Consumer complaint received 2017-12-01
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (NY)

I am reinstating my complaint against Wells Fargo as none of the issues I complained about were addressed. I am requesting that the CFPB review my case. Yes, Wells Fargo provided me with every document I signed based on instruction and direction of Wells Fargo representatives. Is it not the responsibility of Wells Fargo to educate the consumer, also to lend responsibly, or is it just Wells Fargos compensation driven and reckless disregard for the consumer? Where is the proof of income? I also find it very convenient that Wells Fargo could not find anything to support the fact that I was advised by them to file for bankruptcy to qualify for a refinance on my home mortgage, which I would never have had to do if I was not overwhelmed by debt. The representatives just kept telling me to sign on the line and they would handle everything to make sure the loans were approved. Debt that was created by predatory lending by Wells Fargo. I was very naive when I purchased my home and even more so when I allowed myself to be told by Wells Fargo that I could afford the massive amounts of loans and debt that they were allowing me to attain. I would like Wells Fargo to provide with the verified income showing where and when I ever made {$9100.00} per month, if I had in fact made that amount paying back huge loan amounts might not have been a problem. Though I do not have recorded phone conversations I was told by Wells Fargo that I could afford these mortgages, had I been educated I would have recorded all phone conversations and had written documentation of all interactions with Wells Fargo, but I was younger and very uneducated in the ways of home mortgages. Wells Fargo has taken years and years of interest only payments, they allowed me to leave a home and a mortgage I could afford and basically loaned me into bankruptcy. Instead of being a responsible lender and advising me that I could not afford these loans at the time they forged my income, and it was forged and all on their advice. If this is not predatory lending, then please tell me what it is when a lending institution like Wells Fargo lends people money based on falsified income and does not advise them that this is very dangerous? None of these concerns were addressed in the response to my complaint, instead they only sent back closing papers, again that I was told to sign by Wells Fargo. All of this was orchestrated by Wells Fargo and their unfair, abusive and predatory lending practices, my family would not be in danger of being tossed out on the streets had I been educated and knew the things I am learning now. What they did was wrong and illegal. My family is and has been suffering for years at the hands of Wells Fargo and they turn a blind eye and claim We respectfully decline your request for compensation. We have reviewed your concerns and, respectfully, found no evidence of unfair lending practices or deceptive practice as asserted in your correspondence. Im glad we spoke about your concerns. I appreciate the opportunity to help you, and Ive attached a copy of your response letter. So, am I to understand that Wells Fargo gets to be the judge, jury, and executioner on themselves? When Wells Fargo is permitted to decide for themselves if they have wrongfully and willfully used deceptive and predatory lending practices the ones who suffer are innocent people like me and my family. My children are XXXX and XXXX years old and are very embedded in the local community and they and we are in jeopardy of losing our home and Wells Fargo who has taken hundreds of thousands of dollars from us now sits back and just claims that they have no responsibility? Please explain that to me and my family. They falsified income and had no verification of the income they put on the forms to push the loan through. They told me not to worry, this is how its done. The only thing that I see that has been done was me paying years of interest only payments and when I could no longer sustain the huge payments and request to refinance I was told sorry theres nothing we can do What Wells Fargo did is and was nothing short of criminal and they should be held accountable for their deceptive and predatory lending practices. However, they seem to be permitted to decide for themselves if they did any wrong and the consumer and his family get forgotten about. When the only concern is for a Wells Fargo employee to make a bonus, or reach a goal the consumer gets treated unfairly, this I can not accept for myself or my family. Something needs to be done regarding this matter. Wells Fargo has taken everything from my family and its time for them to make this situation right. I am requesting a modification and compensation and for a resolution to this matter. My family should not be punished any longer by Wells Fargo, it is time for Wells Fargo to be punished for their predatory and deceptive lending practices. Your attention to this matter is greatly appreciated. 

Below is the original complaint as well. 

My complaint is against Wells Fargo and their predatory lending practices which has brought an extreme amount of financial hardship and mental anguish to me and my family. This complaint began a long time ago but I was very unaware of what was being done to me and the unfair lending practices that they were employing. In my opinion, they are in clear violation of the UDAP law. 
This began in XX/XX/XXXX, I was dealing with XXXX XXXX, a home mortgage consultant at Wells Fargo. She was from the office in XXXX NY, XXXX XXXX  XXXX XXXX, XXXX XXXX phone # XXXX. Whom I have also never once met in person. This loan was a re-finance mortgage on XXXX XXXX XXXX XXXX in XXXX NY to lower the interest rate. The loan number was XXXX and the amount was {$180000.00} at a rate of 6 %. All of which was obtained based on a no income check. We also applied for a home equity line of credit in the amount of {$50000.00}. The loan number for that was XXXX. This was the beginning of many very bad financial choices that XXXX XXXX and Wells Fargo were all too eager to allow to happen. All of this was done based on my salary of {$25000.00} and my wives of {$16000.00}. We continued paying our mortgage and as I see now just getting by. In XX/XX/XXXX and having a XXXX child and some extended family living with us to help make ends meet and we looked for a bigger home. We found a home we loved in XXXX NY, XXXX XXXX XXXX, however the price of the home was over {$600000.00}. We again contacted XXXX XXXX at Wells Fargo who over the phone and based on an income of {$36000.00}. See attached files for loan and conditions. We still owned the property at XXXX XXXX XXXX XXXX in XXXX and was given a second home mortgage for XXXX XXXX XXXX in XXXX NY. Also attached is the loan application which is completely falsified by XXXX XXXX and Wells Fargo, claiming we had {$81000.00} in assets but failing to mention that {$56000.00} of those assets was the balance of the home equity line of credit. The balance of which was no beyond the original {$50000.00} and now at {$76000.00} along with our mortgage amount of {$180000.00}. This was all based on an imaginary monthly income of {$9100.00} as stated on the loan papers attached. The yearly income which Wells Fargo was {$100000.00} which was a bit off from the amount I filed for my taxes of {$36000.00} That year. But being nave and young and being assured from XXXX XXXX that the interest only payment wouldnt be much more. We Went from a mortgage payment of {$2400.00} to {$3800.00}, all of which we did not fully understand the ramifications of the future in doing so. We closed on the XXXX home XX/XX/XXXX, even though we still owned the home in XXXX. XXXX had supplied us with bridge loans and mortgages that made my head spin and Im not sure I still even understand but was assured everything would be OK when the XXXX home was sold. Also attached are the papers from that closing, I still do not understand them. But we paid off two lines of credit one was # XXXX in the amount of {$77000.00}, the second was # XXXX in the amount of {$76000.00} and the mortgage amount of XXXX. We now had our larger home and an interest only mortgage for the first 10 years and XXXX XXXX advised us to switch to a conventional mortgage after about 5 or 6 years when the rates were more favorable. So we once again just got by paying the mortgage. As taxes increased we were forced to rent out our basement to try and make ends meet. In an effort to make things easier we thought wed expand the home and put a large apartment on the second floor and we once again called XXXX XXXX who had us approved for a second mortgage on our new home by XX/XX/XXXX for an additional {$110000.00} for home improvements. This was a fixed rate loan # XXXX. All this with a tax return showing {$25000.00} in XX/XX/XXXX and {$32000.00} in XX/XX/XXXX. After taking the second mortgage, we felt the effects of all the predatory lending we began slowly drowning in interest only payments. To get ourselves out of the obvious bad loan decisions we had let Wells Fargo to talk us into we immediately gave back whatever was left of the original {$110000.00} 2nd mortgage and had called XXXX XXXX to have our interest only loan changed to a conventional mortgage so we could actually begin paying principal instead of just interest as we had been doing. It was then we realized how badly XXXX XXXX and Wells Fargo had advised us for all these years. After being loaned a first mortgage, two lines of credit, a second montage all totaling in excess of {>= $1,000,000}, we could not get refinanced for our only mortgage of {$420000.00} and the remaining balance of the second mortgage. All of this while showing the highest tax returns from XX/XX/XXXX-XX/XX/XXXX an average of around {$50000.00}. We had begun a vicious cycle of faxing in paperwork weekly always being told that we were missing something additional. We were given multiple options of government help from Wells Fargo but never qualified for some missing paperwork. This began on XX/XX/XXXX, XXXX XXXX was no longer available and we dealt with XXXX XXXX from Wells Fargo. She had advised us that we were at a deficit for our monthly payments and advised us to lower our outgoing monthly expenses. We tried hopelessly to do so to get qualified for a lower rate conventional mortgage from Wells Fargo. After faxing over 100 pages a week for months ( all of which had to be dated for the day being faxed ) we were denied from Well Fargo, so XXXX XXXX advised us to declare bankruptcy. Once again, we followed what Wells Fargo said in an effort to save our home. We filed for bankruptcy in XX/XX/XXXX. We now began faxing paperwork weekly to XXXX XXXX and Wells Fargo for another year. We also stopped paying our mortgage because XXXX XXXX of Wells Fargo advised us that we could not qualify for any government programs if our mortgage was up to date. Of course, we were never approved for anything from Wells Fargo, so we retained a lawyer to try to help us get approved. This went on for the next two years and were once again denied by Wells Fargo. We received a notice that Wells Fargo was now going to proceed to foreclose on the home and once again hired a lawyer for help. After 7 months in court he advised us that there was nothing he could do. If we were lucky we would have another 6 months in the home. I ask you what is lucky about that? Me and my wife along with my two children have given everything to Wells Fargo and have been completely taken advantage of and every place we turn there is no help for those who want to pay their home mortgage. All I ever asked of them was to reset my mortgage to the current interest rate and let me make the payments. I have met every requirement and was still denied by Wells Fargo. Now me and my family will be left homeless and all the years of paying Wells Fargo not only this interest only mortgage but the previous loans I paid off and in good standing have all been in vain and I am left with nothing after close to 20 years of paying them. I have 2 apartments in my home and me and my wife both work but yet Wells Fargo has denied us a loan which they used to approve via a phone call with zero proof. If you can say that the methods in which they employ are not UNFAIR, DECEPTIVE, and PREDATORY and are in very clear violation of many if not every law written regarding this then I will say that me and my family are wrong and we are just foolish. Is there no accountability on the part of Wells Fargo? For all the pain and suffering they have and will continue to put my family through in the coming years? My children are embedded in this community and have friends in school and now I must tell them that because Wells Fargo loaned us out of existence we will have nowhere to live.