Mortgage -- Struggling to pay mortgage -- Complaint #6857984
Complaint Overview
Complaint ID: 6857984
Company: Wells Fargo & Company
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Struggling to pay mortgage
State: Louisiana
ZIP Code: 701XX
Date Received: 2023-04-18T12:00:00-05:00
Date Sent to Company: 2023-04-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/XXXX I received a letter stating that my monthly payment will increase above {$1800.00} amount due to insurance escrow shortage of {$6000.00}. XX/XX/XXXX I called to see how we can work something out cause I don't have that kind of income to pay such a large amount with other bill being shorted to survive. They informed me of programs that are available such as modification and refinancing for an additional 30 years. I asked for lowing my interest rate due to the fact I made payments on time and always made a way with the insurance, which is the lowest in can get due to company 's leaving the state and living close to a lake of water does not help in anyway. So I asked about the XXXX and XXXX area homeowner rate and they could not give me an answer. My wife and I applied with many companies, but Wells Fargo were the only one that gave use a loan on XX/XX/XXXX. We signed a loan agreement for {$150000.00} at APR of XXXX with monthly payments at {$1500.00}, my credit rating score at the time was XXXX, hers was XXXX. Was told that we would be able to get it lower once our credit improved and when it did in XXXX they refused us due to late payments and not creditable worthy enough. Over the 26 years I would find lower insurance and payment with to {$1400.00} or they added escrow differance to the end of loan end date extending the years of payout. I have been doing my best to improve credit to XXXX to get better APR but all they do is try and get me to do 30 more years loan or other programs. More sacrifices I don't have in me at my age.
Frequently Asked Questions
What is Complaint #6857984 about?
Complaint #6857984 was filed against Wells Fargo & Company regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2023-04-18T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.