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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
awaiting reponse if wells fargo filed partial claim program claim on my home through HUD
please include me onthe lawsuit.or tell me where to go so i may be in on this lawsuit
I filed bankruptcy in 2005 when WAMU filed foreclosure on my property.In 2007 Wells Fargo took over or was assigned the servicing of my mortgage.August 2009 I received my release from the chapter 13 trustee and was advised to start paying my mortgage.I contacted Wells Fargo to make my payments, they refused to accept saying I was in Foreclosure.Later that tear they did file foreclosure saying that I had not been paying the payments they had refused to accept.We had one sit down mediation with the union county Ohio court appointed representative,and another conference call then they just cut off communication with mer and with the court,the judge threw it out.I received notification that he had dismissed the foreclosure case.At which time I contacted Wells Fargo to make payments and again they refused saying that I was still in foreclosure all the while charging me back payments plus interest and penalties on money they had refused to accept.This has repeated itself every year since.There was some modification discussion and if any attorney besides those working for Wells Fargo happens to be reading of these e-mails please shoot me one and we can discuss it;
We found our claim paper in a magazine past the date to fill it out and send in… I sent it in anyway and haven’t heard anything is there anything we can do now?? Or is there someone to contact? I still have a copy of my letter that said I could modify paid trial payments 5-6 months and then was foreclosed anyway.
How do I get more information about signing up for this lawsuit? I have proof Wells Fargo is untruthful and has a pattern of saying that a paper is missing when they do not want a sale to go through.
How to signup wfs law suit
I want to get in on the law suit. They are currently trying to take my home in 2 weeks someone please HELP ME.
I WANT IN ON LAWSUIT!!!!!!!!!
I ALSO LOST MY HOME TO WELLS FARGO, TRIED TO REMODIFY TWICE, THAT WAS A JOKE. DECIDED TO TRY AND SELL PROPERTY. HAD CONTRACT ON PROPERTY. PROPERTY WAS SECURED BY WELLS FARGO WITH MY BELONGINGS STILL IN HOME BEFORE FORECLOSURE DATE SET. MY POOL WASW DAMAGED DUE TO THEM DRAINING POOL AND MY BUYERS BACKED OUT TWO DAYS BEFORE CLOSING. WELLS FARGO ENDED UP WITH MY HOME, BUT THEY ALSO SOLD IT MONTHS LATER FOR SAME AMOUNT I HAD IT SOLD FOR 30K ABOVE PAYOFF.
Did anyone here get a modification and then get the closing papers and realize that you have a big balloon payment? We found out about the balloon payment at the closing. We were not told of that until we met the lady to sign the papers. Then what. We were stuck. We had to bring our own witness. But until that day we had no idea there was a balloon payment. I don’t think that is fair practice either or the purpose of the loan modifications. It seems like a scam. I did not want to sign but my husband felt trapped and he felt we had no other options. He even told her there was no balloon payment. The attorney? they hired to come and do the paperwork could not figure it out either. So when we called them afterwards our WellsFargo rep said oh this was the only way we could modify it. Scam. Total scam.
Told to keep current until the forebarence loan; successfully finished the three months and was told we qualified and to pay the forebearence amt until the paperwork came through; after two months asked about the new loan papers; were told that they never said that and we were called and he talked to me and I told them I would short sale. They never called and my phone record proves it. They are telling us we are late, but can be current if we send them more money, with tact on late fees. They lie and contacting HUD just got me a credit counciling number.