Wells Fargo – Class Action Lawsuit – Mortgage Modification
Wells Fargo has a class action lawsuit filed against it that claims that the bank illegally refused to grant permanent loan modifications that it had promised homeowners who successfully completed a trial mortgage modification under the Homeowner Affordable Modification Program (HAMP).
It states 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.
Homeowners were give lower mortgage payments for 3 months to prove they could make payments. They stated in a letter received by these homeowners that if they “make those payments successfully and fulfill all the trial period conditions, we will permanently modify your mortgage loan.”
This did not occur and the lawsuit states that it was a scheme to get homeowners to send in their payments – and that they never intended to make them permanent. Wells Fargo got millions of dollars from this during the period.
Update 3/16/2012
Its interesting to note the following:
The CEO of Wells Fargo John Stumpf received $17.9 million in compensation in 2011. Wells Fargo’s net income was $15.87 billion in 2011, up from $12.36 billion in 2010.
More information on Mortgage Modification Lawsuits
Related posts:
February 7th, 2012 at 8:44 pm
1. Melisa Says:
December 7th, 2011 at 12:01 pm
Is there a website or contact information for the lawyers in this class action? I need to join.
2. max Says:
December 30th, 2011 at 2:51 pm
It appears that this class-action is for CA residents only.
Is there a similar class-action for victims in other states?
February 13th, 2012 at 12:14 am
I have been given a disingenuous offer of a loan modification that Wells Fargo knows that
I cannot make. They even told me to borrow the money and after five months I could ask to reduce my payments. They said that if I refused I would not be given another chance for a modification and they would foreclose on me. I would like to fight back.
February 17th, 2012 at 1:43 am
I have a long drawn out history with this bank. I missed one month in Dec 2008, I had hired an attorney who submited my file and in January 2009, they started the default notice process, and sale date process, the home is still in review of a loan modification to this date of 2-16-2011…The bank would not take payments after missing one payment, all the payments went into a suspense account in 2009, then they sent me the check and I deposited it and then call the back office who would take payments on the phone and applied the full amount back into the account, it was then applied to the account, year end 2009 I got a 1099…then during the year 2009, prose suit against the bank, then they said to remove the lawsuit as they would do a loan modification, which was for 6 months and I did not miss any payments, yet the underwriter A. Lopez said I did not qualify and would not give me written reason, nor verbal reason. I continued to make my payments and they continued to return the checks from the suspense account. I have been able to stop all the sale dates by resubmitting all the updated documents. Then in 2012, I sent a complaint letter to the Executive Office of Complaints to John Stempf, I got a call from a person from that office, who then sent me a new packet to do and I sent it back today. I stated I do not want to do a short sale, no deed in lieu, no foreclosure as that would adverserly affect my career as a registered nurse and a small business owner. If the bank reports it on a credit report new employers with little rights. I was invited by my district congresswomen to a live conference call on the banks. I shared some of my details of my story and I was informed to contact her office, I did and got representation and did a complaint letter yesterday. Hope this helps in the process. Blessings
February 17th, 2012 at 1:46 am
How do I submit my name into a class action lawsuit regarding the bank?
Who do I contact? What are the requirements to be included?
Thank you kindly, Violet
March 1st, 2012 at 5:14 pm
DO THEY HONESTLY THINK 1500-2000 WILL SOOTHE THE PAIN OF ME LOOSING OUR HOME OF 13 YEARS. I HAD BREAST CANCER AND WE COULD NOT FINANCIALLY RECOUP. ALL SHOULD GO BACK TO SUNDAY SCHOOL, LEARN THE TEN COMMANDMENTS AND DO UNTO OTHERS AS YOU WOULD HAVE DONE TO YOU” ALLLLLLL CROOOOOOOKS!!!!!!!!!!!!!! I HOPE YOU ENJOY MY HOME YOU @@@@SUCKERS
March 2nd, 2012 at 3:51 pm
How can I become part of the class action lawsuit?
March 8th, 2012 at 9:11 pm
How do i become part of this lawsuit??
March 10th, 2012 at 11:42 am
I would like to joint the class action suit against Wells Fargo for turning down our 2-year request of modification.
March 10th, 2012 at 11:29 pm
After fighting Wells Fargo for two years and seeing what they were doing, they rushed my foreclosure through right before Christmas (no 30 days, just 3 weeks) and threw me the crumb (1500) to leave it spic & span for them… and me out on the street… NOW the Obama admin. is FINALLY doing something??? For those currently IN foreclosure… what about me? What can I do? This has ruined my life! Then my car died, too, and I still have no job yet, and only a temporary room at a friend’s… what next? If there is any REAL HELP, PLEASE LET ME KNOW! Desperate.
May 8th, 2012 at 10:03 pm
How do I join this class action lawsuit I have been denied a mortgage modification from the being WF constantly give me excuses and I’m not behind in my payments
May 9th, 2012 at 4:26 pm
i paid over 30k in 2 yrs on 4 different modiciations which none were ever completed. we are in iowa, how do i get in touch with a lawyer regarding the loan mod law suit.