Consumer complaint received 2015-06-30
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: WELLS FARGO & COMPANY (CA)

XX/XX/XXXX  Immediate concern: Stop  the foreclosure auction Thursday, XX/XX/XXXX and REALLY modify my loan already. Don't steal my house! 
--&gt; I submitted a loan mod application 2 weeks ago, on XX/XX/XXXX, with a significant change of circumstance: XXXX has raised the limit of Mortgage Reinstatement funding since I last qualified for that program, from XXXX to XXXX. That would cover most of my arrears.  I also got a personal commitment from WF CEO XXXX in public at the Annual Shareholder Meeting XX/XX/XXXX, that WF would "suit up and try again" to modify my loan.  I met with an executive at the back of the room immediately and answered all his objections-- I explained exactly how to modify my loan, how to work legally and ethically through the process, and why the numbers make sense. Months later, I am shocked and angered that absolutely nothing has been done!   WF refuses to even consider my loan mod application and is putting me straight into a foreclosure auction XX/XX/XXXX  

I know their paperwork and procedures would make a foreclosure sale illegal. I know the executives are lying to me when they give me their excuses. I have registered XXXX previous complaints with CFPB, asking specific questions regarding my loan modification, and Wells Fargo gave inadequate replies. 

Background: I bought the house in XX/XX/XXXX, never missed payments, had a good credit record.  In XX/XX/XXXX, I re-financed my home so the loan would be with Wells Fargo, signing the documents on XX/XX/XXXX. I was told it was "not subprime" -- it was an "Alt-A" loan, meaning almost an A, good for  XXXX borrowers. But the loan is indeed a predatory subprime loan, and I'm getting PREDATORY LOAN SERVICING: deliberately trying to force me out of my house with lies, mishandled paperwork, constant demands to stay off the phone and wait for their calls for days at a time during my work hours (WF executives refuse to leave complete msgs and refuse to write complete notes in my files) because WF wants to reduce my income and then say I cannot meet income requirements. They keep switching my Single Point of Contact, then channeling my incoming calls to an exec who is almost never available, then sending more requests for paperwork.  

I am a dedicated, hardworking, intelligent homeowner, a XXXX, exactly the target audience for loan mod programs!   I've volunteered endlessly to improve my neighborhood and XXXX my property value (after WF said it was too far underwater a few years ago). I've sent XXXX complete loan mod applications, paid a temporary modified mortgage for many months, always pay property tax and insurance on time in full.  I have qualified XXXX times for XXXX, but all XXXX were denied by Wells Fargo on some pretext of "the investors of your Trust won't approve it." WHAT investors? Nobody has seen them or let me talk with them.  WHAT Trust? WF has never actually proved that my mortgage was actually transferred to a trust, and has never shown me the regulations that supposedly prevent them from modifying my loan. (I read through the Pooling and Servicing Agreement but found no such restriction; it DOES have provisions for loan modification.)

WF has not even answered honestly to the inquiries I made of the CFPB in my XXXX prior complaints.  WF claims that "nothing" can be done now that they have sold my WF loan into a private WF Trust with secret contracts and annonymous, invisible investors.

I know our whole neighborhood was targeted for predatory loans and predatory mortgage servicing.   

I have addressed every angle of my loan mod: more than XXXX  my income even in this economy (and getting more work lined up for the day when I don't need to battle a foreclosure every month), reducing expenses, avoiding new debt, re-applying for XXXX  

I appreciate your prompt and diligent attention to this matter.  Thank you!