Consumer complaint received 2015-06-26
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: WELLS FARGO & COMPANY (OR)

XXXX XXXX : My wife and I refinanced our XXXX, XXXX house to purchase a lot. It took a mortgage, equity account, and a lot loan. Mortgage is through Wells Fargo. Equity Line of Credit is through XXXX Bank. Lot Loan is through XXXX. XX/XX/XXXX : Went to Wells Fargo Bank Branch at XXXX XXXX XXXX XXXX XXXX XXXX in XXXX, XXXX. to try and refinance with HARP to reduce interest rate of 6 3/4 %. Loan officer laughed at me and stated they do not have to recognize HARP since they are earning better interest. XXXX XXXX : My wife did not want to wait to move. We put house on market, could not sell due to market crash. Rented out house. Moved from XXXX to XXXX, XXXX. Rented out house until XXXX XXXX. Put house on market again. Still upside down. Applied for short sale process with Wells Fargo and XXXX Bank XXXX XXXX. Discussed short sale with Wells Fargo and XXXX online, on phone, and received paperwork to fill out and submit. Paperwork is over XXXX pages. Sent by email, fax, us postal, and certified. One year later, and with assistance of mortgage attorney, XXXX, of XXXX, XXXX, No responses. We had offers to buy at short sale prices, No responses from either institution. Since process has been a year, multiple representatives from both banks by mail, email, and phone. No responses. Both banks deny ever receiving any application for Short Sale. Attorney resends updated applications and documents. Both banks again deny ever receiving applications and information. Both banks state they do not have to recognize short sale application ( s ) even if they did receive them. Rather than losing a little money in short sale, The banks would rather spend time and money on foreclosure. XXXX XXXX. Real Estate Attorney, XXXX recommends stopping payments to Wells Fargo and XXXX to get their attention. Both banks begin sending many letters and calling me XXXX times daily demanding payments. I inform them and our attorney inform them that we are trying to negotiate a short sale. Banks refuse to acknowledge. All prospective short sale buyers walk away. Keep trying to sell house in XXXX. Wife files for divorce. Divorce court orders I stop payments for XXXX House and Equity Loan. Inform them already did as of XXXX XXXX. Wells Fargo submits legal claim XXXX XXXX, XXXX for foreclosure. XXXX XXXX, put lot on market for sale. Receive offer in less than week. Enough funds from sale will balance the money owed on XXXX house. Wells Fargo refuses to acknowledge funds and wants to proceed with foreclosure instead. Why would Wells want to proceed with cost of Foreclosure? Why would Wells Fargo turn away so many good buyers? As an XXXX, this is a home I spent XXXX years renovating. I put quality finishes, energy efficiency, sustainable detailing. Wells Fargo does not care. Please note : The mortgage with Wells Fargo is an interest only account. Upon the direction of my wife, to keep the mortgage payments reduced, we went with interest only with the intent of keeping the house only a few years before building on lot and moving. Did not happen.