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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 was working with Wells Fargo on a loan modification. I spoke to me so called home preservation specialist who told me on 1/3/12 that I had already been on 2 programs and did not default so there should be no issue with doing a loan modification. She asked me to update my financial information, fax it in and then call and let her know I had sent it in. I did just as she told me. I asked her about the forclosure date and she told me that as long as we were working on the modification she would continue to push the sale date back. I came home 2/6/12 planning to update my financial info again (I was told to do this monthly)instead I find a notice to vacate my home presuant to foreclosure. The notice was left by the investment company who purchased my home that day in an auction.
My story is somewhat different. I am a lawyer in mn and was out of work while taking the bar. I spent 9 months submitting the same documents over and over again. I never even got to a modification because of all the false barriers Wells Fargo had erected to not have to modify anything. I finally went to the office of the CEO and the person(s) i talked to said i wasn’t even in the right program because my mortgage was fannie mae. Even at the top they are full of shit. I got more incorrect info from the top than i did working with their staff.
I to am a victom of incompetent Customer Service reps working for Wells Fargo Hm Mtg. Nothing but lies and more lies. I would like to become part of this lawsuit please advise.
We would like to become part of this lawsuit…How do we go about it.
Who are the attorneies in California? I have the same story as the rest of you. I am a single mother with six kids and it breaks my heart that I am going to lose our home. I have been in the modification process for almost a year and a half. WF lies and is fraudlent about documents. I am done with their BS. I am done hearing that they don’t want to have a surplus or homes and they want to help us. I was on a trial period and they did not even let me know I was, they are the ones that told me to not pay my morgage so I would qualify. I want to know if their are any organizations that are communicating with Obama on this fraudlent bailout. I can not believe what is being allowed to happen. I work for the government and I know when information and reports are requested that they are always falsified. Do any of you have an attorney or contact to help stop this?
my wife and I lost our house to Wells Fargo. We tried to used their HAMP program. For four months we send them over 100 documents via fax, and we basically were on their beck and call for documents. We talked to the same person for 3 months three weeks and six days. Two hours before our house was due to go up for sale, we had to call them only to find out that 1) the person we had been working with left the state 2) and oh yea, you didn’t qualify for a new mortgage agreement.. To add insult to injury, two weeks after our home was sold in foreclosure, WF sent us a letter saying that they were sorry but we needed to send them more paperwork to avoid foreclosure. And if they could be of anymore help, let them know. I WANT TO JOIN SOME TYPE OF CLASS ACTION SUIT.
Wells Fargo is a joke,a criminal empire and its amazing they are still going.I have my own fraudulent mortgage nightmare with Wells full of all the drama,lies,false docs,and so on.Have seem there disregard for the laws,and for there clients,they will lie,steal.cheat and then lie again about the fact they lied to began with.I would also question there CEO and where it is he came from,seems like hes been planted there to rob the american people and smile about it.I truly think he may be an alien.
My husband and I lost our job and business and ended up separating. During this time we got behind in everything. Since then my husband and I have found new work. Wells Fargo denied our first Mort Mod Request. After bankruptcy we submitted our 2nd Mort Mod Request. We were accepted into a “3 month trial period” which we have made all 3 probationary payments on time. Now Wells Fargo is stonewalling us. I have made multiple attempts at contacting our assigned “Loan Preservation Specialist” to find out ‘what to do now?’, and he has NEVER answered the phone, nor returned my messages. No one else there seems to know what’s going on with my situation yet the 1st is days away. We are very frustrated not knowing if we should pay our mortgage, how much to pay, etc. I’ve been telling our kids ‘we have our home that’s the best gift of all…’ but I don’t even know if that’s true… HELP!!!!
The states Attorneys General are the only ones who can stop the banks from continuing this illegal activity. I urge all to write the Attorney General of your state and demand that they follow the example of states Attorneys General who have already filed criminal charges against the banks. Five states have done so already. Those states are, Conn, Mass, Maine, Nevada and California. Their Attorneys General should be commended and pressure placed on the AGs of the other states to do the same. Perhaps an occupation of Attorneys General offices accross the nation is in order.
Demand justice from your states Attorney General.
Agree, I am going to compose a letter to my Attorney general in Maryland as well as the council for Howard county. This is criminal and something has to be done
Everyone, the same is true in Western Colorado with Wells Fargo. A group of us have decided to collect pictures of children and families who have been made homeless in our communities by the fraudulent forclosure practices of WF. We are placing them on and old van with signs that state “These are the children who have been made homeless by the fraudulent forclosure actions of Wells Fargo. They are your friends, your neigbors and your families. It could be you next. Please ask your Attorneys General to follow the example of states who have filed criminal charges against the major banks and do the same.” Everyone can do this and it will draw attention to the matter and put faces on those who have suffered because of WF. Wells Fargo has left our communities in shambles and is destroying America.
Could you please send me a picture of the van or the pictures? I am planning a demonstration in front of Wells Fargo for what they have put me and my husband through!! My husband is a 100% disabled veteran. Please send to kosztn@gmail.com Thanks