Consumer complaint received 2024-06-20 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — An existing modification, forbearance plan, short sale, or other loss mitigation relief
Company: WELLS FARGO & COMPANY
State: VA

Complaint narrative:
I got a home mortgage through Wells Fargo on XX/XX/XXXX i moved into my home. I put {$20000.00} down and I paid off {$20000.00} in my student loan debt and Wells Fargo wrote a mortgage for {$45000.00}. 

Issue is in XXXX I experienced finacial difficulties and i missed 4 payments at around {$350.00} per payment. Wells fargo caused me a tremendous amount of stress and out of pocket finaces trying to save my. They had a date that they were going to auction it off up at my local court house. Let me remind you i only owe around {$39000.00} around this time as my loan was only for {$45000.00}. The home value was more than {$150000.00} at this time in XXXX as I had it remodeled all of it on the inside and out. I struggled getting a loan modification which i finally got. So i was 4 payments behind in XXXX ar around {$350.00} per payment that is around {$1400.00} give or take. I had my loan paid down to around {$39000.00} give or take. This was all in XXXX got a loan modification and now 6 years later now XX/XX/XXXX it has been almost 9 years since I been paying on my home the original payment amount or higher besides those 4 months and my loan balance is currently around {$46000.00}. In XXXX the loan was only {$45000.00} taken out. I paid every month besides those 4 months i had to take a modification every month the original payment or higher {$350.00} or more for 8 years. Now almost 9 years later i have a higher mortgage balance then i started with in XXXX when taking the loan out. {$39000.00} in XXXX before the modification. Only missed 4 payments atound {$1400.00} paid for 6 more years after the modification and being at {$39000.00} 6 years ago. I know owe more than the original mortgage was 8 years ago. 

Furthermore, Wells Fargo wrote a couple of checks to try to cure the damages. I recently got another one in the mail. However all the checks dont add up to not even a quarter to what finacial loss i took and still going through. All tbe stress and not only just with my mortgage i had credit card through them, business checking and saving. I mean the stress alone of missing 4 payments and them just having my hiuse up for auction so fast at my local court house when i had more then a XXXX in equatly in it basically forcing my hand into a loan modification that paying on this loan for 8 years beings the loan higher than the original loan was starting off its crazy. I would like to speak to the mediation XXXX the last letter said they will pay for it at no cost to me but their little checks for XXXX or XXXX does not even touch all the money i handed over to them knowing it went to nothing besides me being higher today 8 years later paying every payment besides 4 the loan being higher than it was starting out. On estimate with stress and finacial lost wells fargo cost me around {$16000.00}. They also say my home is only appraised at around {$150000.00} when it actually was appreasied by a private realtor recently for {$260000.00} since it was all remodeled etc. with how much i out into it before XXXX when i had a finacial set back. 

My question is at what point is my house going to be mine because almost 10 years later paying Wells Fargo every payment but 4 and like i said im higher than the loan started. I should have almost 1/3 of my home paid off by now but i have none of my home paid off infact i owe more than when the loan starter and i only missed around {$1400.00} 4 payments in XXXX. Around {$16000.00} dollars in finacial burdern, stress and all else is what i can prove or calculate however it is probably higher yet Wells Fargo keeps sending me little checks paying the minimum they can. 

This time i would like to speak to their midiation expert and i would like a fair shot at owning my home one day without the stress of knowing i paid every payment beside 4 since XXXX of XXXX and my loan is higher now 8 yesrs later. In the letter of the last checm sent to me Wells Fargo said ibcan request a midiation XXXX if i feel i wasnt made whole. Well i am doing so now. I put a lot of money into my property and always trying and making sure Wells Fargo got their payment no matter what. Every time i login into my wells fargo mortgage account however i am reminded that i once was around {$39000.00} in XXXX after 2 years of paying and im now at around {$46000.00} in XXXX after 8 years of paying. I put everything i got into my home for my family and it seems like it will never be enough. All because Wells Fargo right away three my home up for action at my local court house when i had over a {$100000.00} in equity and there was no other option but to take a modification that i luckly got at a huge cost.

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