Tag: Wells Fargo fraud

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Wells Fargo Sends Statement to Consumers with Important Updates following Scandal

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Nearly two months after the Wells Fargo scandal was first revealed by the Consumer Financial Protection Bureau (CFPB), the bank has issued statements to customers with important updates about the steps the bank has taken to make amends.

The statement begins by apologizing to consumers stating that, “We are deeply committed to serving you and your financial needs, and in those instances, we did not live up to our commitment. This is inconsistent with our values and with the culture we work hard to maintain. It’s not who we are as a company.”

The statement goes on to say, “Here’s what we are already doing:”

  • Putting your interests first. We have eliminated product sales goals for our retail banking team and members who serve customers in our bank branches and call centers.
  • Proactively communicating with you. We now send a confirmation after you open a new consumer or small business checking, savings, or credit card account so you know what is happening and can tell us if anything we have confirmed is different than what you expected.
  • Full transparency. You can always see your active accounts any time when enrolled in Wells Fargo Online.
  • Fixing what went wrong. We have provided full refunds to customers we have already identified and we are broadening our scope of work to find customers we may have missed. If we have any doubt about whether one of your accounts was authorized, and any fees were incurred on that account, we will contact you and refund fees.

The statement issued by the bank is the result of a CFPB investigation which resulted in the Bureau fining the bank $185 million for unethical business practices. The CFPB found the bank had opened approximately two million unauthorized deposit and credit card accounts.

Click here to read a timeline of events of the Wells Fargo Scandal.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.bizjournals.com/atlanta/news/2016/10/22/wells-fargo-sends-customers-statement-about.html

Foreclosures, Timothy Kingcade Posts

South Florida Couple Accuses Wells Fargo of Fraud

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A South Florida couple claims that Wells Fargo engaged in fraud when it accepted thousands of dollars in exchange for a promise of a permanent loan modification, which was never delivered. The Federal lawsuit centers on the issue of a “Trial Period Plan.”

After falling on hard times, the couple received an offer from Wells Fargo called a Trial Period Plan. The letter began by stating, “”Wells Fargo Home Mortgage wants to continue to work with you to modify your mortgage.” According to the letter, the family “must make new monthly ‘trial period payments’ in place of (their) normal monthly mortgage payments” at a little more than $2,000 and “after all trial period payments are made, (their) mortgage will be permanently modified.”

After making three payments, and several more, Wells Fargo worked to reschedule the foreclosure sale and no permanent loan modification was granted.  “It felt like the rug got pulled out from under us. Because of the fact that we’ve given them everything and they still said, ‘No, you’re denied.’ It was very frustrating. Because you’re going through this modification process, you’re doing what the bank asks you to do because we’re told to trust the bank,” the family said.

The family’s attorney is accusing Wells Fargo of misleading the couple with broken promises, acting maliciously, and breach of contract. They are seeking injunctive relief to protect the ownership and title of their home and $75,000 in damages.

The lawsuit also alleges that Wells Fargo had “no intention of offering such permanent loan modification … by inducing Plaintiffs into making thousands of dollars of additional payment (that could not otherwise be collected) with the false promise of a loan modification Defendants, Wells Fargo, can collect more from the distressed homeowner, than the $4,000 maximum incentive payment collected under Defendant, Freddie Mac, loan modification program.”

Click here to read more on this story.
http://www.local10.com/news/south-florida-couple-claims-wells-fargo-engaged-in-fraud/31341328

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.