Consumer complaint received 2018-07-04
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY (FL)

My home is set for foreclosure sale date on XX/XX/XXXX by Wells Fargo. This bank failed to honor an existing modification agreement and then obstructed our efforts to resolve the matter. Their agents have made misrepresentations to us and their legal team along with our Attorney at the time colluded to steer us into a settlement agreement under duress. We immediately knew this was a mistake and have tried repeatedly to fix the problem but can't make any progress. We are inundated with several collection calls daily from Wells Fargo but when we call to try and fix this issue and get a review for homeowner assistance programs initiated we are ignored. We have been beaten down and broken by Wells Fargo and need help and need an investigation into their actions. We have the means to afford a fair mortgage payment but Wells Fargo will not consider this option as they XX/XX/XXXX to foreclosure. 

My wife and I purchased the home in XX/XX/XXXX with a predatory adjustable loan originated by XXXX and our monthly payment was {$1200.00}. My wife and I were both working full time and caring for our XXXX adult son. We soon realized that we had been misled at origination and that this was a toxic predatory loan. We contacted XXXX and in XX/XX/XXXX they agreed to modify our loan and lowered our monthly payment to {$680.00}. Our agreement stated that we would pay this fixed payment for three years and then the modification rate and payment would revert to the current market interest rate. The problem is that Wells Fargo did not follow through with this agreement, and our interest rate went up to 7.25 % in the 4th year. We began the process of trying to contact their agents and resolve this matter but ran into a brick wall. We literally had hundreds of conversations that went nowhere ; we also applied for modifications several times. At one point we were offered a new modification, but the offer was made verbally -- we requested the terms in writing, since we had already been misled by Wells Fargo in the past, but their agents refused to put the offer in writing. 

Due to Wells Fargo 's failure to honor the original modification and work with us our case ended up in the court system. We were set to go to trial in front of a jury but at a pre-trial mediation the Wells Fargo lawyers ADMITTED fault and told us they would give us a cash settlement of {$40000.00} if we signed over our house within the next year. We did not want to do this, but our Attorney pushed us and steered us into agreeing to this under duress. We knew the next day that this was a mistake -- XXXX XXXX immediately wired {$11000.00} to our Attorney as we were trying to reach him to tell him this was a mistake and we wanted to fight and try and save our home and that we were pushed into this agreement. However, our Attorney ignored our calls and disappeared. We were once again on our own, and began trying to resolve this directly with Wells Fargo. Like before, we could not make any progress and could not get any type of review initiated. We were in limbo, and the only consistent contact we received from Wells Fargo was multiple daily harassing phone calls from the collections department. 

We are now facing an imminent foreclosure sale date and are trying to rescind the settlement agreement due to the fact this was signed under duress. Wells Fargo will not engage with us and will not allow us to be considered for any retention options, they have written us off. This is wrong, we have the financial means to afford a fair payment and this problem is a result of Wells Fargo 's failure to honor the original modification we received from XXXX. Wells Fargo has acted in bad faith and their actions need to be investigated.