Wells Fargo Agrees to Allocate $185,000,000 to Customers in a Major Settlement - Find Out Who Qualifies for Compensation
Scoop: Did Wells Fargo Stick You With Unwanted Mortgage Forbearance and Hurt Your Credit Score? You Might Be in Line for $185 Million Payout
Wells Fargo may have to cough up a massive $185 million payout to its customers after a court green-lit a class-action settlement claim that the bank issued mortgage forbearances to clients without their consent during the COVID-19 pandemic.
The lawsuit, filed last year, accused Wells Fargo of providing forbearances to certain customers who had inquired about financial hardship but did not explicitly request one, ultimately causing additional stress and damaging credit due to halted payments.
But fret not! Wells Fargo agreed to pay $185 million to affected customers. But, of course, they didn't admit to doing anything wrong.
Want to know if you're eligible for compensation? Keep an eye out for those bank letters! If you had a mortgage with Wells Fargo between March 1, 2020, and December 31, 2021, and this forbearance was initiated without your consent after inquiring about financial hardship or payment concerns, you're in the pool. And, yes, you don't need to file a claim if you're part of the class—some customers have already had letters from Wells Fargo.
In response to this whole shebang, a Wells Fargo spokesperson had this to say to marketplace.org:
"We worked tirelessly to help customers who expressed concerns about paying their mortgage during the pandemic, and we support this settlement because it's the best interests of our customers."
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Disclaimer: Opinions expressed here are not financial advice. Make sure to do your homework before risking any moolah in Bitcoin, crypto, or digital assets. Please note that we participate in affiliate marketing.
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- The class-action lawsuit against Wells Fargo, which could lead to a $185 million payout, serves as a reminder for homeowners to stay abreast of their mortgage agreements andDisclaimer: Opinions expressed here are not financial advice. Make sure to do your homework before risking any moolah in Bitcoin, crypto, or digital assets. Please note that we participate in affiliate marketing.
