Massachusetts Court Denies Wells Fargo’s Attempt To Dismiss Homeowner’s Loan Modification Laws
In the lawsuit, homeowners alleged that Wells Fargo engaged in a number of unfair and deceptive practices that violated the Massachusetts Consumer Protection Act, Chapter 93A. The court wrote that “there is evidence in the summary judgment record that Wells Fargo failed to respond to plaintiffs’ requests for information, and provided misinformation about its communications with plaintiffs and the status of plaintiffs’ loan modification request. Wells Fargo also commenced foreclosure proceedings while negotiating a loan modification, which itself can be an unfair or deceptive practice.”
The case will now be scheduled for trial.
Despite some progress in banks’ administration of loan modification programs like the Home Affordable Modification Program (HAMP), as well as Fannie Mae, Freddie Mac, and FHA programs, many banks still have a long way to go to attain full compliance with these programs’ guidelines. Often the only way to force a bank to confront allegations of improper conduct is to take them to court.
This homeowners in this case were represented by Culik Law.
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