Our mortgage lender Wells Fargo has refused to work with us regarding modifying or refinancing our mortgage. We recently sent in a request for either a loan modification, refinance, or a principal reduction due to the fact that my husband has taken a pay cut with his company in order to retain his job and we wanted to take advantage of the all time low interest rates for a lower payment and not have a interest only payment but include some principal so it is getting paid down. We have been denied at every step with Wells Fargo and it has taken from XXXX to XXXX to get a refusal. Wells Fargo did completed a temporary loan modification with us on XX/XX/XXXX with a interest only loan for XXXX years and a lower interest rate but it steps up the interest rate each year until XX/XX/XXXX where the interest rate will cap at XXXX, then will re-adjust the payment to include principal and interest. We also have a balloon payment due of {$26000.00}, that was added to the mortgage for attorney fees, late fees, and other fees by Wells Fargo because of the modification and we are not quite sure when that balloon payment is due. We now currently owe {$520000.00} on our mortgage. They did lower the interest rate to reduce the payment but we think we are worse off now then before. The recent appraisal that Wells Fargo completed in XX/XX/XXXX the house appraised for {$440000.00}. We have contacted the XXXX XXXX Financial Counselor ) to help with trying to get Wells Fargo to work with us but they have not been able to achieve any results either. We have contacted other lenders to see if we could get our mortgage refinanced but because we are underwater they can not work with us. 
The reason Wells Fargo states that they can not do anything with out loan is because they only service the loan and can not contractual make any changes to it. The loan is owned by XXXX Bank and research shows that it belongs to Wells Fargo Bank. 
