Consumer complaint received 2022-03-30
Product: Debt collection — Mortgage debt
Issue: False statements or representation — Attempted to collect wrong amount
Company: WELLS FARGO & COMPANY (FL)

A company that I once owned took out XXXX XXXX loans circa XXXX with XXXX XXXX  XXXX XXXX, XXXX XXXX, Fl ( XXXX ). My late wife and I had to guarantee the loans through mortgages on assets that we were placing as collateral. During the period of XXXX the business experienced a huge growth spurt which taxed our cash reserves. We sought funding from XXXX XXXX, XXXX at the amount of {$600000.00}. His one condition was that he had to become CFO and manage all funds. We agreed as he appeared to vet well. Over the next year ( XXXX ) he controlled all mail, communications with bank, receivables, etc. What we came to learn was that he had opened separate accounts to which we had no access and had been funneling receivables to one of those accounts. From these funds he would make " financial investment payments '' into the main operating account to appear to be investing his money as per our agreement. Our cash problems seemed to worsen not get better so I did and audit of the books, contacted customers and discovered what he was doing. I immediately filed a case with the FBI as money was crossing state lines into a trust. The FBI informed me that he had done this before to about XXXX companies that he could think of. Once the investigation started, I could get no further information from the FBI. I contacted XXXX and was informed that they were in the process of merging with XXXX XXXX XXXX XXXX ) and that all of our loans were being called. Asking if there was anything that could be done, they said that we could possibly come up with a forbearance agreement containing a plan that would catch all of missed payments up over a period of time. We had no success in developing an acceptable plan so we asked what was next. We were told that we could make an offer in compromise ( XXXX ) which would require that we liquidate all equity that we held outside of the business giving the proceeds to the bank, agree to voluntary replevin of the company assets and assist in the liquidation of those assets, post no legal defense and agree to a voluntary judgement. We liquidated $ XXXX in assets and equity. We met all other requirements as set out to us concerning the OIC. When the judgement was recorded I objected to the amount, but my attorney said that would mean a legal defense which would violate the OIC and that we best just keep on the path that we were on and we did. We received the proper satisfactions of mortgages and were able to start over. All seemed to be as we were told until Wells Fargo Bank NA ( WF ) took over XXXX in XXXX. In XXXX WF rerecorded the original judgement of XX/XX/XXXX to which we had agreed. WF then filed writs of garnishment on my pay and garnished all of my new wife 's as of XXXX and my bank accounts totally freezing all of our funds. I hired an attorney and I filed for exemption and it stood. So, our funds and my pay was released, but it cost me attorneys fees. On XX/XX/XXXX WF filed to renew the judgement just 5 days before it was to expire. Having only 20 days to answer I answered pro se and reached out the law firm representing WF which was the same firm that had represented XXXX and XXXX. When I reached out the attorney that represented me in the original agreement, he informed me that he was conflicted out as XXXX was a large client of his firm. I did a FOIA request of XXXX on the particular loans to find that XXXX had disbursed to XXXX and had written the loans off in XX/XX/XXXX. I offered WF to agree to pay $ XXXX for 10 years rather than endure a lengthy and expensive court battle. to which they immediately responded in the negative. I hired an attorney. Then I get an alert from the credit bureau that XXXXF had made a hard inquiry into my credit as if I had applied for a mortgage with them which I had not causing my credit score to take a hit. This nullifies an agreement of some twenty years ago wherein I cooperated fully.