Consumer complaint received 03/14/2018 about Mortgage (FHA mortgage) with WELLS FARGO & COMPANY (GA).
Issue: Struggling to pay mortgage

Complaint: I am a writing to share my most recent experience with Wells Fargo. 

Beginning in late XXXX I contacted Wells Fargo to inquire about the Disaster Relief Program that would provide assistance to those impacted by recent Natural Disasters. 

It is my position that Wells Fargo misrepresented the Disaster Relief Program by characterizing it as something I would later come to learn it was not.

None of the commitments made were honored and facts were either omitted or untruthful.

During my first conversation with Wells Fargo to inquire about Disaster Relief, critical information was withheld ; critical information that I could not have considered in my decision making process. Although I repeatedly asked for specifics and shared concerns I was reassured " we are here to help '', " not to worry at this time ''. These are the responses I was given when asking about interest rate, loan terms, method of repayment. My take away was that the two payments I had been authorized to miss would be deferred to the end of my loan. Based on that understanding I acted in good faith that the two payments I was permitted to miss under the Disaster Relief Program would be resolved to my satisfaction, details would be forth coming - not to worry. Wells Fargo even returned the most recent payment already made based on " qualifying '' for the Disaster Relief program. 

Later, onXX/XX/XXXX I called back in regarding a letter I had received that stated there would be additional reviews and approvals needed associated with Disaster Relief. This came as a surprise as I believed I was already accepted. That call was the first time the term " modification '' was mentioned. During this conversation I spoke with a supervisor at my request ( XXXX XXXX ) who presented himself as the leader responsible for Disaster Relief. I shared my concern and once again I was reassured. He provided me with specifics that set my mind at ease. The " approval '' would consist of employment verification and I would have nothing to worry about. To which I asked critical questions again and was emphatically reassured that my interest rate would not change and that although it wasn't a deferment of payment, the " modification '' would net the same result - the only impact would be two additional months being added to the end of my loan to make up for those not made during the Disaster Relief period.

About a month or so later I was contacted to inform me that I was approved and an offer of modification was available. The terms of the offer were vastly different than that of what had been previously communicated. My interest rate would increase from 3.625 % to 4.25 %, my loan term would essentially be reset and the two months of mortgage payments ( totaling {$4100.00} ) would balloon into approximately {$11000.00} between interest and other factors as part of the offer terms. 

At that time I asked to speak with a supervisor and once again spoke with XXXX XXXX. I shared with him the offer details and pointed out that this was not what we had discussed. He agreed and stated that he would get us some answers to find out why the offer had come back as it did. After many follow up attempts on my part, many messages by phone and one by email for XXXX to return my call I never heard back. 

At this point I asked that my case be escalated and the audio recordings reviewed. I believed that if the right folks were to review my conversations in their entirety it would be clear that certain commitments were made and they would be honored. 

During my last conversation on this matter that occurred just two days ago with XXXX XXXX it was clear to me that not only was the decision on the aforementioned " offer '' to stand but I was not alone. In fact many others are in the same difficult position that I am in - pay up or take the offer. Which, by the way, only proves that my understanding of what was to come based on that very first conversation about the program was reasonable given the circumstances. 

XXXX told me, and im paraphrasing, by omitting those critical details Wells Fargo was agreeing to nothing and even though unaware I was subject to any and all possibilities of outcome in the future when entering into the program. 

It was clear to me at that time I had been taken advantage of under the pretense of Disaster Relief.

All of what I had heard about Wells Fargo appears to be true. The concern that senator XXXX XXXX expressed onXX/XX/XXXX to Federal Reserve Chairman XXXX XXXX I am now a victim of. The truth to her question about whether or not the culture at Wells Fargo has shifted and real change has or is occurring was for me answered. No!

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation