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Due to a software glitch you may have been denied a loan modification from Wells Fargo.
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Who is Affected?
A comprehensive sweep of the company’s internal systems unearthed a devastating calculation error on individuals requesting mortgage modifications between April 2010 and October 2015. According to Wells Fargo, 625 Wells Fargo clients were either incorrectly denied mortgage modifications or were not informed they could qualify to have their loans modified. In roughly 400 cases nation-wide, customers were foreclosed upon.
In a brief statement on Monday, Wells Fargo said they were “very sorry this error occurred” and they are “providing remediation” to the affected homeowners.
Can You Get Compensated?
Though Wells Fargo had reserved nearly $8 million to reimburse those impacted by the mishap, the compensation offered is rather minute for homeowners who are currently battling the foreclosure process. For each one of the 625 homeowners, the total compensation is just $12,800 per homeowner, though the 400 homeowners who were ultimately foreclosed on may receive heftier payments than those who are able to keep their homes.
“If you feel you have been negatively affected by an improper or illegal decision of Wells Fargo to not give you a loan modification, our firm can help explore the reasons for denial and if you have improperly been denied a modification. We can attempt to put Wells Fargo on notice of the improper denial and attempt again to negotiate a modification or you may have other options such as filing a lawsuit or filing a Chapter 13 bankruptcy and attempting a modification of the loan. Every situation is different and our firm would need to discuss with you what occurred and the circumstances of Wells Fargo’s denial of your modification. To be sure, you want to explore every option to try to save your home. Do not let Wells Fargo’s improper denial prevent you from fighting for your home.”
- John J. Scura III, Esq.