This is a familiar problem for many homeowners trying to modify their loans. They call the lender and the lender says that in order to modify their loan, they need to be behind in their payments. This happened too many times, and many of my clients have had this problem. A homeowner in Chicago just filed a class action complaint in Federal Court to try to “right this wrong”. Also, Stephanie Watson, the lead plaintiff alleges that Wells Fargo did not credit her with interest when she sent in a partial payment. See the news coverage of the lawsuit from the Chicago Tribune:

http://www.chicagotribune.com/business/breaking/chi-gold-coast-woman-seeks-classaction-against-wells-fargo-over-hamp-20121026,0,6873710.story

We will update you on the details of the class action, and the progress of the lawsuit. But this is a big step for homeowners. Gettting a Court to address some of the many failings of the HAMP (Home Affordable Modification Program) is a good start.

If you have had problems with trying to modify your loan, we can review your options. Also, we can see if you will have the opportunity to be a part of this class action against Wells Fargo. If this lawsuit is successful, look for others against other lenders to follow.

Daniel J. Winter
Law Offices of Daniel J. Winter
53 W. Jackson Boulevard
Suite 725
Chicago, IL 60604
312-789-9999
BankruptcyLawChicago.com
djw@DWinterLaw.com

Offices in Chicago, Skokie, Oak Lawn, Waukegan, and Milwaukee, to meet your needs and help solve your financial problems.