Consumer complaint received 2016-09-26
Product: Mortgage — Other mortgage
Issue: Loan servicing, payments, escrow account — 
Company: WELLS FARGO & COMPANY (NC)

My wife and I bought a home in XXXX XX/XX/XXXX, For roughly {$480000.00}. At the time they set us up with a first and second mortgage from XXXX XXXX. We rented the house out for a year and went back to XXXX. We had planned to stay in XXXX for a year or two, but we got caught up in taking care of my elderly parents. XX/XX/XXXX we decided to move down to XXXX at the end of the current lease we had on our home, which was up XX/XX/XXXX. It was just about at that time we contacted the Real Estate agent that set us up with the first mortgage company that worked with us when we bought the house. Through that connection we were introduced to Wells Fargo. At that time my wife and I both had credit ratings in the XXXX We wanted to consolidate the XXXX mortgages an also put {$220000.00}. towards the principle. We were told that because we had the house rented out we needed a commercial mortgage at a 5.35 % interest rate. We explained the lease would be up in a few months and we 'd be moving in. We were told it did n't matter we had the house rented out so we had to have a commercial mortgage. We were going to wait till we moved down to XXXX. We talked that over with the loan representative. One of the issues was I was self employed at the time and we were concerned about any possible dip in income while getting started in XXXX. We were told by the loan representative that we should go forward with the loan process. We would have a 5.35 % interest rate but once we moved into the house our interest rate would be adjusted down to a lower interest rate of a normal home mortgage. We inquired about what the interest rate would be. We were told not to worry interest rates at the time were on the decline. I think at the time with a good credit score, interest rates were about 2 or 3 % When we moved down to XXXX we went into the bank to get our rate adjusted. We met with a representative by the name of XXXX XXXX. He told us there was no program like that. If we wanted to lower our interest rate we would have to apply for a new mortgage. The problem with that was we did n't have the same income coming in. I was told at the time if I went back to all my previous customers and got letters stating how long I did work for them and how much money I made they could possibly work with us to get a new mortgage. They started the paper work. The problem for me was I installed window treatments for a number of different decorators, retail stores and major chain stores. Although I had a good reputation with all my accounts I could n't bring myself to put them in that position. So I was stuck with a 5.35 % interest rate and a mortgage payment for over {$2000.00}. a month. Although my wife was able to get a job I was never able to get my business off the ground. Window Treatments are not big in the south. Within a year or so we went through our savings. From time to time I contacted Wells Fargo to see if there were any programs that could help us the answer was always the same, NO. My wife 's income was not enough to cover our mortgage payment. I tried very hard to find a job that would at least create a positive cash flow. I was unable to find one which led to health issues XXXX. Eventually we had no other option other than to sell our home which we did in XX/XX/XXXX. At the time we had no savings and we had about {$130000.00}. in credit card bills. I understand that stupidity is no excuse but at the time I signed that mortgage document I was running my own business taking care of all aspects of my parents lives. Their finances, their property and their health issues. In addition to their day to day well being. Also at that time my wife was recovering from XXXX. I did n't expect anything special from the bank. But we did expect them to be honest with us.