Question: Dear Steve, I took out 2 private loans and multiple federal loans to finance grad school. Since graduating 4 years ago, I’ve had steady, well-paying employment. I went through an emotionally challenging period at the beginning of this time and defaulted on a Wells Fargo student loan. It wasn’t even due to inability to … Read more
In a recent government filing, Wells Fargo admitted to a very disconcerting set of facts. The SEC document says “An internal review of the Company’s use of a mortgage loan modification underwriting tool identified a calculation error that affected certain accounts that were in the foreclosure process between April 13, 2010, and October 20, 2015, … Read more
Under the heading of You Can’t Make This Stuff Up, Wells Fargo just sent out a newsletter that calls credit card debt, bad debt. I guess their mortgage division didn’t discuss this with their credit card division. The page from the newsletter, which you can see above, calls mortgage debt good and credit card debt … Read more
Educational Financial Services (EFS), a division of Wells Fargo Bank, was sued in the Southern District of Texas alleging EFS should have known some of their student loans were dischargeable in bankruptcy. The suit filed raises some very interesting issues that have a direct impact on the rightful discharge of these private student loans in … Read more
Wells Fargo will pay $142 million to settle a bevy of class-action lawsuits over the bank’s creation of unauthorized accounts. If you think the San Francisco-based financial institution created sham accounts in your name, here’s what you need to know to get a piece of the settlement. If you are, or were, a Wells Fargo … Read more
Question: Dear Steve, I have my first mortgage ($450,000) and home equity loan ($350,000) now with all the added penalties from Wells Fargo. I want to offer them a settlement. What do you will the smartest way to do it. The house value probably about $350,000. Flo Answer: Dear Flo, Settling a debt is nothing … Read more
by Jesse Eisinger ProPublica, Jan. 23, 2017, 8 a.m. Wells Fargo, the largest mortgage lender in the country, portrays itself as a stalwart bank that puts customers first. That reputation shattered in September, when it was fined $185 million for illegally opening as many as 2 million deposit and credit-card accounts without customers’ knowledge. Now … Read more
The Bloomberg Bankruptcy Law Reporter is reporting, “Wells Fargo, Ocwen, OneWest, and other secured creditors must pay a Chapter 7 debtor $7,000 in emotional distress damages, and $39,142 in punitive damages for willfully violating a debtor’s discharge order (In re Dogar-Marinesco , 2016 BL 399968, Bankr. S.D.N.Y., No. 09-35544 (CGM), 12/1/16). Judge Cecelia G. Morris … Read more
Much has been said in recent days about Wells Fargo Bank getting nabbed for opening bogus accounts. The Consumer Financial Protection Bureau (CFPB) said, “The Bank’s employees secretly opened accounts and shifted funds from consumers’ existing accounts into these new accounts without their knowledge or permission to do so, often racking up fees or other … Read more
Consumer Statement: The IRS advised me I had a 1099 forgiven debt held against my account for 2014. This was news to me and I told the IRS that. After four months they sent me a letter stating the debt had been owed to wells Fargo Bank and gave me the account number. I have … Read more
Wells Fargo – Communicates with others (including customers, business partners, debt settlement companies, executives, agencies, regulators, and law firms) to ensure…
Is the Wells Fargo Home Rebate Credit Card a smart card to use? Despite an initial flurry of rebates, 3% rebate on gas, grocery, and drugstore net purchases for the first 6 months, cardholders will get 1% rebates that will pay down Wells Fargo home mortgage. So let’s do the math here. First off, a … Read more
Michael Bovee, over on his Debt Relief and Credit Guides site has published a very good guide for people about how the major creditors are at providing settlements for problem debt. It’s a really good list and it ranks Chase, Bank of America, Wells Fargo, Discover Card, Citibank, Capital One, and American Express. For example, … Read more
When if the Debt Relief Bureau, not the Debt Relief Bureau? When you get a flyer in the mail from an anonymous source promising you help to get out of debt. An amazing reader Tish sent in a new debt relief mailer through my I Buy Junk Mail program. Well here is another anonymous mailer … Read more
It looks like other banks are taking the government warnings to clean up their act when it comes to how they handle dealing with their bad debt from credit card accounts that they used to sell off without much care. The American Banker is reporting: “Wells Fargo (WFC) has halted sales of its customers’ unpaid … Read more