Consumer complaint received 2018-06-07
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (NY)

I have lived in my home for nearly 38 years and now face foreclosure because of Wells Fargo and the way they have handled my mortgage loan. I owned my house free and clear but had to refinance to pay off my ex-wife in XXXX. I was convinced by agents from XXXX XXXX that I should enter into a negative amortization loan without being told how a loan like this works. As a result, my rate, payment and balance drastically increased over time. This coincided with a loss of employment and led me to fall behind on the loan. As soon as I found new work I tried to resume making payments but Wells Fargo now held the loan and they refused to accept my payments. I was then told I had to apply and go through their loan modification review process. This was difficult as they are very unorganized -- documents are constantly lost or misplaced -- I talk to someone different every time -- there is no rhyme or reason to their process. At one point in time I was told I did not qualify for government programs because they had expired after Obama left office. After applying again I was told I did not qualify due to lack of income. I then applied again and included the income of my live in girlfriend and my granddaughter 's rent payments and was told I don't qualify because I make too MUCH money. I believe that Wells Fargo is more interested in foreclosing on me than trying to work this out. I have the will and desire and ability to make a fair mortgage payment, but I need them to work with me. Instead of giving me a fair review based on the actual current financial information I get transferred from department to department and am given a different excuse every time. 

When I entered into this loan in XXXX I had a steady job working as a XXXX XXXX ( had worked there over 20 years ) and the increasing rate and payment was not a problem. In XXXX the recession affected my business and I was laid off and moved into XXXX XXXX. I worked in that field for a few years then was laid off. At that time I struggled financially as my unemployment benefits were low and my mortgage payment was high. After missing a few payments I was able to get licensed as a XXXX XXXX and found work with the XXXX XXXX as a XXXX XXXX. When I tried to resume making my mortgage payments Wells refused to accept them and I had to go through the loan modification process. 

I began applying for help in late XXXX and through all of XXXX. I felt like I was on a merry go round being transferred from one department to another and not making any progress. An actual review was never completed during this year plus exercise in futility, and then I was told by Wells that the government program that had been available under Obama was no longer being offered. As I explained, I applied again and was told that I did not have enough income to qualify for the in house modification. I applied again a few months later and including the rental income I receive from my granddaughter and the contribution made by my live in girlfriend and this time I was told I make too much money. I was not given any specific details on what programs I was reviewed for or what financial calculations were used. Obviously if I am delinquent based on a period of unemployment I need some time of help or program to address the past due payments even if my current income is sufficient. This is what I don't understand. Wells Fargo has not assigned a single point of contact nor reviewed my correct financial information in good faith. Instead my case is dragged out and I am given a variety of excuses as to why they won't help me. I have the financial means to make a reasonable payment so why won't they work with me on a plan to address the missed payments so I can save my home??