Wells Fargo Student Loan Default: What to Do

Quick Answer: To get a Wells Fargo student loan out of default, borrowers must pay the past due amount and resume regular payments, as private lenders typically don’t offer federal-style rehabilitation programs. Unlike federal loans, private student loan defaults require full catch-up payments to restore good standing.Question:Dear Steve,I took out 2 private loans and multiple …

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Wells Fargo Complaints: What the Records Show

Quick Answer: Wells Fargo’s mortgage modification tool contained a calculation error from 2010-2015 that wrongfully denied loan modifications to approximately 625 customers, resulting in completed foreclosures for about 400 of them. The bank accrued $8 million in 2018 to remediate affected customers after discovering the automated miscalculation of attorneys’ fees.In a recent government filing, Wells …

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Wells Fargo Credit Card Debt: What It Means for You

Quick Answer: Wells Fargo’s newsletter categorizes credit card debt as “bad debt” alongside payday loans, distinguishing it from “good debt” like mortgages. The bank explains that credit card debt offers no wealth-building opportunity and typically carries higher interest rates than appreciating assets.Under the heading of You Can’t Make This Stuff Up, Wells Fargo just sent …

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Wells Fargo Mortgage Settlement: How to Negotiate

Quick Answer: Homeowners can negotiate Wells Fargo mortgage settlements through direct negotiation or legal intervention, with Chapter 13 bankruptcy offering “lien stripping” to discharge liens exceeding property value. With $800,000 in mortgages on a $350,000 home, consulting a bankruptcy attorney may provide the most effective debt relief option.Question:Dear Steve,I have my first mortgage ($450,000) and …

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