Next steps for homeowners mistakenly foreclosed by Wells Fargo

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Next steps for homeowners mistakenly foreclosed by Wells Fargo

Next steps for homeowners mistakenly foreclosed by Wells Fargo

Bankrate-

One thing worse than going through a foreclosure is finding out you never should’ve lost your home in the first place.

In a regulatory filing, Wells Fargo revealed that a technical error kept homeowners from qualifying for a mortgage loan modification. According to the bank, 625 customers were denied a loan modification they should have quailed for. About 400 of those borrowers had their homes foreclosed.

“During the course of an internal review, we determined that an automated calculation error may have affected the decision on whether or not to offer or approve some mortgage modifications between April 13, 2010 and Oct. 20, 2015, when the error was corrected,” the bank said in a statement. “We’re very sorry that this error occurred and are providing remediation to the approximately 625 customers who may have been impacted.”

[BANK RATE]

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One Response to “Next steps for homeowners mistakenly foreclosed by Wells Fargo”

  1. Charles Reed says:

    Wells Fargo avoided entering data into the underwriting system for the Dept of VA loans requesting a VA HAMP with an effective date Feb 1, 2010, by simply refusing to train personnel or open a division to handle the request through the end of 2010, and instead foreclosed on all the military families and Obama let them get away with it.

    Understand the VA HAMP had a reduced interest rate of 2% and a 40yr term which would have qualified somewhere in the 90% area as the average Dept of VA loan balance was $100,000 making the on average payment at 6.5% and total PITIA of $865 down to $535 with would have only required a household gross income $1,740 as most families had a two income family.

    America got to understand that only the VA loan was considered in the debt ration and not any other borrower debt. The max ratio was 31%, so it not only Wells Fargo as all 20,000 Dept of VA borrowers that requested the VA HAMP was illegally foreclosed during 2010 and this was known by the Obama Administration who stood by and allowed the Troops to get screwed.

    It a fact the VA loans that Washington Mutual Bank had in their Ginnie Mae MBS were not and could not be sold and as a result the debt was wiped clean and was not Wells Fargo owned debt, but they forged titles and illegally sold to the stupid Dept of VA the properties and paid out false insurance claims against the VA Guaranty Fund!

    SEC & IRS Whistleblower claims!

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