Consumer complaint received 2016-01-07
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: WELLS FARGO & COMPANY (TX)

Early in XXXX we experienced a financial hardship due a family member being taken ill and subsequently, passing on in XXXX, XXXX. We sought assistance from Wells Fargo for assistance and sadly, after 9 months of providing volumes of information to facilitate a loan modification on a second mortgage we were informed in XXXX, XXXX by Wells Fargo that our request was declined. The reason given was " Your loan with us is not a first lien mortgage ''. Wells Fargo took us down the path of requesting financials and making us believe the loan would be modified when they knew right from the onset that this was a second mortgage and had no intention of modifying or assisting us in our financial hardship. Furthermore, we have paid more than the original Loan amount at the usurious and predatory lending rate of 13.29 %. Current Principal Balance {$26000.00} ; Loan Origination Date XXXX/XXXX/XXXX ; First Payment Due Date XXXX/XXXX/XXXX Maturity Date XXXX ; Effective Interest Rate 13.29000 % Original Loan Amount {$28000.00} Amount paid since origination {$39000.00}. While the account was being reviewed for modification, Wells Fargo accelerated the loan and started foreclosure action even while telling us that the property would not be foreclosed on. even though we were receiving notices with foreclosure sale dates. Additionally, since we could not make payment while under review for modification our credit has been grossly impacted. 
Following the re-submission of modification documents on XXXX/XXXX/XXXX, I received a call on or about XXXX/XXXX/XXXX asking me to furnish more information including, among other things, an explanation of what sick pay and vacation pay is on my wife 's pay stub - really!? After several calls asking to speak to the Home Preservation Specialist I was finally transferred to a XXXX XXXX on XXXX/XXXX/XXXX who stated that the account had never been in his queue for review and he proceeded to transfer me to a XXXX of re-entry team on XXXX/XXXX/XXXX. XXXX said they required more information. Asked if she could fax or email a list of requirements said can only read from account notes. It should be noted that there was a variance in what XXXX XXXX asked for and what XXXX asked for even though they are, supposedly, working in the same department. The fact that the Home Preservation Specialist who had been sending us letters informing us that he was the single point of contact and acknowledging receipt of documents, not being aware of the account at all was very troubling. He further stated that because of the nature of the financial documents I submitted, no one has the time to review such detailed information. It would appear that the silence was meant to put us close to the foreclosure date and then state no sufficient time to review. Further, the fact that a modification file was not opened upon receipt of initial documents in XXXX XXXX or on XXXX/XXXX/XXXX and instead continue to keep the account in foreclosure runs contrary to Wells Fargo 's statement of helping customers keep their homes. From my experience the process seems to be designed to take people 's home through foreclosure. The inefficiencies and false expectations set by Wells Fargo put customers at risk of losing their homes and causing untold distress. Wells Fargo 's loan modification processes are not only cumbersome but to a large extent, unfair, abusive and deceptive. To save our property from foreclosure following the decline we have had to refinance and even then Wells Fargo has charged us unexplained fees in the amount {$1600.00} which we want refunded. This has been a very unpleasant, distressful and costly experience for us.