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Wells Fargo being sued by Chapter 13 filers in class action case

Many Louisiana residents (and others throughout the nation) seek debt relief options when they run into financial trouble. For some, Chapter 13 bankruptcy is the most viable option. Otherwise known as a wage earner's debt relief plan, it allows people to reorganize their finances and develop secure payment plans to satisfy their debts over time, without losing their assets.

A couple in another state chose to file Chapter 13 bankruptcy in 2014. They thought all was going fine as their mortgage payments were current. However, they later defaulted, claiming no fault of their own. In fact, the couple says Wells Fargo bank is responsible for their defaults because changes were made to their loan of which they were unaware.

The couple filed a lawsuit against Wells Fargo, also stating that the bank made stealth modifications that increased their mortgage interest costs by more than $80,000. The supposed changes also extended their loan an additional 26 years. The class action lawsuit seek relief for the couple, and for anyone else in the nation who has filed Chapter 13 bankruptcy and has been adversely affected by the allegedly illegal practices of Wells Fargo.

The bank has staunchly denied the allegations. One of the attorneys representing the couple said their aim is to make sure no one suffers from the unlawful practices of Wells Fargo. There may be homeowners in Louisiana who could potentially be affected by this lawsuit. Whether a homeowner is considering filing Chapter 13 bankruptcy or has questions about a particular current situation, he or she may reach out for support by requesting a meeting with an experienced bankruptcy law attorney.

Source: charlotteobserver.com, "Lawsuit seeks to halt Wells Fargo 'stealth' changes on loans," Rick Rothacker, July 13, 2017

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