Consumer complaint received 2018-01-03 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
XX/XX/XXXXXXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX, Fl. XXXXI would like to start this letter by stating that I am XXXX  years old and what has happened to me by this company (Wells Fargo) has caused severe emotional stress. Due to the stress, my son XXXX XXXX is now an authorized party to this account after completing and returning the necessary authorization that Wells Fargo provided to him. I would also like to state that all the information outlined below are accurate based on my notes and communication with Wells Fargo and the timeframe below was from XX/XX/XXXX until the date of this letter where I have been diligently trying to come to a resolution that will be fair to myself and Wells Fargo. Overview:I obtained a Home Equity Line of Credit (HELOC) back in XX/XX/XXXX from XXXX XXXX and have been paying on this account ever since. Well Fargo became the servicer of my 2nd mortgage after purchasing XXXX XXXX that had purchased XXXX XXXX  (my original Mortgage Company). In XX/XX/XXXX, I proactively reached out to Wells Fargo to discuss my options for this account that is coming due in XX/XX/XXXX. Below is a timeline and detailed information that I have done my best to organize in order to communicate my complaint against Wells Fargo. I have also attached several documents for review. My 1st mortgage balance is approximal XXXX. The 2nd mortgage (Subject mortgage is approximately 39,000.00). The value of my home is approximately XXXX. I was asking for a XXXX loan that would pay off the balloon and consolidate 1 high interest credit card. This would make for a 71% CLTV (Cumulative Loan to Value).  I have tried now for over 10 months for a resolution, i.e., any type of Offer or “Counteroffer” and it seems that Wells Fargo cannot help a 15-year customer. In fact, I have been told, when I asked “what could happen to my home if I cannot get this resolved” and was told on several occasions that my home may be foreclosed on. This is VERY hard to take and have had many sleepless nights over the last 10 months when your XXXX years old. I love my home and plan on staying here for many years to come.  I want to make sure I get straight to the point so your able to understand my frustrations, but this letter cannot fully describe my feelings and I welcome any direct communication. XX/XX/XXXX:In an attempt to be proactive, I contacted Wells Fargo and spoke to XXXX XXXX. I told him of balloon coming due in XX/XX/XXXX. He said I should do an application which would give me a new-year fixed mortgage so I proceeded with applying over the phone as instructed by XXXX XXXX (Last 6 digits of Loan #= XXXX).  Once I completed the phone application, XXXX informed me that I would have a loan decision within 30 days.  I hadn’t heard from him so I called as 30 days had passed. I then received a letter stating I was turned down due to my homes value as well as my income ratios. Here is a KEY point, I did receive a letter for this denial that only outlined the fact that my home value was to low but unfortunately, I cannot find this specific letter. I was never asked on this application to send in any type of income documentation, so I am unsure of how or what income they were using. told him I have been paying this loan for approximately 15 years and have never struggled to make the payment on time. At the time of the phone application my credit score was over 720. I also stated to XXXX. XXXX that the house was valued at XXXX.   After another approx. 2 weeks my son and I tried contacting XXXX. XXXX i called him again since he said he would look into the loan request application again.  He stated he would call me back.......NEVER HEARD AGAIN...... This issue I have here bullet pointed below: (Please refer to the attached e mail communication Titled “My communication with XXXX XXXX original loan consultantXXXX”.)•	My son nor I never received a follow up call once “supposedly” my loan was turned down. •	They were not looking to do a consolidation/home improvement that I had asked for (evidenced by the e mail communication that I mentioned). •	There was no request to send in income documents ON THIS LOAN REQUEST, as there is another application I put in which will be discussed later. •	There was not option for me to pay for a full appraisal in order to support my claim of my homes value.  •	There was no communication or counter offers that would help me get approved. As a 15-year customer with an outstanding payment history, I felt that they can at least give me some options that makes this a win win situation for them as well as me, the CUSTOMER.Examples of some alternative options: •	Offer me a max loan amount that they would approve as 1 option. •	Could I provide proof of a XXXX credit card payment over the last 12 months that my son has been paying on for me as an authorized user since they are stating my Debt -to-Income ratio is to high (which I still cannot understand since they didn’t request any income documentation for THIS request).•	 Could they consider the option for my son to co-sign on this loan request? All of the above examples of some options or counter offers in trying to help me but instead telling me that I could go into foreclosure is where I feel my age was a factor in Wells Fargo not being engaged in helping me.   XX/XX/XXXX:Since I didn’t hear back from anyone as I described above, I again attempted to be proactive, so I decided to go to a Wells Fargo local branch in XXXX XXXX XXXX  in order to get someone local and face to face contact to help me. As I began to discuss my situation, the associate (I didn’t get a name) stopped me cold and stated that they cannot help me with any information on a Home Equity loan because they do not provide that service from the branch level. They did however help me with once questions I asked; “what could happen if I could not get my 2nd mortgage (HELOC) refinanced or get any options for an extension etc.”.  I was told directly to my face; Wells Fargo may foreclose. The associate told me to contact the call center and re apply. Which leads me to my 2nd Loan application request. (Last 8 digits of the loan number XXXX). Please refer to Letter Dated XX/XX/XXXX Titled Resolution to your Inquiry#XXXX. Under the Paragraph “Application Denial” There is contradiction. If Wells Fargo does not originate 2nd Mortgage loans at the Branch Level, how can they deny it at the Branch Level? Once I returned home from the branch, I contact the call center and tried to get information on my 1st loan request. With no resolution I was transferred to XXXX  XXXX XXXX XXXX XXXX. I restated my concerns on my original application with XXXX. XXXX and he stated that he could review. In doing do he quoted me 4.25% for a $XXXX loan at a fixed rate for 15 years. XXXX. XXXX stated he would send out paperwork promptly. XXXX. XXXX commented by stating that he saw the information on his system and that based on the information, we would send out new paperwork to get the process re-started. I never received any new paperwork and all communication from XXXX. XXXX  ceased.XX/XX/XXXX: I had called several additional times asking for him each time but always had to leave a message with someone....  XX/XX/XXXXI called Wells Fargo to follow up AGAIN and spoke to a XXXX XXXX who was able to look up my account and status (XXXX XXXX XXXX). XXXX. XXXX  stated my loan was going to underwriting and would call me to advise of closing date which would be in approximately 3 days. I waited 6 days and called again. XXXX XXXX XXXX but had to leave a msg.  She NEVER CALLED ME BACK!XX/XX/XXXX: I became very upset and ill over this entire process which I will refer to as the runaround. I live by myself in Florida as my son and daughter live out of state. I became increasingly worried about what this was doing to my health and had to step away from the process as I was getting no resolution with Wells Fargo., XX/XX/XXXX:I called to follow up with XXXX. XXXX to ask about the status of my request once again. This time I got XXXX  XXXX in XXXX XXXX. XXXX XXXX XXXX. I again reiterated AGAIN to another Wells Fargo Associate that I have a balloon coming due in XX/XX/XXXX and XXXX. XXXX stated it could be re written into another home equity.  REF # XXXX. He will mail material to me within 7 bus days.  I told him I could pay out of pocket for appraisal if need be if the value was still an issue.  I NEVER RECEIVED A SINGLE THING!XX/XX/XXXX:     I called XXXX back at number he gave.  XXXX XXXX XXXX  and started new application because I did not receive any paperwork based on THAT conversation. XXXX. XXXX suggested that we simply begin a new loan application and start from scratch. XXXX. XXXX actually followed through with his promises and sent out new paperwork for me to review. This information that was sent to me was new disclosures and request for updated personal information.  XX/XX/XXXX: I went into a Wells Fargo branch office and spoke to XXXX  XXXX (XXXX XXXX XXXX) in order to see if she would be able to assist me in faxing back the information that was requested by XXXX XXXX. She stated she was too busy at the moment, but she would call me as soon as she sent it all. SHE NEVER called me to confirm she had faxed out my paperwork. Since this was a Friday, I waited until Monday and called her. She did at that time confirm that all the information was sent XXXX. XXXX, however, with all the running around I have been put through, I made a terrible mistake by not going back to that branch and asking XXXX. XXXX to please give me back all my personal information. I understand that this is my responsibility, however, when I entrust a Bank that I am a customer if, that they would go to extreme measures to protect my privacy, which will lead me to another Privacy Issue that I will circle back on. NOTE: (Please refer to Attached Document 2nd Loan request titled “denial letter”).  They use verbiage as “lending guidelines”. I do not believe that the 2nd mortgage is sold on the secondary mortgage market and feel that guidelines may be off set and exceptions made if there are offsetting or compensating factors that reduces the overall risk to the bank when making an exception. As I stated earlier, the letter also states that the request was reviewed by 2nd Level. I cannot understand with the numbers I provided within the overview sections of this letter, that Wells Fargo cannot offer and work out option or assistance to an XXXX-year-old in getting some relief vs stating that they may foreclose on my home. I was and still am not asking for something that is so out of line and beyond their “guidelines”! XX/XX/XXXX/XX/XX/XXXX:To add to this frustration, I do believe that my personal information was in jeopardy based on the way Wells Fargo handled my statement. I have attached documents for review labeled Letters and Statements”. PLEASE keep in mind that I have had my 2nd mortgage with Wells Fargo for 14+ years and they start sending my statements to me to another address in XXXX XXXX. Being that I am XXXX years old, I don’t believe in making payments online etc., so I always wait for my statement to arrive and write a check right away (Please review my 14+ year payment history to validate my statement.) However, In XX/XX/XXXX and XX/XX/XXXX someone at wells changed my address!!!!! Sent my monthly invoices to another XXXX XXXX XXXX  who lives at XXXX XXXX XXXX. # XXXX, XXXX, Colorado. XXXX-XXXX- Again please see attached as well as the Timeline that they continued to send to the wrong address. This is VERY upsetting as they stated that I was now late on a payment, so to protect my credit rating and prompt payment history, they told me that I could make a payment over the phone which I did. I am so very frustrated with Wells Fargo, and feel that I have been treated unfairly. I believe that if they are internally stating I was late on a payment and part of the reason for turning me down on my refinance request. NOTE: I called XXXX XXXX exec resolution specialist XXXX XXXX XXXX x XXXX in XX/XX/XXXX  regarding the incorrect address information and to please see to it that my personal information is protected and that the correct address and invoices are sent to my home address where I have lived for 20  years!  On XX/XX/XXXX, once again, I called Wells Fargo to see what was going on with my application and asked if my address was now corrected. She (XXXX  XXXX) stated that a processor was never assigned and was told to call XXXX XXXX XXXX which was home equity dept. as my application was simply declined within the bank and never processed. (Please refer to Letter Dated XX/XX/XXXX Titled Resolution to your Inquiry#XXXX). I asked why i was never informed and wanted to know what to do. XXXX Replied, “call the home equity dept.! In XX/XX/XXXX i called again asking for invoices for XX/XX/XXXX and XX/XX/XXXX but had to leave msg....getting very upset with how i had been handled since XX/XX/XXXX.I called once again and spoke to XXXX XXXX and she stated they had my sons fax as of XX/XX/XXXX at XXXXXXXX XXXX  (this was to authorize him to discuss the account). I STILL HAD NOT HEARD ABOUT XX/XX/XXXX AND XX/XX/XXXX invoices and if that matter was corrected.On XX/XX/XXXX, I called Wells Fargo regarding a letter for resolution for my 1st application that was started in XX/XX/XXXX. They provided me a letter, (which I have attached) but this is was regarding my SECOND application (not the original application) which they stated I should re-apply which gave me hope that they work going to work something out for me. of XX/XX/XXXX!!!!!!!!XXXX XXXX said I should call the modification dept.  She put me on hold 8 minutes in order to get the number.  DIDNT RETURN.I CALLED BACK once again and this time I got someone named XXXX at home equity modification dept. When I was speaking with XXXX I told her I BETTER NOT BE PUT INTO THE CREDIT BUREAU DUE TO THEIR ERROR IN CHANGING MY ADDRESS.  I PAID 2 MONTHS over the phone to satisfy my payments for XX/XX/XXXX and XX/XX/XXXX.   She assured me that I would NOT be reported to credit bureau.XX/XX/XXXX.  Letter regarding denial .... income insufficient, and excessive balances on credit in relation to income.   I ASKED HER IF THAT WAS THE CASE! how after 14 years of having this line of credit was I paying for it? Have not missed any payments no have been late excepting recent error on wells part of changing my address.  Application number is XXXX...Finally, I am an older single senior citizen, and ALL thorough this entire ordeal, Wells Fargo keep giving me hope over the last 10+ months that they could work something out for me in order to stay in my home and not be threatened with Foreclosure only to find out that this is not the case. XX/XX/XXXX: My Request for a reasonable resolution: I would LIKE FOR THE Balloon Payment that is coming due at the end of XX/XX/XXXX, be suspended and an extension be granted for 12 months, in order resolve my issue. I would hope that Wells Fargo, would be willing to offer me some options vs simply turning me down. I believe if that took time to review my account that an exception could be make to re-finance this loan into a fixed 20-year term at the current rates that will allow me to move forward with my life. If Wells Fargo in unwilling to help, then the reason for the 12-month extension is required for me to seek help to resolve my situation. AGAIN, I want to reiterate, I stayed working with Wells Fargo from XX/XX/XXXX to XX/XX/XXXX, based on everything I have outlined in this letter as well as their communication with me that something could be worked out. I didn’t go anywhere else to seek financing as my age and generation is very loyal and felt I should stay with the Bank that Help my mortgage. Please feel free to contact me any time at XXXX-XXXX-XXXX. Please note however, that I want my Son XXXX  XXXX to be a part of any communication regarding this case.   Sincerely XXXX XXXX XXXX

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