Wells Fargo appeal to block FHA mortgage fraud lawsuit denied

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Los Angeles, CA: Wells Fargo Bank NA is facing a potential consumer banking and lending violations class action lawsuit alleging it violated california consumer laws by billing late fees to, or foreclosing on, state homeowners who had loan modification applications pending with the bank.

Wells Fargo has acknowledged that 870 borrowers were wrongfully denied a modification, and that more than 500 borrowers lost their homes as a result, but the bank blames the issue on a series of calculation errors, according to the lawsuit. You can read a copy of the class action complaint in the Wells Fargo loan modification lawsuit here.

A three-judge panel from the United States District Court of Appeals for the District of Columbia denied an appeal from Wells Fargo (WFC) in a lawsuit brought against the bank by the Federal.

The bank denies allegations in lawsuits that it changed the loan terms of customers in bankruptcy without their knowledge, putting them at risk.

Mortgage Refund  · No. But if you sue your servicer, this compensation would offset any money you might receive through the lawsuit. For example, if you won $10,000 through a lawsuit, but were given $2,000 in compensation through the National Foreclosure Settlement, you would receive only $8,000 from the suit.

In some cases you may even be able to receive a cash bonus to help you move. Another possibility is a deed in lieu of foreclosure, which is also called a mortgage release. Here you voluntarily transfer ownership of your home to Wells Fargo, avoiding a foreclosure sale and removing the obligation to repay your mortgage.

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Wells Fargo “lost a round Monday, when US District Judge Rosemary Collyer in Washington refused the bank’s request to dismiss the federal action. But the bank, which has vehemently denied wrongdoing, said Tuesday it might appeal Collyer’s ruling and would continue to press its counter-claims against the lawsuit in New York.”

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The jury found that neither Wells Fargo nor Carrington owns the mortgage note. But the jury also determined the Wolfs owe $655,000 on the note they signed in 2006. At least they can use some of that $5.4 million to pay off the note.

Banks to Face Claims in Foreclosure Settlement, Iowa Says U.S. banks may still face state securities fraud claims and municipal lawsuits over unpaid mortgage fees under. JPMorgan and Wells Fargo &.