How Do I Get My Wells Fargo Private Student Loans Out of Default?

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

625 People Denied Mortgage Loan Modifications and 400 Foreclosed On Because – Wells Fargo

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

Educational Financial Services and Wells Fargo Bank Hit With Class Action Student Loan Lawsuit to Discharge Loans in Bankruptcy

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

What is the Smartest Way to Offer Wells Fargo a Settlement on My Mortgage?

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

Here’s Another Way Wells Fargo Took Advantage Of Customers

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

Creditors to Pay Up for Chasing Debtors After Bankruptcy

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

Wells Fargo Bank Gets Nabbed and Then Delays Solving Problem

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

Wells Fargo Home Rebate Credit Card – Yawn

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

How Creditors Rate at Helping Consumers Settle Debt

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

Debt Relief Bureau Logo But Not the Debt Relief Bureau in This Mailer

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