Consumer complaint received 2019-01-23 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
On XX/XX/XXXX, Wells fargo 's XXXX XXXX responded to my complaint XXXX to CFPB dated XX/XX/XXXX, stating TO CFPB, among others including " APOLOGIZED FOR ANY LAPSE IN CUSTOMER SERVICE '', THAT " A REVIEW FOR PAYMENT ASSISTANCE IS IN PROGRESS '', WHEN IN FACT IT WAS ALREADY DENIED ON XX/XX/XXXX by XXXX XXXX of Home Preservation and her Team ( see attachment XXXX ). This can be called a lie to a Federal Agency, or incompetence, but I know for a fact that Mr. XXXX  has my updated information available to him on his computer ( I know this because he and his 'predecessor ' XXXX XXXX accessed 'current ' information re. Ms. XXXX  's work/progress while I was on the phone on previous occasions ). Mr. XXXX  written response to CFPB can also be called an attempt to hoodwink CFPB into believing WF was still reviewing me for payment assistance.

I spoke with Ms. XXXX  on XX/XX/XXXX in a Conference call with a XXXX  County government representative listening/participating. I brought the above issue to Ms. XXXX  's attention - she said Mr. XXXX  researches the past, and she decides the future - well, Mr. XXXX did not research well or deliberately misinformed CFPB.

Ms XXXX said the suspension of the foreclosure around XX/XX/XXXX will be lifted around XX/XX/XXXX and for me that means that an auction date for mid-XX/XX/XXXX will be set. I also requested Ms. XXXX to provide me with the reason for denial, which was negative NPV ( net present value ) of the property. On XX/XX/XXXX she provided the worksheet used for NPV calculations of a loan mod. She used 5 % interest rate, down from the existing 7.125 % interest rate charged by XXXX XXXX or XXXX XXXX XXXX XXXX. ( see attachment XXXX  ) since XX/XX/XXXX, the investor for which Wells Fargo is the Servicer, which therefore resulted in negative NPV.

I suggested in the past that I would be willing to pay the existing mortgage at 7.125 %, HOWEVER I can not afford to pay the arrears immediately, but can if stretched over a period of time.

I also suggested on XX/XX/XXXX by email to Ms. XXXX  to calculate NPV at various rates, such as 5.5 %, 6 %, 6.5 % and 7 % to see if this resulted in a positive NPV, since 5 % resulted in negative NPV and denial.

NOTE that Mr. XXXX only researches the past, so his statement has no validity, since the next minute Ms. XXXX and Team can decide to bypass his statement ( HOWEVER, in my case, he made an untrue statement that " a review for payment assistance is in progress '' on XX/XX/XXXX when XXXX  had already denied it by USPS mail ( attached ) on XX/XX/XXXX. This despite the fact that Mr. XXXX has current, maybe live, access to my case/Ms. XXXX 's files, and I know it, as stated above ).

This error or lie to the CFPB should be reason enough for WF to be penalized, and/or I receive a Loan Modification, at one of the interest rates stated above.

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