Consumer complaint received 2022-07-31
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (NY)

Re : Request for Review of Approved Mortgage Relief Option : Reference : XXXX XXXX. Property Address : XXXX XXXX XXXX, XXXX XXXX, NY XXXX ; XXXX Loan # XXXX Reference the above approved mortgage relief options attached. For the avoidance of doubt, the Home retention option applied by XXXX XXXX XXXX XXXX in 2016 which was applied by Wells Fargo, the loan servicer then, before the loan was transferred to XXXX are given below : 1. XXXX did not use the information given by borrower to evaluate the modification contrary to RESPA and the CONSENT ORDER XXXX signed recently with CFPB, but rather introduced some strange figures like TOTAL MONTHLY EXPENSES OF {$350.00} and XXXX TOTAL MONTHLY GROSS INCOME in order to generate the results which includes balloon payment of {$480000.00} to the loan structure ( See Exhibit 2B attached ) 2. XXXX approved mortgage relief did not provide any change in the terms of the original mortgage like the interest rate remains at 4.575 % ) and number of years ( maturity remains at 30 years ) as per loan modification prescription. 3.Before the modification, the loan structure ( See Exhibit 2A attached ) consists : Interest Rate : 4.575 %, Maturity : 30 Years ; Total Payment Amount ( P & I+ Escrow ) of {$4300.00} + Principal Balance of {$460000.00} + XXXX interest deferred amount of {$140000.00} + Arrears of {$180000.00}. Total loan Amount of {$710000.00} 4..After Your Modification as per your approval, the loan structure now consists : Interest Rate : 4.575 %, Maturity : 30 Years ; Total Payment Amount ( P & I+ Escrow ) of {$3800.00} + Principal Balance of {$710000.00} + 2nd Principal of 4.575 % interest of {$130000.00} + Balloon Amount of {$480000.00}. ( See Exhibit 2A attached ) Total loan Amount of {>= $1,000,000} 5. From the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX HAVE YOU ALREADY TRIED TO FIX THIS PROBLEM WITH THE COMPANY? 
Yes above, it is clear that no mortgage relief has been provided, but additional burden of {$730000.00} ( that is balloon amount of {>= $1,000,000} + XXXX interest deferred amount now converted to a 4.575 % interest current loan of {$250000.00} of 13 years term ) 6. Also bifurcating the 2nd interest free unpaid principal into 2 parts : a ) interest free portion b ) interest bearing portion violates the extant modification agreement signed with XXXX XXXXXXXX XXXX in 2016. 7. Some provisions in this modification approval violates the provisions of the original mortgage Note and the Modification Agreement. Please note, that the terms of the loan or servicing guidelines are not to be changed according to Federal Laws when a loan is transferred in the secondary market. 8.Your extant response to Cfpb indicates that you applied some Investors Guidelines, which remain unclear, which is a violation of the originating loan agreement, the extant modification agreement, RESPA and extant Federal and New York State laws and servicing guidelines. 9.The loan is a Conventional Bank loan from a National Bank-Wells Fargo and not anInvestor loan. In view of the foregoing, I am submitting a new modification application; and appealing that XXXX reviews the approved retention as per RESPA and the CONSENT ORDER XXXX signed recently with CFPB. Thank you for the expedited action. Yours faithfully, XXXX XXXX XXXX