Consumer complaint received 2023-06-14
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (IL)

In XXXX, we were put in a HELOC mortgage. Besides the home purchased being over-appraised ( after the closing of the sale we were informed that the appraisers brought in by Wells Fargo and the loan servicer, were working together ; and we probably shouldn't have even been put in a HELOC, but the pressure from Wells Fargo onto its employees that were receiving kick backs contributed to this in the first place ) in order to get the loan amount needed. After the housing market decline, the value of the home was over 50,000 less than the loan closing amount. Despite that, and efforts to renegotiate with Wells Fargo, the only solution our family had to avoid falling behind was to move, and rent out the property. We did this for almost 10 years. More recently, in XXXX of XXXX, the tenants in our home stopped paying rent ( the rental price was the exact amount of our mortgage payments ). Turns out, after years of making on -time payments, we fell behind with Wells Fargo because of having squatters in the property. Since XXXX of XXXX ( 2 months prior to covid ), we have notified Wells Fargo of the issue at hand. We had con-artists in the house. And if it couldn't get any better, the lease was a real estate planning, and tenant- landlord lease agreement attorney in Illinois XXXX We later found out, we were the second victims of this unethical and strategically manipulative con artist. In XXXX of XXXX, covid 19 occurred. Despite the tireless efforts of my family to evict the squatters, WELLS FARGO IS A FEDERALLY BACKED MORTGAGE COMPANY, therefore we weren't able to remove them from our property. Under the cares act signed into law, the requirements to qualify for the eviction moratorium are A. B. C. and D. Our tenants did not meet any of the requirements. And despite that, our eviction filings in the XXXX XXXX court, were still denied. We did everything we could do without violating laws to remove the unauthorized tenants from our home, but they remained until XXXX of XXXX. When we finally were able to gain access to the inside of our home, it was DESTROYED. Black mold infestation, broken windows, walls, stolen appliances, ripped out door knobs, light fixtures, window hardware, above ground pool trashed and used as a garbage for over a year because the squatters were using it as a garbage can ( because the city took away the cans which we later had to hunt down, because they didn't pay the garbage bill ), broken pipes, the list goes on. Even after making Wells Fargo aware of the situation, they were still charging us late fees, and we requested a forbearance that was later approved. Despite this, in XXXX when the HELOC ballooned, and we could not pay due, they changed the loan to a conventional home mortgage. Upon the agreement with Wells Fargo to put our home into forbearance due to covid, it was outlined in the contract that when the forbearance period was up, we would be able to re- negotiate the terms of our loan. Over the last year, Despite our efforts and multiple certified overnight letters requesting first an extension, then a pay off amount amongst other requests ( like access to our online portal to print out statements, which we are still being denied ), WELLS FARGO did NOT respond. Instead of working with our family to work out a new payment plan, they not only filed for foreclosure, but they hired an attorney and filed a suit to sue our first position loan servicer ( by the way who has been paying the taxes of our home ), for first position. Why the effort to go through all of this, but ignore our request to pay off the loan completely pending the cash sale of an inherited debt free property. Considering the nightmare my family and I have been through, and the tireless effort to fix the damages done to our home, which now has amounted to over 120,000 in remodeling because of the damages done, they are still failing to give us a reasonable answer. How do we NOT qualify for mortgage assistance!? Since Wells Fargo is a federally backed mortgage company, I am holding them directly responsible for the inability to remove the tenants from our home in the first place. Despite the the extensive destruction of our home, and the immediate threat posed to our property, and the property of our neighbors, they remained in the house for over 18 months while denying us access and not paying rent. This is like something out of a horror film. Last week, I called the hone owners insurance to notify them the pool was removed, thinking our costs might be lowered -- -- to find out that Wells Fargo reported the home to the city, and our insurance company as in foreclosure and VACANT. HOW IS THIS EVEN POSSIBLE WHENI HAVE BEEN LIVING HERE AND RENOVATING THE HOME FOR OVER 8 months? The water was shut off illegally on me ( even with up to date payments, in XXXX ), but nobody could shut the water off in XXXX when the water bill balance was over 500 dollars, and deem it unlivable when it was infested with rodents, feces, and mold to ensure the squatters would stop living there part time and get OUT! Now, I have had it. Our family is a middle class suburban family, doing our best. I have now spent over XXXX investing in completely remodeling the home. Comparable to other homes, with the remodel almost complete, the home would be worth well over the cost of the original loan, so OFCOURSE Wells Fargo wants to foreclose!! that way they can double dip. Auction off the property, write off the losses on their taxes, and get it back dollar for dollar ; all while screwing over the middle class Americans so the big corrupt corporations can get bigger. Welcome to AMERICA. Nobody has been able to help us, and its emotionally, financially, and physically destroyed my family 's well being.