Mortgage Modifications in the News

Wells Fargo is a household name in the banking industry. In fact, it is considered to be the second largest bank in the world, and the fourth largest bank in the United States. Wells Fargo is also considered to be the largest mortgage servicer in the United States. In August of this year, Wells Fargo announced that it had a software error from 2010-2015 which led to the bank mistakenly denying hundreds of mortgage modification applications. In these cases, homeowners were either not offered a mortgage modification when one should have been offered, or the application for a mortgage modification was denied when it should have been approved.

Originally, Wells Fargo announced that this error affected approximately 625 cases over the course of five years. Though the company did not say that the error led to foreclosures, after the error, 400 homeowners out of the 625 had homes foreclosed on. However, it has recently been announced that the error actually affected 870 customers and 545 out of those 870 homeowners had homes foreclosed on.

The Mortgage Modification Center

Sometimes, banks make mistakes. The best way to prevent something like this happening to you is being aware of your options. If you were denied a mortgage modification and believe that you shouldn’t have been, or think that a mortgage modification may help you, please contact the Mortgage Modification Center at (401) 467-7998. Attorney John S. Simonian offers a free initial consultation and may be able to assist you with your mortgage modification.