Nearly 1,600 Wells Fargo customers say the bank paused their mortgage payments without their consent according to communication that the bank sent to two U.S. senators in August and September. The letters also indicate that the bank didn’t know how many customers had been affected by its practice of placing them in so-called forbearance programs. In July, an NBC News investigation detailed how Wells Fargo had suspended customers’ mortgage payments without their permission during the COVID-19 pandemic. Placing customers in unwanted forbearance can harm borrowers’ credit reports. The conduct can prevent borrowers from refinancing their home loans to benefit from record-low interest rates. Wells Fargo stated that it was trying to help borrowers potentially harmed by the pandemic by pausing their mortgage payments.
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