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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
We are currently having a problem with Wells Fargo. We were put on the modification program when my husband was laid off. The employee assigned to us basically told us that as long as we made the small payment, we would be fine. At the end of the modification program, we were told that all of the back owed money was due. The original employee on our case was gone, as in no longer working there, so we could not even talk to them. What ever became of this lawsuit? It obviously did not stop the company from continuing their acts. Any information on what to do now against them would be helpful.
My story is just like everyone else, we sent in the paperwork, about 10 times and then they said we had the modification and the next letter said the house is in foreclosure. Wells Fargo treated us badly. We want to be in the lawsuit also; what do we need to do.
I need to be part of this suit against WellsFargo. Please give us directions/information on how to be part of this action law suit before my time runs out.
Wells Fargo accepted falsified documents from a third party saying that I wanted a short sale after I requested a deed in lieu of for my house. When I told Wells Fargo that they had received falsified documents and wanted to talk to their fraud department they couldn’t give me their contact information. So I contacted my VA Rep and she advised me to write a letter including the names all involved in my process and was told to fax it to Wells Fargo. A few days later they called me to let me know that I had been granted a deed in lieu of and they would send me all of the paperwork within the next week. Thanks a lot Wells Fargo for jacking up my credit and not doing anything to the ones responsible for my misfortune. And above all the lady working on my account stated that they accept changed documents all the time. That concerns me greatly about their business practices how many has this affected?
At time of my Mother stroke was pressured to Closed escrow May 2006/ Florida. For low payment, used all retirement funds. market value went to less of what already paid. Then received offer to mod, even though I was up to date. The offer was half of payments. Also told not to pay any for 6moths to qualify. Did not want loose home &paid e/month the letter offer amount. My credit score showed delinquent. After 9 months $50. reduction became the approved offer. Then health issues lost house. Please let me know how I can join the class action lawsuit.
Me and my husband went through hell trying to do a Loan Modification with Wells Fargo/American Servicing Company. Before we could make our first payment on our home in Las Vegas American Servicing Company bought our loan. It was a complete nightmare for 7 years, plenty of sleepness nights. I wouldn’t wish this shit on no one. These big lenders must be held accountable for this mess they caused. I want in on the Class Action lawsuit
After personally being forced into a bankruptcy and being strung through the modification maze for 5 years, it is time to act. Please email me at cox_brandon@ymail.com if you are interested in starting a national class action lawsuit against Wells Fargo. I haven’t been able to find enough information to know who the attorneys are that handle these class actions I see out there, but if we can get enough people together from across the nation, we can form a national class action lawsuit. We all have had the same problem with Wells Fargo. Please email me your situation with Wells Fargo, your name, and where you reside. WE HAVE TO DO SOMETHING! We have to start this effort to help people like us! Please share on social media, email, with friends, family, co-workers, and anyone you know who has been affected by this obscenely corrupt financial institution. WE CAN BE THE JUSTICE THAT WE SEEK!!
I live in California and would like to join any and all lawsuits against the evil Wells Fargo mortgage criminals, please forward information to winstonhebert@gmail.com for legal help fighting the greedy,heartless giant. Good luck to everyone who has been cheated by them.
I reside in New York and been trying for 2and 1/2 years to Modify. They come up with one excuse after another. I had to get a Lawyer which has helped but still no Mod!!!!!!!!!!!! Now they said they sold Bad Mortgage to Deustche Bank…. How is this Legal????????? I want in on Class Action Suit. Please Post info or email. Thank You, D
I reside in New Jersey and I would like to join the class action against Wells Fargo due to me having a lot of problems with modification efforts I have been trying to deal with them. Please me notify me if I can take part.
Want to join the lawsuit. Have countless stories about the hell Wells Fargo put my family through for years with lies, unkept promises, deceptions, backdating letters, harassment, pain and suffering, increasing our financial hardships and the list goes on…