Last month the bank announced that an underwriting error had caused it to incorrectly reject some 870 home loan modifications, resulting in the bank foreclosing 545 homes.
The errors have left the banking community, legislators and, of course, the affected homeowners asking how this happened.
Jose Aguilar’s home in upstate New York went into foreclosure three years ago after the family found mold in the house and attempted to modify their loan to lower their monthly payment.
Speaking to CBS, Aguilar said: ‘At first they told me: “OK, you know, you might be able to qualify for a loan modification.”‘
However, the process dragged along for months as Aguilar waited for a decision.
‘Then the whole process just started all over again. And then it got to the point we were a year behind,’ Aguilar said.
Wells Fargo ultimately turned down the modification.
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