Consumer complaint received 2016-09-05
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: WELLS FARGO & COMPANY (DE)

I am writing to file a complaint against Wells Fargo with regard to their debt collection and settlement practices being unfair and abusive as well as their obligation under the Fair Credit Reporting Act being questionable as illustrated in the attached which contains the last 2 years of documentation in our attempt to settle a mortgage loan. 
On XXXX XXXX, XXXX, we were served a notification at our primary residence in XXXX that we were being sued by Wells Fargo ( who merged with Wachovia in XXXX ) for the mortgage loan. The exact details are in the attached document, however, the high level points that lead me to conclude that Wells Fargo is unfair and abusive in its collection and settlement practices as well as exhibiting questionable credit reporting ( per the Fair Credit Reporting Act ) are : Pursuant to receiving the notification on XXXX XXXX, XXXX, we retained a local attorney to assist us in navigating this law suit as this is our first time ever having experienced this Beginning in XXXX XXXX through XXXX XXXX, XXXX, we attempted several times to settle the loan as well as pursued defending ourselves through the lawsuit when it became apparent that Wells Fargo was unwilling to actually settle but rather continuously responding with the full amount owed ( albeit on a lot that was sold in an auction on XXXX XXXX, XXXX and the bank did not attempt to purchase the land to re-sell ) During an attempt to understand how nothing had been done on the loan from XXXX XXXX to XXXX XXXX, a review of XXXX XXXX 's ( XXXX ) credit bureau on XXXX XXXX, XXXX, reflected Wells Fargo as " Transferred ; Closed ; Never Late ''. There was no indication that there was a judgment against the XXXX nor that there was anything delinquent On XXXX XXXX, XXXX, the counsel for Wells Fargo XXXX notified our attorney that " The bank does not want to come to the deposition on Friday, XXXX XXXX. Enclosed is a stipulation of Dismissal without prejudice. '' My husband and I signed the stipulation and returned it. At the time of this stipulation, my husband and I terminated the engagement with our attorney after spending {$40000.00} in trying to settle this case and/or defend ourselves 8 weeks later, we received a letter from XXXX XXXX, on behalf of Wells Fargo, indicating that they were attempting to collect the debt 1 week later, we received notification from XXXX XXXX, on behalf of Wells Fargo, that the judgment from XXXX ( rendered in XXXX XXXX but unbeknownst to my husband or myself ( or we would n't have engaged in 14 months of legal proceedings ) ) was being moved to Delaware The fact that Wells Fargo had a judgment against us since XXXX XXXX but pursued a lawsuit for 14 months, causing us substantial financial injury as well as emotional distress demonstrates how their collection and settlement practices are unfair and abusive We attempted, yet again, on XXXX XXXX, XXXX to settle the debt with Wells Fargo via their counsel, XXXX XXXX, but yet again, were n't able to reach an agreement. We noted in our settlement letter that due to the frivolous lawsuit ( given the judgment from XXXX XXXX ) and the fact that we had exhausted {$40000.00} in legal fees, we were unable to come up with a lump sum payment but we proposed a settlement offer of {$25000.00} as a one-time lump sum payment or {$35000.00} over ten years in settlement On XXXX XXXX, XXXX, I received a notification at my employment that Wells Fargo would begin to garnish my wages beginning with my XXXX XXXX, XXXX pay check. The fact that Wells Fargo had a judgment against us since XXXX XXXX and yet still pursued legal action via a lawsuit for 2 years, causing tremendous financial distress, has to demonstrate their practices as unfair and abusive.