Anyone who took out a mortgage loan from Wells Fargo and opted for the bank’s “temporary payment reduction” or “rate buydown” feature.
What’s Going On?
Attorneys working with ClassAction.org have reason to believe the bank is promising borrowers a lower interest rate in exchange for money up front – but isn’t holding up its end of the bargain. As a result, it’s believed that borrowers are paying more upfront and over the course of their loan than they would have had they stuck with the original rate.
What You Can Do
Attorneys working with ClassAction.org are working to determine whether a class action lawsuit can be filed against Wells Fargo. But first, they need to hear from people who opted for the rate buydown. To get in touch and learn more about this investigation, fill out the form on this page.
What’s the Catch?
There is none! Attorneys have reason to believe Wells Fargo is being dishonest with its borrowers and want to help make things right.
If you took out a mortgage loan from Wells Fargo and opted for the “temporary payment reduction” or “rate buydown” feature, you may have paid more than you would have had you kept the original, higher interest rate. Read on for more.
What’s Going On?
Wells Fargo offers its borrowers the opportunity to “buy down” their interest rate for the first several years of their loans. In a typical buydown or “temporary payment reduction,” a bank will accept an additional payment at closing and, in exchange, will lower the borrower’s interest rate for a set period of time. In some cases, the bank may just “throw in” this offer without the borrower putting up any money up front.
Attorneys suspect, however, that while Wells Fargo presents the buydown arrangement as a way to make the first year easier – and accepts payments to “buy down” the rate – it never actually holds up its end of the bargain. While the borrower’s payments may reflect a lower interest rate, the reduced rate is never actually applied to the amortization schedule. This means that the borrower may actually put money up front and pay more in interest over the life of their loan for a benefit – that is, a lower interest rate – that they never actually receive.
How Could a Class Action Lawsuit Help?
If a class action lawsuit is filed and is successful, borrowers may be able to get back some of the money that they paid out to Wells Fargo for their loan. It may also require Wells Fargo to change its practices in regard to its temporary buydown offering.
Opted for the Temporary Buydown? Here’s What You Can Do
If you bought down your interest rate with Wells Fargo, fill out the form on this page. Before attorneys can even consider filing a class action lawsuit, they need to hear from people like you. After you get in touch, one of the attorneys handling this investigation may then reach out to you directly to explain your legal rights and how you may be able to get back some of your money. It doesn’t cost anything to speak to the attorneys we work with, and you’re never obligated to take any legal action simply because you contacted us.