{"id":17748,"date":"2020-09-03T12:15:05","date_gmt":"2020-09-03T12:15:05","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17748"},"modified":"2020-09-03T12:15:05","modified_gmt":"2020-09-03T12:15:05","slug":"lender-explains-forbearance-without-consent","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/lender-explains-forbearance-without-consent\/","title":{"rendered":"Lender Explains Forbearance Without Consent"},"content":{"rendered":"

Lender Explains Forbearance Without Consent<\/h1>\n
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Wells Fargo is being sued in a proposed class-action lawsuit that accuses the lending giant of automatically placing some borrowers\u2019 mortgages in forbearance without their permission. The borrowers claim that the forbearance has reflected poorly on their credit reports and prevented them from being able to obtain other financial services, such as refinances.<\/p>\n

However, Wells Fargo told media outlets that the bank placed accounts in forbearance after those customers reached out to them and expressed financial hardship during the pandemic. The bank wanted \u201cto ensure that every customer who needed payment relief would receive it without unnecessary delay,\u201d Wells Fargo said in a statement.<\/p>\n

“We sincerely apologize to any customer who received a forbearance and did not expressly request one, and [we]\u00a0are actively working to assist each customer who may have been negatively affected,” Tom Goyda, spokesperson for Wells Fargo, said in the statement to Law360.<\/p>\n

The federal government\u2019s Coronavirus Aid, Relief, and Economic Security Act includes a provision that mortgage borrowers facing economic hardship due to the COVID-19 pandemic can ask for a temporary forbearance on their mortgage.<\/p>\n

Pamela Delpapa, who has brought forward one of the lawsuits against the bank, says she was unable to refinance her home to get a better mortgage rate because her loan had been placed in forbearance, which she says she never asked for. \u201cBanks may not institute it automatically,\u201d the lawsuit against Wells Fargo states. \u201cBut that\u2019s exactly what Wells Fargo did. As documented by the plaintiff and in consumer complaints from across the nation, Wells Fargo automatically placed borrowers in forbearance when they contacted the bank by phone or online to merely inquire about their options.\u201d<\/p>\n

An additional lawsuit filed on July 31 made similar claims against Wells Fargo. Last month, NBC News reported on borrowers in Chapter 13 bankruptcy who also claimed their loans were placed in forbearance without their consent.<\/p>\n

Wells Fargo\u2019s Goyda explained in a statement to Law360: \u201cFor a short period during the early stages of the crisis, in an attempt to ensure that all customers received the payment relief they needed in the midst of unprecedented levels of customer calls, we made a decision to provide mortgage forbearances to certain customers who had made an inquiry or expressed hardship but had not explicitly requested a payment suspension.\u201d<\/p>\n

Goyda says that the bank notified any customers whose loans were placed in forbearance and explained to them how they could change that status if they wanted.<\/p>\n

Wells Fargo is one of the largest underwriters and home loan servicers in the U.S.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cBorrowers Say Wells Fargo Misused Virus Forbearance Policy<\/a>,\u201d Law360.com (Aug. 27, 2020) and \u201cMore Wells Fargo Customers Say the Bank Decided to Pause Their Mortgage Payments Without Asking<\/a>,\u201d NBC News (July 22, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Lender Explains Forbearance Without Consent Wells Fargo is being sued in a proposed class-action lawsuit that accuses the lending giant of automatically placing some borrowers\u2019 mortgages in forbearance without their permission. The borrowers claim that the forbearance has reflected poorly on their credit reports and prevented them from being able to obtain other financial services, … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17748","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nLender Explains Forbearance Without Consent - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/lender-explains-forbearance-without-consent\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lender-explains-forbearance-without-consent\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lender-explains-forbearance-without-consent\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Lender Explains Forbearance Without Consent\",\"datePublished\":\"2020-09-03T12:15:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lender-explains-forbearance-without-consent\\\/\"},\"wordCount\":474,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lender-explains-forbearance-without-consent\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/lender-explains-forbearance-without-consent\\\/\",\"name\":\"Lender Explains Forbearance Without Consent - 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