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A class of angry homeowners have filed a class action lawsuit against Wells Fargo claiming the banking giant illegally refused to grant permanent loan modifications it promised to give homeowners who successfully completed a trial mortgage modification under the Homeowner Affordable Modification Program (HAMP).
According to the Wells Fargo mortgage modification class action lawsuit, Wells Fargo committed breaches of contract and violated California consumer protection laws by misrepresenting the terms of the HAMP trial periods plans (TPP), designed to be a path toward a permanent mortgage modification.
The homeowners say they agreed to a reduced mortgage payment amount with Wells Fargo, subject to a three-month trial period to allow borrowers to prove their ability to meet the new obligation. Wells Fargo sent the borrowers letters explaining that if they “make those payments successfully and fulfill all the trial period conditions, we will permanently modify your mortgage loan.”
According to the class action lawsuit, however, this never happened — it was a ruse designed to induce consumers into sending payments to Wells Fargo, even when Wells Fargo knew that it had no intention of granting the permanent loan modification it promised.
“We believe Wells Fargo used the false promise of permanent modifications to extract millions of dollars in payments from its customers,” said one of the attorneys representing the homeowners. “We will prove in court that Wells Fargo’s operations turned a program designed to help homeowners into a revenue stream for the bank.”
The Wells Fargo HAMP class action lawsuit is seeking restitution of the payments homeowners made as part of the agreement, as well as to recover all other funds or property lost because of Wells Fargo’s alleged illegal activities.
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237 thoughts onWells Fargo Mortgage Modification Class Action Lawsuit
Wells Fargo hires lawyers from 2006 to push foreclosures through to their benefit!
Mods even if ordered by CT Court were done so with higher monthly payments, and ignoring the Courts Order.
WFM should sued for suffering & pain, and all affected paid back the owned over payments plus penalties.
CT should sue as MA is doing… CT could ID all MOD cases & provide the relief. PC
I Agree!!!!!! My mortgage was increased to 40 years and $20,000 added on as a forbearance I did not agree to or know about. Talk about padding and the government pays all institutions 100K over and over for every mod they do!!!!!!!!!!!! The government has created a monster.
I can’t believe that what happened to me happened to everyone else here. Please tell me how I can become a part of this class action suit or another (since I live in Texas). I even have gone through NACA since 2009 and that hasn’t even helped, other than to keep WF from stalling that much longer.
I too! had to file Bankruptcy because I was denied a Modification as well as so many others. Please tell me how I can become a part of this class action law suit.
A while back I had lost my job, while on unemployment, we had called and attempted to start the loan modification process, after receiving an email, following the requirements, mailing and faxing All necessary papers and calling to find out the paperwork was “never received” we sent it all in again, and again, and again. When we were finally accepted and three month in with the lowered payments. Wells Fargo sent us a letter stating that per our request, we will be removed from the loan modification.
As shocking as it was, I called wf and after Beating around a bush, they stated that they called us and we asked for them to stop the process, come to find out, they didn’t call us, but called my parents, who thought it was a sales call and asked WF to stop calling them, they are not interested.
Well they sent us a letter and wanted all the monies that were lessened in the initial loan mod paid in full, or they would start forclosure process.
please email me info on how to join this case jmeb7467@gmail.com
I know how everyone on here feels i have lost my home thanks to wells fargo i lived in that house for 9 years and then i got divorced and asked if the payment could be lowered and they said sure you can i did all the paperwork and faxed it to them and they kept sending me the same payment and i kept getting behind becouse they told me on the phone that i can pay the half of it but i still got the same bullshit. So they decided to forclose on me and my two disabled kids so i have to go bankrupt i havent worked in 9 years becouse i take care of my disabled kids. I really need to go after these people. can someone be so kind to tell me how i can get in on this so i can get some money back that i had to spend to go bankrupt thanks to them.
How would I obtain the information to join in this lawsuit? I live in KY
what they have done to me and my husband is so hard to even comment on…. Since 2009 they have put us through hell…now we have a bankruptcy attorney… we are both disabled live on a fixed income and we are only in our early 50’s. I want this bank, who took a bail out to suffer, like they have made so many suffer under their greedy hands.
I agree in 2009 My mortgage company American Servicing company which is owned by wells fargo, sent me a letter of a promise for a loan modification I received the letter like the 23rd or so of the month saying my first payment would be do on the 1st. , and on the 28th of the same month a man came to my door to see the property he had just purchased. I was then sent a letter giving me 10 days to move out of my home. I was only given extra time because I had a renter who had a lease in which because they had to work it out with my tenant it gave me a little extra time to pack, and find a place to live. I ended up selling most of my things, and had to move in with a friend. Because of wells fargo’s false statements and Misleading actions, they took everything from me. I was more than just my home it was my life. I did everything they told me to do in order to be able to get a reduced mortgage, Instead they lied, and stole my home,and life right from under me. All because I trusted what they told me to do, and what they promised me they’d do to be true and factual. Why wouldn’t I they were my Mortgage company, and they were actually owned by Wells Fargo….
we have suffered at the hands of Wells Fargo and we were forced into a chapter 13 bankruptcy to save our house and then the bank tried to foreclose on us anyway and i had to fight to get that stopped and all of the stress that Wells Fargo caused my wife and me because my wife was real sick i beleive that the stress caused my wife to die when she might have beaten the infections with out all the stress created from Wells Fargo so i would like to find out how i can be added to the law suite if possible because Wells Fargo is still trying to Foreclose on us now again because i lost my wifes income due to her untimely death at age 45 yrs old and the bank refuses to help me at all thank you richard sandberg
How do i fine out if im in the law suit for wills fargo mortgage
I too! had to file Bankruptcy because I was denied a Modification
Wells Fargo delayed working with the California Keep Your Home program for over 10 months even though I was qualified for the time I was laid off from my job until I got another job. This delay allowed them to rack up late fees. They were supposed to accept the funds and modify the interest rate, they took the money but kept the high rate and shredded my credit rating
We had to sell our home of 37 years because of Wachovia/Wells Fargo. We did everything they asked , classes for money management, Hemp, Hamp, etc Calif. programs, we did it all, talked to them practically everyday, just strung us along. We sent them a check to cover 2nd loan, they wouldn’t take it. After about four years of being strung along, they said they would foreclose if we didn’t sell our beloved home. We sold, and I have not been the same since. I received a postcard in 2014 stating we were in a class action suit, have not heard a thing, and trying to get hold of anyone is a joke!!!!
My wife and I lost our home to welsfargo sept 2 2016 I lost job fell behind talked to them about lowering interest or something to help. went back to work tried to work with them they suggested harp. filled out all paper work waited for weeks finally called them. WE where told we made enough money to make payments and QUOTE home mortgage comes first over every thing else. also was told and paper work said. IF loan went through welsfargo would set up escrow account. for Inc. and property taxes. before I found out the proses was denied they made payouts out of Escrow account without my permission.
I have been having problems with my Wachovia/Wells Fargo mortgage for years. We re-financed for a fixed rate mortgage and our mortgage still goes up every year. How can I participate in this suit? I live in PA.
Wells fargo refused to accept several short sale offers on out property despite them being excellent offers including cash deals. Despite this the property went to foreclose ans is being sold for thousands less than short sale offers we had, does mot make sense, ultimayely ruing our credit, what can we do?