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Wells Fargo Smacked With $3.2 Million in Damages Over Mortgage Fees [VIDEO]

Wells Fargo Smacked With $3.2 Million in Damages Over Mortgage Fees [VIDEO]


Read the case as first posted on SFF: In re Jones (ED La. 4-5-12) Wells Fargo sanctioned over $3M in punitives for mortgage accounting stay violation

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In re Jones (ED La. 4-5-12) Wells Fargo sanctioned over $3M in punitives for mortgage accounting stay violation

In re Jones (ED La. 4-5-12) Wells Fargo sanctioned over $3M in punitives for mortgage accounting stay violation


Via: Dawn M. Rapoport, ESQ

UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA

IN RE: CASE NO. 03-16518

MICHAEL L. JONES
DEBTOR

MICHAEL L. JONES
PLAINTIFF

VERSUS

WELLS FARGO HOME MORTGAGE, INC.
DEFENDANT

EXCERPT:

1. Wells Fargo applied payments first to fees and costs assessed on mortgage loans, then to outstanding principal, accrued interest, and escrowed costs. This application method was directly contrary to the terms of Jones’ note and mortgage, as well as, Wells Fargo’s standard form mortgages and notes. Those forms required the application of payments first to outstanding principal, accrued interest, and escrowed charges, then fees and costs. The improper application method resulted in an incorrect amortization of loans when fees or costs were assessed. The improper amortization resulted in the assessment of additional interest, default fees and costs against the loan. The evidence established the utilization of this application method for every mortgage loan in Wells Fargo’s portfolio.

2. Misapplication of payments received post petition resulted in incorrect amortization of Wells Fargo loans and threatened a debtor’s fresh start, as well as, discharge.

3. Application of post petition payments to new, undisclosed post petition fees or costs also threatened a debtor’s fresh start and discharge.

[…]

get the entire decision below

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