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Wells Fargo Mistake Cost 800 Borrowers Their Homes

Tuesday, December 04, 2018   /   by Vanessa Saunders

Wells Fargo Mistake Cost 800 Borrowers Their Homes

CryingKid.pngWe saw on the news Tuesday morning that Wells-Fargo Bank made a mistake on loan modification calculations which cost hundreds of home owners their most valuable investment - their home.

One customer, named Jose Aguilar, was profiled in the story. He lost his home after working with Wells Fargo for three years to arrange a loan modification that never came. He lost his marriage and eventually became homeless and lived for three months in a friend's basement on a sofa and a bed with his two children. He couldn't find a place to rent because the foreclosure downgraded his credit, causing landlords to turn down his rental applications.

So often we hear about how a big, impersonal institution which has "made a mistake" or done something wrong or unethical. (Remember banks "robo-signing" mortgage documents, which helped fuel the recession?) Often, a large number of victims is cited in news stories like this one - "800 Homeowners Seek Answers..." 

But how often do we just compartmentalize numbers like that, failing to realize that they are 800 PEOPLE, 800 FAMILIES who have had a major wrench thrown into the turning gears of their lives. 800 dreams shattered. 800 families forced to sweep up the ashes and try to find a way to once again get on with their lives without a home, or the credit necessary to buy or even rent one.

Wells Fargo sent checks to some of their victims as a kind of restitution. In Mr. Aguilar's case, they sent him $25,000, along with a letter of apology. Not much compared to the actual losses Aguilar suffered: all his home equity, his credit, the joys of raising his children in a stable environment, and instead, living for three years in anguish and uncertainty.

$25,000 just doesn't seem to cover it. 


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Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.