Consumer complaint received 2023-06-24
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: WELLS FARGO & COMPANY (NY)

My name is XXXX XXXX, and I am writing this email to file a complaint against my mortgage lender, Wells Fargo, on behalf of mortgage account number XXXX. 

After agreeing on a loan modification, Wells Fargo added {$230000.00}, that they themselves agreed to waive as part of the modification. When I contacted them in writing, on XX/XX/, they confirmed that they would be in contact with me by XX/XX/, but no one ever contacted me. 

In the modification that I signed with Wells Fargo, specifically, on the bottom of page three of the loan modification documents, it states : The above terms shall supersede any provisions to the contrary in the Loan Documents, including but not limited to, provisions for an adjustable, step or simple interest rate. 

Concomitantly, nowhere above the statement I just quoted does it make mention of any {$230000.00}. In fact, on page one of the modification, it clearly says that the total cap amount for the payment deferred is {$140000.00}. Which is, when added to the principal of {$350000.00}, totals {$500000.00}. 

Furthermore, on page three of the modification, specifically under Section 2., labeled as The Modification, under subsection part B., it states that {$140000.00} of the New Principal Balance shall be deferred ( the " XXXX XXXX '' ) and will be treated as a non-interest bearing principal forbearance. I will not pay interest or make monthly payments on the XXXX XXXX. The New Principal Balance less the XXXX XXXX shall be referred ot as the [ ] Interest Bearing Principal Balance [ ] and this amount is {$350000.00}. Such statement is all that the modification section states. The modification unequivocally labels {$140000.00} as the deferred balance, and it refers to that specific balance as the XXXX XXXX XXXX 

Furthermore, on page 14 of the loan modification, to conclude the modification, Wells Fargo specifically states that they are not seeking the {$230000.00}. In quote : The instrument offered for recording modifies anddoes not create or secure any new or further lien, indebtedness or obligation other than the principal indebtedness or obligation secured by or which under any contingency may be secured by the recorded mortgage hereinabove first described with the exception of the following amount : a ) Unpaid principal balance {$350000.00} b ) New unpaid principal balance {$500000.00} c ) XXXX XXXX XXXX {$140000.00} d ) Additional obligation secured by mortgage as modified Additional mortgage recording tax of {$3000.00} istherefore beingpaid on this Modificationon the sum set forth in 4c. ( Emphasis added. ) Again, there is no mention of the {$230000.00}. Instead, Wells Fargo, in a way that blatantly conflicts with the modification contraction, lists in my new mortgage statement that {$140000.00} is NOT deferred. It has such XXXX XXXX  added to my outstanding principal balance, to make my current outstanding principal {$500000.00} although section 2.B. of the modification states that this amount should be deferred, and then clearly states that {$230000.00} is deferred. 

Per the Federal Trade Commission ( FTC ), a mortgage company must NOT engage in taking misleading actions ; omit important information in key places ; and participate in deceptive mortgage practices, which includes making deceptive statements. 

At this time, I wish to formally request that the amount of {$230000.00} be removed from my mortgage balance for the Wells Fargo mortgage account number XXXX. In addition, I wish to formally request to have my current mortgage balance listed as {$350000.00}, with a total capped amount of {$140000.00} being deferred, so that my mortgage account could reflect what was stated in the loan modification documents. I have attached the loan modification to this email. 

Thank you.