Consumer complaint received 2015-04-27
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: WELLS FARGO & COMPANY (TX)

I decided to purchase my first house in XX/XX/XXXX. My realtor was an acquiantance that recommended I use XXXX XXXX XXXX, XXXX to secure a mortgage loan instead of a private bank. She stated using a private bank would delay the closing process and an advisor would not have to check my credit multiple times like private financial institutions would. I took her advice/recommendation and set an appointment with an advisor at XXXX XXXX. I disclosed all the information required for him to apply on my behalf. At the end of our meeting I was told to pay an application fee of approximately {$400.00} without prior knowledge I would even be charged for services. After being approved for a loan and several weeks of not finding what I needed, I started feeling pressured from my realtor and financial advisor. Though my realtor would only recommend XXXX XXXX properties, I was identifying potential properties found on the internet with greater success. My realtor, XXXX XXXX of XXXX XXXX XXXX, recommended I take out cash loans from lines of credit and/or family members in order to provide a larger down payment. My advisor also told me to consider taking a mortgage loan with a higher value. He told me to consider my financial situation in the future and envision I would not always be at my income level and perhaps make even more in the future. Their pressure deceptively and abusively persuaded me ( an under-educated and inexperienced consumer ) to consider the higher loan amount approved of {$130000.00} instead of my original loan cap of {$110000.00}. I reluctantly and ( now ) regretfully agreed to raise my loan cap at their recommendation. A few weeks later I found a home at the max loan approval amount of {$130000.00}. My yearly income was less than {$40000.00} and I would be the only applicant for the loan. My FHA loan application was sent to XXXX XXXX XXXX XXXX XXXX. I was told by my advisor that this bank was more lenient of credit/income standards. A week or so later I received the news I had been approved for the loan. After closing my loan was transferred immediately to Wells Fargo Mortgage. A little over a year after closing on my first home, my household income was reduced due to hardship. I reached-out to Wells Fargo Mortgage for assistance. I gave all current income information and my modfication specialist never returned my request for modification other than to send a letter stating I did not qualify. Every time I called Wells Fargo I was given the run-around after failing to qualify for modification. How is it possible I could not qualify for a mod due to my DTI if it was EXACTLY the same at origination a little over a year prior?? By XX/XX/XXXX I was no longer able to make payment on my own. I called numerous times and requested a short sale process or deed in lieu. I was told a short sale or deed in lieu could only be honored if I obtained a realtor and had the property on the market for 30 days. I contacted MANY realtors in the XXXX area to no avail as no one wanted to waste their time/money on 'selling ' a property they would make no money on. My home was ultimately forclosed on and my credit/finances are permanantly damaged for the rest of my life. I can not qualify to purchase a new home due to the foreclosure on my credit history at the expense of a realtor and financial advisor who unfairly persuaded me into a situation I could not afford and wanted a few extra hundred dollars in their pockets. PLEASE HELP!