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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
they strug us out for 12 months with our application for a modification, now they want the back money or forclose, our property is now worth in the 60′ but we purchaced in 04 for in the upper 100,000, good job!!
I sent in to wells fargo all the info they required for the loan modification.This is after months of me calling and them stringing me along to the point where I went 60days behind on my mortgage because of them stringing me along.No one new how much I had to pay to get caught up.I have been caught up for over a year with no lates and a bank wont touch me now because of the 60days behind.
I want to know how I can be part of this Wells Fargo lawsuit. I never lost my job. I made more money than I did before I even moved into my home. I was tricked into making those balloon payments 3 times with the promise from them to modify my loan permanently. I suffered at the hands of my ex-husband as he blamed me for the trouble I was having with the mortgage. The home was just in my name. They were relentless. I asked for a thirty year fixed mortgage before They even broke ground to build the house and on the day of closing I was told that they were not doing those types of loans. I was placed into a ARM as 5% and when it adjusted my payment went from 1800 to 4,000 a month. I was foreclosed on because they told me I could no longer afford the house payment. I had talked to one of the many idiots on Friday before my house was to go to auction and I was told that they would work on modifying the loan and once I hung up they decided that they did not want to work with me any more and sold the house that next Monday. Then told me I had 30 days to get my stuff and get out. They sold my house four months later for 1/2 of what I was willing to pay as long as they gave me a payment I could afford a month.
Wells Fargo foreclosed on my house in February 2011. I applied for HAMP in December 2009 and was advised by phone from Wells Fargo that I was approved and to make three payments on the new HAMP guidelines. I did exactly that and then Wells Fargo wrote and stated my mortgage was past due in March 2010. The following 12 months were complete non-stop, 24/7 effort to contact anyone at Wells Fargo and get answers, but none were given. They denied they owned the loan, but were merely servicing it.
Repeated efforts to write to Wells Fargo, local governments, and US Treasury Department lead to nothing… no replies. How did Wells Fargo and so many other banks get away with this.
How can I get on this class action lawsuit to have my case and so many others heard?
How do i get on the lawsuit against wellls fargo home mod deal..
I have been going through the Loss mitigation at Wells Fargo and have been repeatedly denied help. They call me everyday 4-6 times a day. I have shown them proof that I could make the payment if they just extend the terms of loan to 25- or 30 year instead of 15. My specialist they assigned me NEVER calls me back. They have returned one call to say you are denied.
I suggest everyone email your situation to the White House and to the Treasury department, I did this back in February 12, I finally received a call with a case from the HAMP department this past Friday. We shall see what happens. I will post again the results when they come back.
PLEASE POST THE CONTACT INFO TO GET IN TOUCH WITH SOMEONE
THAT IS WHAT WOULD BE HELPFUL
WHEN I CONTACTED THE WHITE HOUSE I JUST GOT A FORM LETTER BACK
Wells Fargo has no intention of helping the homeowner other then the minimum few so that it can claim that it is helping homeowners. There must be some type of benefit to them, as a bank, that foreclosure offers, because they prefer that over home modifications! The letters our friends have from them are OUTRAGEOUS as any I have read from a bank. Someone needs to do a MAJOR Nationwide class action against this monster bank.
I HAVE BEEN GOING THROUGH THIS HELL FOR OVER 2 YRS!!!! THEY TOLD ME I HAD TO GET 3 PAYMENTS BEHIND BEFORE THEY COULD MODIFY….I WAS CURRENT BUT WE WERE HAVING PROBLEMS, SO I DID AS I WAS TOLD AND NOW I HAVE NO IDEA WHERE WE STAND! I FAXED EVEYTHING AND FED EX THEM ALL THE PAPERS AND OF COURSE I GOT THE STORY THAT THEY DIDN’T GET ALL THE PAPERS??? I HAD COPIES OF EVERYTHING . I NOW HAVE 4 GIANT FOLDERS OF PAPERS. I NEED HELP NOW! THEY LOVED IT WHEN I WAS SENDING 2 OR 3 PAYMENTS AT A TIME WHEN WE HAD IT BUT NOW THEY WON’T HELP. CAN SOMEONE PLEASE POINT ME IN THE DIRECTION I CAN GET THEM BACK BEFORE WE LOOSE OUR HOUSE??
GO TO NACA AN ORGANIZATION THAT FIGHTS FOR THE AVERAGE PERSON SUCH AS YOU IN THE SAME CASE. THEY WILL HANDLE IT FOR YOU AND YOU FAX THEM YOUR PAPERS AND WF CAN NOT SAY THEY LOST IT AND HAVE TO GIVE YOU AN ANSWER IN 30 DAYS
NACA THEY HAVE CONVENTIONS ALL OVER THE US ALSO
DO THIS
I approached Wells Fargo for a NEW mortgage. We were directed to Wells Fargo “Finance”. We were lied to, and manipulated into signing. They have based our income on exhorbatant numbers from an antiquated system, and we do not make as much as they are putting into the equasion. We have attemped for months to apply for a modification, telling them that we have strict income guidelines, but tall they aere willing to do is lower the principal instead of the 11% interest rate. Our current payment is 1584.00 per month which we cannot afford any longer. A more reasonable interest rate of 5-6% will help us greatly.
Have them lower the principal and close. This should lower your monthly payment.
Also ask WF to extend the loan out to 40 years which will lower it also considerably.
It is a start so you do not lose your home.
In a year you can refi at a lower rate but getting your credit score up and then your income to debt ratio will improve which will also make you a better candidate to refi. I hope your home is not underwater which is also helpful.
It is a start. There are attorneys that are true that will help you get a good modification of NACA organization will also.
good luck
do you have any contact information about lawyers or lawsuits I can join.