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Wells Fargo Settlement with Department of Justice Announced for Bankrupt Homeowners Who Did Not Receive Change of Payment Notices

Findsen Law

On Thursday, the Department of Justice released a settlement with Wells Fargo concerning Wells Fargo’s failure to send payment change notices and updated escrow statements to homeowners in bankruptcy:

Settlement Terms

Wells Fargo agrees to pay a total of $81.6 million to homeowners who were in bankruptcy between Dec. 1, 2011, and March 31, 2015, and who were affected by Wells Fargo’s failure to timely file PCNs and escrow statements, including:

  • $53.6 million will be paid to more than 42,000 homeowners whose payments increased as to which Wells Fargo failed to timely file a PCN with the court. The payment will be in the form of a credit to the homeowner’s mortgage account in a lump sum amount, which averages $1,254 per homeowner and varies depending on the homeowner’s mortgage balance. More than 70 percent of the total payments will go to homeowners who have mortgage balances under $300,000. These payments will be made…

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