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Wells Fargo Deceptive Mortgage Modifications Class Action Lawsuit
By Mike Holter
Wells Fargo is facing a class action lawsuit from struggling homeowners, who say the bank lied to them about being able to receive permanent loan modifications.The Wells Fargo class action lawsuit was filed by a Kansas City couple, who say the bank offered temporary mortgage modifications with no intention of making them permanent. The couple alleges in the class action lawsuit that Wells Fargo allowed them to make lower mortgage payments multiple times, only to later inform them that the mortgage was in default and that the bank would foreclose on their home.
Wells Fargo is already on the hook for foreclosure abuse charges. It is one of four other banks participating in the historic national mortgage settlement, which will provide nearly $25 billion in relief to struggling homeowners.
A federal judge dismissed some of the class action lawsuit’s claims last week for breach of contract and debt collection violations, but allowed their unfair competition claims to remain. The judge gave the Plaintiffs permission to amend their complaint to allege damages from the bank’s alleged breach of contract.
The Wells Fargo loan modification class action lawsuit is brought on behalf of all homeowners nationwide who received a trial loan modification proposal substantially similar to the TPP (Home Affordable Modification Program Trial Period) from Wells Fargo; made the payments set forth in the proposal; and were either (a) denied a permanent loan modification; (b) offered an illusory “modification” on terms substantially similar to their unmodified loan; and/or (c) who received, entered into, and complied with a Forbearance Plan from Wells Fargo.
The case is Vicki and Richard Sutcliffe v. Wells Fargo Bank, N.A., et al., Case No. 11-cv-06595 JCS, U.S. District Court, Northern District of California.
Updated May 15th, 2012
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173 thoughts onWells Fargo Deceptive Mortgage Modifications Class Action Lawsuit
Yes, I too was a victim of the Wells Fargo loan modification process. This sounds like a “standard process ” that was being inforced on many people. My home “first” and only home was foreclosed on by this practice and I want compensation and restoration for destroying me and my family dream of home ownership. Count me in…Justice Needed!
My family also lost our home to Wells Fargo in 2010. We even gave them $3,000 for a loan modification that I later found out we should not of had to pay for. It destroyed us and forced us to move away from family and friends. How do I contact someone to qualify for a class action suit? I would appreciate any direction I can get. We can’t let Wells Fargo get away with this.
We also lost our house through Wells Fargo the same way as the article above. We were giving a temporary 3month lowered loan modification and told to make those payments on time and we would get the modification. After making payments on time the modification offered was the same as the original mortgage. We were told to take it or leave it. We tried for almost a year to get a lower modification and kept getting denied. Eventually we had to short sale our house. Who do I contact about a class action law suit against Wells Fargo. Any help would be greatly appreciated. Thank you
Almost exactly the same thing happened to me…the “final” modification was only about $30, although my income had decreased (due to closing of office) almost 90%. They kept me on the string for over a year…losing documents, asking for duplicates, etc. It was a nightmare. I too would like to know about this class action suit.
In 2009 I fell behind on my mortgage payments and was told by Wells Fargo representing that I could receive a loan modification . They excepted my money of over $40,000.00 and had me send them paper work. I continued to call the and the answer was always the same fon’t worry you’re ok. Again , and again in sent in the same paper work. Without notice I receive a letter from the sherific’s office informing me that I had only days to vacant the premises.
we were deceived on a promise of a modification, but they didnt care, its all about how much money they would make,
i was told they wanted my house they would make tons of money on my house! over 10 yrs of paying our mortgage on time, and putting a lot of our own money in it. Until my husband who is self employed work started getting scarce and a modification would of helped, we would of been able to save our home. Shame on them and their greed, and that was that. How do they sleep at night !smh
Wells Fargo deceptive ways I lost my home to Wells Fargo foreclosure with not having to produce original paper work. My fault I had a dupe of a lawyer but after 14 years of ownership and the refusal of Wells Fargo to assist me when I was injured at work. I had a misconception the court is suppose to assist the down trodden, the cheated or the David vs. Goliath. instead everything my lawyer requested was denied by the court or the judge did not like the way it was requested. I felt that between Wells Fargo and the court there was an understanding. I don’t know Wells Fargo never allowed me to take advantage of the programs that where suppose to be available us. I didn’t happen.
I was affected in 2010 denied by wellsfargo did not lose my home due to state help in Illinois
I was affected by their lies a d decievement
I was lied by your decievemt if being able to modify my loan
I was affected by their lies and decievement
In 1999 we were advised by wells Fargo they received loan modification application and approved wells Fargo then advised me to not make payment until new payment amount was approved i phoned every month about my paymnt and again advised not to worry after 6 months I was advised i would be receivigmy new payment amount. Finally people were coming to my residence to view my house because my home was in foreclosure. I again phone wells fargo and was advised my home was denide for modif cation. So I sold my home before foreclosure. It was a total deception. I sold my house after living in it for many years.