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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
I am in the same miserable situation I would love to join the class action
I have been treated the same as these other people and would like to join the class action suit, if that is possible. If not could you get me a list of attorneys who would be willing to move my case forward. WF should not be allowed to treat people this way. Thank you, R
Hey I agree if this other guy cant help count me in as well I will file as many lawsuits as it takes to get these scam artists in prison and our money returned to us.
OMG I am going through the same thing I just emailed the attorney someone please sue these people. Wells Fargo was also Sued in CA court today and victims were awarded money for them adding on false accounts to peoples names and bilking them of money from their bank accounts. Someone please sue them for the mortgage issues because they are defrauding the american people.
I had a loan modification about two years ago which started over one missed payment. (we were $500 short for the month because I had surgery and lost my income for that time). I ve made the payments on time every month. In Sept. of 2014 they sent me a letter which makes no sense: *After an internal account review, we found that important information about your repayment requirements may have been left out of your loan modification documents. We want to make sure you understand the terms of your repayment responsibilities so we ve included this information below.* There is no information below. The letter then states what has not changed and signs off. I was filing away the statement a couple of days ago and realized in small type next to Interest rate it has (Until 07/01/16). I looked back at the other statements, this notation started showing up on the November statement. What can I do about this? It alters my plans considerably because I cant afford a hike in my payment.
I agree that Wells Fargo/ASC do their best to drag things on such as re-appling and changing Reps just to add fees and charges! Please include me in any lawsuit complaint.
Please add to lawsuit complaint.
Strongly agree
I too have a score to settle with Wells Fargo, Please reply agree if you would like to help star our own Settlement action against Wells Fargo. The previous settlements I have researched the actual people were not given even close to what they lost or were entitled too. the settlement was grabbed up by Municipalities and disbursed out as they say fit. anyone who would like to join me in a grievance class action suit please reply agree. I will start the ball rolling on starting a class action suit of our own for the people that Wells Fargo gave the royal run around and even stole their homes out from under them.
Count me in.
I totally was screwed by WellsFargo(Wakovia) with a large home equity loan mortgage. I’d like to also seek some revenge on this awful bank. I finally had to sell, but took such a loss but WellsFargo just kept charging me huge late fees, even denied a check for 2 months-sent it back to me demanding it must be paid “in full”, went through their stupid idea of not making a few payments, only to discover really it was a scam, and then those late charges kept be added onto my monthly that was already too high-which was why I was trying to renegoiate the terms :-( in the beginning.
I received a modification and made payments of it via my Chapter 13 trustee on time. The trial payment lasted for almost 1 year, although 3 months was just on paper. I was advised to pay my trial payments on time until it was modified in Dec 2013. In 2015 I discovered that the modification ruined my credit as Wells Fargo considers modification payments not sufficient and reports it as late. This all happened despite me being in a Chapter 13 Bankruptcy. This has killed my chances of ever buying a home over the next several years. DO NOT MODIFY YOUR LOAN WITH WF. YOU WILL RUIN YOUR CREDIT!