Consumer complaint received 2024-02-01
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Payment process
Company: Specialized Loan Servicing Holdings LLC (GA)

Pursuant to Consumer Financial Protection Bureau Consent Order. Administration Proceeding File No. XXXX. 

Homeowners were solicited to participate in a preapproved HELOC loan in XXXX which was accepted by the homeowners for a ten year term.. Wells Fargo became the owner of the Note and Deed of Trust in XXXX. 
Wells Fargo and/or its agents/servicers ( " Wells Fargo '' ) then in XXXX, solicited the homeowners with an offer to extend the term of the HELOC for an additional five years based on the homeowners perfect payment history. As such, Wells Fargo provided the homeowners with a Home Equity Line of Credit Modification Agreement ( " Agreement '' ) in XXXX of XXXX with instructions to execute the Agreement before a notary and to return same with a Cashier 's Check in the amount of {$150.00} to " complete and record '' the Agreement. The homeowners complied with the request and timely returned the Agreement with the Cashier 's Check via XXXX  Next Day Air. Wells Fargo confirmed receipt and acceptance of the Agreement and the Cashier 's Check which was deposited to a Wells Fargo account on the following day. Please note the Agreement did not reduce the principal nor interest rate. The Agreement capitalized one month 's interest payment in the amount of {$820.00}. During the transition to the new Agreement and a change of Wells Fargo 's servicers, the homeowners remitted an electronic payment on XX/XX/XXXX in the amount of {$850.00} to be applied to the HELOC which was received, accepted and acknowledged in writing, and was retained by Wells Fargo, but was never applied to the homeowner 's HELOC account. 
The first statement received from Wells Fargo 's new servicer ( dated XX/XX/XXXX ) did not reflect the terms of the Agreement, did not reflect the one month 's interest capitalized per the Agreement nor the {$850.00} payment and reflected the entire balance and more was due. Upon the receipt of the erroneous statement I made numerous phone calls and wrote a qualified dispute letter to both of Wells Fargo 's agent/servicers pointing out and documenting the numerous errors and requested that the letter be forwarded to Wells Fargo as Wells Fargo never advised the homeowners of its address, telephone number or that it had acquired the Note and Deed of Trust as required by federal statute. I received no response from Wells Fargo nor its agent/servicers. The next monthly statement that I received reflected the same erroneous information as the previous statement. I continued to reach out to Wells Fargo 's servicers, all to no avail. I responded to the erroneous statement by remitting a timely and sufficient payment in the amount of {$770.00} as reflected on the statement as current finance charges. The payment was returned to me with a letter stating the reason for the return was " not enough to cure default ''. Failing to process a sufficient and timely payment is another violation of federal statutes. 
By letter dated XX/XX/XXXX, I received notice that " as of today, your loan is 3 payments past due ''. This statement is totally false. Wells Fargo failed to account for : 1 ) {$820.00} monthly payment capitalized per the Modification Agreement ; 2 ) {$850.00} monthly payment of XX/XX/XXXX and 3 ) {$770.00} payment rejected and returned for " not enough to cure default ''. 
This letter goes on to threaten legal action and foreclosure of my property. 
I continued to contact the parties involved and continued to remit timely and sufficient payments which were continuously rejected and returned for " not enough to cure default ''. Wells Fargo never acknowledged my disputes, never applied previous payments, never completed or recorded the Modification Agreement nor attempted to resolve the obvious and blatant errors but rather, on XX/XX/XXXX, referred my account to its attorneys to begin foreclosure proceedings on my property citing false information of default, specifically, the XX/XX/XXXX payment of {$770.00} which they had rejected and returned to me. 
My property was foreclosed on by its attorneys, acting as Substitute Trustees, on XX/XX/XXXX resulting in horrendous damages to the homeowners. I lost my business, my home and my wife of 50 years. Less than one month after having to leave our home of 27 years due to the foreclosure, my wife passed away from XXXX, also known as " XXXX XXXXXXXX syndrome ''. 
For over a year now, beginning XX/XX/XXXX, I have been in contact with Wells Fargo concerning the CFPB/Wells Fargo Consent Order concerning damages for wrongful foreclosures but Wells Fargo has responded with only the most ridiculous excuses for excluding me from any relief : 1 ) they could not find my account number 2 ) they included my account in a trust so it was no longer a personal loan 3 ) they needed my signature, social security number and account number ( which I had previously provided to them ) 4 ) they didn't service the account so contact XXXX XXXX ( one of its agent/servicers ) 5 ) that they had investigated and that no errors occurred and the account was handled properly ( no documents or research results were provided to support this claim ) 6 ) that they located the Substitute Trustees Deed and it did not reflect Wells Fargo 's involvement ( shortly before the actual foreclosure Wells Fargo assigned the Deed of Trust to XXXX XXXX XXXX, a XXXX XXXX, to complete the foreclosure ) 7 ) they were only acting as trustee with little to no involvement in its servicing ( they were actually the owner of the Note and Deed of Trust from XXXX until XXXX when they assigned the Note and Deed of Trust to XXXX XXXX and XXXX XXXX XXXX ) 8 ) they referred me to contact XXXX XXXX, another one of their agent/servicers The only excuse and diversion from accepting liability that they didn't use was that the dog ate it! 

The documents provided to Wells Fargo previously, and included with this complaint, substantiates the events, facts and claims as has been presented herein.