Consumer complaint received 2018-04-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY
State: NY

Complaint narrative:
I have been battling with my mortgage lender Wells Fargo Home mortgage for the last few years. Shortly after I went delinquent on my mortgage I reached out to them in an effort to resolve the matter but ran into resistance. I ended up working with a law firm and was approved for a trial modification in late XX/XX/XXXX. After making my three trial payments I waited for the bank to send me my permanent modification paperwork, but it was never received. When I made phone calls to try to get to the bottom of the issue I was given the runaround. When I attempted to make another modification payment I was told that they would not accept my funds and that the only option was to pay back all past due payments and late fees etc. in one payment. I was unable to do this and then tried to get back into review for a new modification with the loss mitigation department. Although I have been assigned an account manager, I have never actually spoken with this person. Despite multiple calls weekly and monthly and many voice mails I have never actually been able to get Wells Fargo to consider a new review of my financial information for a modification. My financial circumstances have changed and I am in a better place, but they wont even let me get past first base. I feel that Wells Fargo has denied me access to government, state and internal programs that I should be considered for. Instead of working with me they have pushed me into foreclosure and forced me to file a bankruptcy in order to protect my home. I have the means to make a fair and reasonable mortgage payment but need the bank to play fair and work with me. 

At the time of purchasing this home my business was doing well and my credit was stellar. I put a deposit down and had planned to put a sizable down payment and was told I qualified for a fixed rate loan. As we went through the process I was told that we did not have enough $ for the down payment when you include closing costs and that I would have to accept a second mortgage. Additionally, at the signing table the loan terms were switched on me and instead of a fixed rate loan I was put into an adjustable rate interest only loan. The payment started out low at {$2700.00} but over time went up to {$4100.00}. I was upset about the bait and switch but I did not have a choice because I had put down a large deposit on the home so I had to accept what they gave me. I am XXXX and my business historically has been successful. However, like many Americans I was hit very hard by the recession in XX/XX/XXXX.  For the next 4 years I literally lived off of my savings and assets since my business was so slow. Eventually the well was dry and I defaulted on my mortgage loan in XX/XX/XXXX. As explained, I applied and was approved for a trial loan modification in XX/XX/XXXX. I made my three payments as agreed and was told that I would be receiving the permanent modification paperwork. However, nothing came, and my multiple calls to Wells Fargo were not returned. When I attempted to make my regular modified payment I was told that Wells Fargo would not accept this, and would only accept the full past due amount that was owed. I continued trying to communicate with their loss mitigation department to resolve this matter, but as described I have been ignored and met with resistance instead of any type of assistance. 

I served my country proudly in the XXXX XXXX for eight years and am not accustomed to such treatment. This is an avoidable foreclosure if Wells Fargo were to actually give me a chance to be reviewed for the government, state and internal programs that are available to help struggling homeowners. I ask that your organization look into their handling of my mortgage loan.

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