FAQs - Wells Fargo / World Savings / Wachovia

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Settlement FAQ's

Am I eligible for a modification under the Settlement?

The Attorney General’s Office cannot say whether or not a particular borrower will or will not get a modification.

The settlement provides for streamlined modifications for eligible borrowers with “Pick-A-Payment” loans originated by Wachovia or World Savings who are 60 days or more delinquent, or become 60 days delinquent, or who are at risk of going into foreclosure on their mortgage.

What will modifications look like?

The modifications will vary from borrower to borrower, depending on their circumstances (such as their income).

When will borrowers get modifications?

Wells Fargo will begin contacting eligible borrowers regarding possible modification of their loans in early 2011.

What if I am current on my loan now but think I will not be able to make my payments in the future?

The agreement requires Wells Fargo to make loan modifications for eligible borrowers through June 30, 2013. Also, if you think you will have a problem making your payments in the future, you are encouraged to contact Wells Fargo now.

How can I contact Wells Fargo to ask for a modification?

Under the settlement, Wells Fargo is supposed to contact all borrowers who may be eligible for a modification.

You can also call Wells Fargo to ask to be considered for a modification at: (888) 565-1422.

What if I have already lost my house to foreclosure?

The settlement requires Wells Fargo to pay $32 million dollars to California consumers who have already lost their homes to foreclosure. To be eligible, the borrower must have had a World Savings or Wachovia loan and lived in the home that was foreclosed and the foreclosure sale must have happened between January 1, 2005 and December 20, 2011.

A settlement administrator has been retained. Claim forms were sent to the last known address of eligible participants, and the deadline to return claim forms was December 9, 2011. You may contact the settlement administrator at Settlement Administrator or 1-877-265-3993.

We anticipate the distribution of checks to occur in the second quarter of 2012 (April 1, 2012 - June 30, 2012).

Borrowers are also urged to consult with a private attorney, or legal services attorney if they qualify, regarding any legal claims they may have regarding their loan. Please read below for information on finding an attorney.

Can we trust Wells Fargo to make all these loan modifications?

The settlement requires Wells Fargo to make regular reports to the Attorney General’s office regarding which borrowers do and do not get a modification and the reasons why. The Attorney General will be monitoring Wells Fargo closely throughout this process.

I think I should get a modification. Do I have to continue making payments on my loan?

The Attorney General’s settlement with Wells Fargo does not by itself change your loan payment or allow you to stop making payments. Borrowers who may be considered for a modification will be contacted by Wells Fargo and also can contact Wells Fargo with specific questions about their loan.

You should not stop making payments on your loan just because you think you might qualify for a modification. If you have the ability to pay but stop making your payments, you will damage your credit, and may significantly harm your chances of actually receiving a modification.

Can you give me advice on whether I have other legal claims regarding my loan?

The Attorney General’s Office is not able to give you legal or other advice on this matter. If you would like advice, please consult a private attorney of your choosing or a legal aid attorney if you qualify.

How can I find a lawyer?

You may obtain a referral to a certified lawyer referral service by contacting the State Bar at (866) 442-2529 (toll-free in California) or (415) 538-2250 (from outside California),
or via their website.

If you cannot afford a private attorney, you may wish to contact your local legal aid office. For a referral click on the Find Legal Assistance tab.

Can I still file a complaint with the Attorney General's Office about Wells Fargo?

Yes. If you wish to file a complaint about your loan, or were denied a loan modification when you think you should have received one, please contact us. You can send a letter with copies of any supporting documentation to the address below, or you can file a complaint on line.

Office of the Attorney General
Public Inquiry Unit
P.O. Box 944255
Sacramento, CA 94244-2550