Consumer complaint received 2024-02-24 00:00:00
Product: Mortgage — Conventional home 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: WI

Complaint narrative:
I am writing to express my deep concern about the treatment I received regarding my mortgage during the COVID-19 pandemic and its aftermath. As a loyal customer with a perfect payment history for 15 years, I am deeply disappointed by the actions taken by your bank, which caused significant financial and personal hardship for my family. 

Details of Events : Due to the economic impact of COVID-19 on my small business, I opted for a 6-month mortgage payment deferment program offered by Wells Fargo.

The deferment program was extended for another 6 months.

Immediately upon the end of the deferment period, Wells Fargo demanded full payment for the entire 12 months, threatening foreclosure if not paid in full. 

Multiple Attempts at Renegotiation : Despite repeated attempts to discuss alternatives, such as restructuring the loan or adding the deferred payments to the end of the term, Wells Fargo refused any options except immediate full payment. 

The house was paid in full on XX/XX/XXXX and never entered into a foreclosure process. 

Impact on Health and Family : This stressful situation being forced from our home and community of 15 years had significant impacts to my wife 's health, contributing to her hospitalization for XXXX, as documented by her physician. 

Forced Relocation and Financial Losses : To avoid foreclosure, I sold our home at a significant loss, estimated at over {$100000.00}, due to the soft market. We relocated to a small, unfinished cabin we previously owned, effectively restarting our lives in a new location. 

Business Disruption and Credit Damage : The move forced me to restart my small business in a new market, incurring significant financial losses and jeopardizing my livelihood. Additionally, this ordeal has negatively impacted our personal credit, putting us at risk of bankruptcy. 

Legal and Ethical Concerns : I am deeply concerned about the following aspects of Wells Fargo 's handling of our situation : Compliance with XXXX XXXX Guidelines : As per XXXX XXXX rules, deferred payments under the Federal Cares Act should be added to the end of the loan, which was not offered in my case. 

Lack of Communication and Transparency : Despite promises of a dedicated resource reviewing my case and providing a response within 10 days, I have received no communication or updates from Wells Fargo since XX/XX/XXXX. 

Ethical Treatment of Customers : As a loyal customer with a perfect payment history, I believe the aggressive tactics and lack of flexibility employed by Wells Fargo were unfair and caused undue hardship for my family. 

Request for Resolution : I urge Wells Fargo to immediately review my case and offer a fair and just resolution.

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