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.”