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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
I have also been threw the ringer with wells fargo ! I took a stand contacted by email the better business burro also fha They make wf do there job in responding to your complaint and follow up so far.
I haven’t received an answer yet on loan modification but its a step.
WF did the same thing. IN our case they made us fill out paperwork only to later state that our home would be on the chopping block. We were able to sell it a week before foreclosure.
This just happened to my wife and I. As of a week and a half ago WF sold our house at auction. Last Feb. WF re-modified our loan. They dropped the “principal” to market value. We did the trial payments for three months. they said there was a “document” they needed form our BK in 2009. We went and sought legal advice and basically in our situation this document didn’t exist! We never once stopped making our new payment for almost a year. Then we got a notice in the mail that our house had an auction date. two weeks later i had to move into a rental.
we want to join, too….is there still time? we are in Texas!
We to worked with Wellsfargo for about 2 years always fearing we would lose our house. We tried different programs and they always found a way out of helping. In the meantime they refused to take any payments. After 2 years we got an answer. They took all the old payments they refused to take and put it onto our mortgage and kept the interest rate at around 7% now our payments are higher than they were when we started and we owe more than our house is worth. There must be some agency that can help but I can’t find anyone or for that matter who should you trust.
wells frago did the same to us after about 2 years of trying different programs and not able to make a mortgage payment (they would not accept a payment) we finally got a answer pay more than our origianl payment and they put all the back payments onto the loan kept the interest at aroung 7% or loose the house. I do not see where they helped us in the least. Now I owe more on my house than it’s worth.
can i still join?
Is it too late to join the class action suit?
Enough said by everyone….ditto for me! How can I requalify for the federal programs I was approved such as the EHLP which denied me when I was under the HAMP with Wells Fargo and they caused a late payment while modification paperwork was in process. Negated any program I qualified for. Needless to say, I am unemployed and all the fine-tooth combing and major circus hoops that WFmade me jump through was all for not. Costly!!!
How can I join the class action law suit?