Consumer complaint received 2017-01-05
Company: WELLS FARGO & COMPANY
State: MI
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
Hi my name is XXXX XXXX I have a mortgage with Wells Fargo. Loan # XXXX XX/XX/XXXX I went through a loan modification and was allowed a ( HAMP ) loan and the terms were set as follows. The first 5 years I was at a 2 % then the 6th year my rate would go to 3 %, the 7th year my rate would go to 4 %, and the 8th year my rate would go to 4.5 % fixed for the remainder of my loan. 
I have never made a late payment. I have a credit score of XXXX. I was fully in agreement with the terms of my modification. 
I went through a divorce and I was awarded the house. XX/XX/XXXX I had to assume the mortgage and remove my x wife 's name from the note. 
On all of the pre closing paperwork dated prior to my new closing to assume the mortgage all of the terms were as agreed with the step increases. They said my assumption commitment letter expiration date was XX/XX/XXXX. 
Then on XX/XX/XXXX I had a closing at XXXX XXXX XXXX of Michigan. They received my closing packet from Wells Fargo and I sat down to close on the assumption. While signing the papers I pointed out the fact that Wells Fargo had changed the terms of my loan. Wells Fargo had crossed out the current terns with a black marker. They drew a line right through it. My new documents clearly say that I have been locked in at 2 % NON CONFORMING FIXED RATE LOAN FOR XXXX MO. Wells Fargo even put it in bold print. Not only does it say it on the terms page it also says it on XXXX other pages. 
I was at the understanding that I was locked in at 2 % like they said. But XX/XX/XXXX Wells Fargo changed my interest rate to 3 % now they have moved me to 4 %. I have called and sent Wells Fargo letters to no avail they wo n't help me. I even sent them copies of the new contract and they said that I ca n't change the terms of the contract with an assumption. I told them that I did n't change anything Wells Fargo did and they need to honor the contract that they sent and I signed in front of a notary at the title office. 
Wells Fargo had me pay {$900.00} just to assume the mortgage plus lots of other fees. 
Now Wells Fargo has my payment up so high that I am having trouble being able to afford it again. It has gone up like {$250.00} a month already. 
I have attorney fees to pay and I tried to pull some cash out to consolidate some bills and Wells Fargo wo n't help unless I do a refinance. They said I need another appraisal that will cost me at least {$500.00} and another {$2500.00} or so for other cost. My first Mortgage should be at 2 % then I could get a small 2nd to consolidate my additional dedpt. Wells Fargo said that the interest rates have gone up to 4.5 % to 4.9 %. If I knew I was n't locked in at 2 % I would have refinanced when the interest rates were at an all-time low. 
Not only should Wells Fargo honor the contract, but they should put the extra money that I have paid to them back on the principal or return the difference. 
Attached are the papers that I signed at the closing at the title office on XX/XX/XXXX. Please look at the dates of my contact and the dates on any paperwork that Wells Fargo gives you. 
Thank you for your help with this matter. I am at the understanding that the latest contract is the most current and it should be honored. I received your information from XXXX XXXX the Attorney General 's office in Michigan. 
Attached are some photos of the documents if you want to see them better I can fax them to you just send me your fax number or call My information XXXX XXXX XXXX, XXXX, XXXX XXXX XXXX XXXX XXXX MI XXXX loan # XXXX

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