Consumer complaint received 2025-08-01 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Struggling to pay mortgage — Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
Company: WELLS FARGO & COMPANY
State: TX

Complaint narrative:
To Whom It May Concern, I am writing to formally file a complaint regarding Wells Fargos handling of my XXXX XXXXbacked mortgage loan forbearance and their refusal to offer a fair and reasonable repayment option following my completion of an XXXX at XXXX. I believe the solution Wells Fargo is offering is grossly unfair, places an undue burden on me as a consumer, and appears to be inconsistent with both industry best practices and the spirit of XXXX XXXX guidelines. 

Background : I purchased my home in XX/XX/XXXX, with a 30-year mortgage scheduled to end in XX/XX/XXXX. 

From XX/XX/XXXX to XX/XX/XXXX, I was granted forbearance while enrolled as a full-time student at XXXX. I provided all required documentation to support my request.

At the conclusion of my studies, I requested Wells Fargo to move the missed payments, totaling {$57000.00}, the end of my loan, as is standard with most lenders, so that my original monthly payment and loan terms would remain unchanged aside from a brief extension matching the forbearance period.

Problem : Wells Fargo insists that my only option is to keep my current monthly payment of {$2900.00} but extend my mortgage by an additional 15 years, from XX/XX/XXXX to XX/XX/XXXX. 

When I raised concerns, Wells Fargos Home Preservation representatives repeatedly told me that they can not do anything and can only offer what XXXX XXXX allows, stating I must either accept this option or risk foreclosure. 

This is in sharp contrast to my experience with another lender, who simply moved the missed payments to the end of the original loan term with no penalty or excessive extension.

Unfair Cost Calculation : Under the Wells Fargo plan, I would pay {$2900.00} a month for an additional 15 years, a total of 180 extra payments.

This means I would pay {>= $1,000,000} over the life of the new loan ( 480 months ) versus {$870000.00} ( 300 months ) on the original schedule, a difference of {$520000.00}.

This is for missing just 21 months of payments totaling {$57000.00} during forbearance. Instead of simply making up those missed payments at the end ( as is customary ), Wells Fargos modification would cost me over half a XXXX dollars in additional payments, nearly doubling the cost of my home. 

The proposal is punitive, unreasonable, and far out of line with fair industry practice and what other lenders offer for XXXX XXXX  loans. 

Request for CFPB Review and Assistance : I am requesting that the CFPB review Wells Fargos handling of my case and require them to provide a standard post-forbearance solution, moving the missed payments to the back end of my loan without a drastic term extension.

I also request the CFPB investigate whether Wells Fargos representation that XXXX XXXX requires this is accurate, and whether their approach aligns with federal guidelines and consumer protections, especially since other lenders servicing Mortgage loans do not impose such excessive terms.

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