Consumer complaint received 2022-12-25
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (AZ)

XX/XX/XXXX ATTENTION : XXXX XXXX XXXX P XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXhe purchase price was {$450000.00}. I made a 20 % ( twenty percent ) down payment of {$91000.00}. Please understand that I was not a speculator or an investor. I secured an interest-only {$360000.00} mortgage from Wells Fargo to purchase the home, which was my familys primary residence. The loan was secured by a deed of trust on the property. 

LOAN MODIFICATION REQUEST In XXXX of XXXX, I began the process of seeking a mortgage modification. I was encouraged to do so after speaking directly with my United States Senator, John McCain. Senator McCain informed me that Wells Fargo was provided funds by the taxpayers to modify underwater loans and borrowers struggling to make payments. I contacted Wells Fargo and requested a modification of the terms of the loan. However, I continued to make my {$1700.00} monthly interest-only mortgage payment even as the property had lost over half its value since my purchase. My original loan modification request was for Wells Fargo to provide a 30-year term mortgage for the remaining {$360000.00} balance on the property. 

After a series of phone calls, and a letter dated XX/XX/XXXX, Wells Fargo sent me a forbearance agreement. Wells Fargos offer would have required three monthly payments of {$780.00} beginning on XX/XX/XXXX. I signed and returned the Special Forbearance Agreement to Wells Fargo on XX/XX/XXXX. I then asked Wells Fargo if my in-full XX/XX/XXXX payment of {$1700.00} would satisfy two installments under the forbearance agreement, but I did not receive a response. Each day I continued to make phone calls, and each week a letter and emails aimed at modifying my original loan continued through XXXX of XXXX. I responded to all requests for documents relating to my finances. 

On XX/XX/XXXX, Wells Fargo indicated that my loan modification request had been canceled. I later learned this was a common practice by the bank to delay and deny loan modification requests. Nonetheless, I continued to work towards the modification of my loan. 

A notice of default was sent on XX/XX/XXXX. On XX/XX/XXXX, Wells Fargo sent another letter denying my loan modification request for failure to timely provide the required documents. Thus, Wells Fargo already decided that I was in default prior to evaluating my loan modification request. I provided all requested documentation within the time-frame indicated. 

Additionally, Wells Fargo continued to request documents that I had already provided, and I continued to provide the same documents. I later learned that Wells Fargo was found guilty of this very practice to delay and deny mortgage modifications and was fined by the Federal government. 

In a letter dated XX/XX/XXXX, Wells Fargo again elected not to adjust the terms of my mortgage for failure to provide the necessary information. I then sent Wells Fargo a check for {$2300.00}, representing three payments of the forbearance amount. Wells Fargo returned the check. I then sent a check for {$780.00}, intending to cover a XXXX installment at the forbearance rate. Wells Fargo initially deposited the check, but then returned the payment. Wells Fargo offered a second and final Special Forbearance Agreement on XX/XX/XXXX. Meanwhile, Wells Fargo provided a negative report to the credit bureaus, damaging my credit rating, and precluding me from refinancing the loan with another lender. On XX/XX/XXXX, Wells Fargo sent me another final notice of default. 

On XX/XX/XXXX, I appealed by letter to Senator John McCain. Wells Fargo responded to Senator McCain and a related inquiry from the Office of the Comptroller of the Currency on XX/XX/XXXX. Wells Fargo provided misleading information to the Senator and the Office of the Comptroller of the Currency by stating they were working to modify my loan. 

On XX/XX/XXXX, Wells Fargo issued a notice of trustee sale. My home was foreclosed upon and sold at auction for {$180000.00}. Today, the same property is valued at {$630000.00}. If Wells Fargo had provided the 30-year-term mortgage modification as requested, I would still own and have over {$260000.00} in buildup equity in this property. 
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Thank you for your attention to my request. 

XXXX XXXX XXXX, XXXX. 
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