Wells Fargo Settlement Offer?

2 Replies

One of my loan modification clients got the attached letter in the mail. 

Dear <client>

We're writing to provide you with the important information regarding the above-referenced mortgage account. During a recent review of your former mortgage, we determined we may not have provided you with the approval ...<cut out>...participated in a modification review. 

What you need to know:

Due to this review finding, Wells Fargo agrees to pay you the amount of $7500.

We've enclosed the check in the amount of $7500. The check can be cashed once all parties listed endorsed it.

We can not provide tax or legal advice. Please consult a tax professional and/or legal advisor to understand the income taxes may be affected by this activity.

I'm here to help

If you have any questions about the information in this letter or need further assistance, please call me xxx-xxx-xxxx, Monday through Friday, 7:00 a.m. to 4:00 p.m. Central Time.

Sincerely,

Josh Foreman

Lending Officer 

Wells Fargo Home Mortgage

I can't find anything about it online. Was Wells Fargo sued for its handling of loan modifications? Is there a larger slice of a bigger pie to (possibly) be had if my client does NOT cash this check?

I think it’s them still trying to spend their required part of the $25B settlement with the feds.
There’s no other pot of gold to hold out for.