Wells Fargo Imposed Illegal Charges On Mortgage Holders
Wells Fargo is facing a class action lawsuit contending that they have forced their mortgage borrowers to pay for potentially illegal and unwarranted property inspection fees.
Wells Fargo Conducted Alleged Illegal Deeds
According to the Wells Fargo Mortgage Fees Class Action Lawsuit 2021, Wells Fargo allegedly used a digital system to assess their borrowers of fees and other charges without any regard for the mortgage holder’s loan conditions and terms.
Led by plaintiff Jane Hart, she shared that Wells Fargo’s automated system has led to her and other bank borrowers being slapped with unnecessary charges such as property inspection fees and others. It is further alleged that the said mortgage management software employed by Wells Fargo was programmed to charge the loan owner as many payable items as it can find.
As a result, many were left to pay up illegal charges that put them in a very precarious financial situation. It is said that they were provided with more burden to fulfill their payment obligations. Additionally, it is believed that countless homeowners experienced bankruptcy after the whole ordeal.
Hart contended that the fees charged by the bank’s automated system were found to be not useful, uncalled for, and were only intended to help Wells Fargo to generate more revenues and financial gain at the expense of their borrowers’ best interests.
Complainant Detailed Personal Experience
The plaintiff shared that she experienced the charges firsthand when she started missing out on some payments in mid-2011. Although complainant Hart has reached an agreement with the loan provider, she continued to get charged up to $20 for each property inspection conducted on her mortgaged property. This scheme is said to carry on for a few years until late 2018.
Wells Fargo is dealing with charges that they have made tremendous amounts of profits in their practice of charging their borrowers with excess fees and labeling them as ‘other charges’ to mislead them.
Filed in a New Jersey federal court, the Wells Fargo Mortgage Fees Class Action Lawsuit is asking the court to force Wells Fargo to deal with different accusations, including breach of contract, violation of federal-level racketeering laws, and state consumer protection statutes, and the like.
About Wells Fargo
Banking and financial services company Wells Fargo is one of the country’s oldest institutions, founded in 1852. The company owns and operates different subsidiaries with various presence around the world.
Editor’s Note on Wells Fargo Mortgage Fees Class Action Lawsuit 2021:
This article features another class action lawsuit filed against Wells Fargo bank after they allegedly forced many of their clients into serious financial risks for their own benefit. You might also be interested in the class action lawsuit filed against Interactive Brokers over Haena Park’s Scam Account Usage.
Case Name(s) & No.(s): Jane Hart v. Wells Fargo Bank NA; Case No.: 1:21-cv-14644
Jurisdiction: United States (U.S.) District Court for the District of New Jersey
Products/Services Involved: Wells Fargo mortgage charges
Allegation(s): Wells Fargo Bank allegedly imposed illegal expenses on their mortgage holders.
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