 's we allowed our payment to fall behind 1 month so they would help us with a Loan Modification. The Loan Modification started and we were continually advised by Wells Fargo Loan Preservationist to NOT to make any payments. My husband and I ALWAYS pay our bills ON TIME. We agreed only to do the 1 month that Wells Fargo told us to do and from there we made our payments each and every month. We were not disclosed at ANY TIME that when we made our payments that it would continually roll on our credit as a 30 day late and lower our credit rating which just furthers our financial hardship instead of helping. 

During the process, we had several Wells Fargo Loan Preservationists. I was offended by the last Loan Modification Preservationist who advised that maybe I should get a better job. I have a XXXX great job I advised, I wanted an update as to what was going on with the modifications. I was never informed as to why this process was being transferred from XXXX Wells Fargo Loan Preservationist or another which is no excuse for the poor service we were getting. 

Exhausted by the entire process and NEVER receiving any kind of communication from Wells Fargo. We wanted an update so we finally demanded to speak to a Manager. The Manager failed to research or case and went off of his gut feeling rather than looking at our account and actually reading the forms. We were told over the phone that we did not qualify. The Manager stated that usually if you do n't get a loan modification on the first then you do n't on the second mortgage. We pleaded with him to review the account and the notes. Once the account was researched a second time we were offered a slight reduction in our principal balance on our second mortgage. In desperation, we had to accept it. 

We would like to formally request that this matter be reviewed in detail. We were reminded every time I called Wells Fargo that the calls are recorded for quality purposes. I would like all the calls to be retrieved and reviewed. This will show that at any time we were NOT disclosed and told this would have the financial hardship and negative credit impact that it has on us on a personal level and a business level. 

It should be noted, again, that we have NOT missed a payment prior ( 10 YEARS XXXX and that we were advised to miss by a Wells Fargo Loan Preservationist. We would have NEVER allowed the payment to go past due if we were properly disclosed of the outcome that it would have to us personally and professionally. 

Our request is simple, we are requesting that Wells Fargo permanently remove all credit late payments from all three credit bureaus and supply us with a letter that states we were never late on either our first or second mortgage. As this would be our credit history currently if we were not advised by Wells Fargo to miss the XXXX payment. 

We feel that we were deceived by Wells Fargo and are currently experiencing the h

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation