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Just wrong: bank’s “oppressive” conduct in foreclosure saga

Following is a quick rehash of one New Jersey homeowner’s depressingly sad tale relevant to bank conduct that blew up the normalcy in her life.

The woman lived in a condo in North Bergen. After suffering some financial difficulties, she sought a loan modification from Wells Fargo.

The bank refused. Instead, it foreclosed on the property.

And then years later, following her displacement, bank officials informed the former borrower that she had in fact been duly qualified to receive assistance. In short, she should never have been foreclosed upon. That she was owed to a “faulty calculation” in Wells Fargo software. The bank offered a $15,000 check to soften the blow of a lost home.

That didn’t exactly salve the wounds. Instead, it yielded a response that we believe many readers of our legal blog at the New Jersey Law Office of Rajeh A. Saadeh would readily understand and endorse.

It prompted litigation, namely, a lawsuit recently filed in federal court against the bank. The stated litany of wrongdoing alleged against the lender is long and diverse. It cites Wells Fargo conduct that was “immoral, unethical, oppressive, unscrupulous” and that harmed legions of individuals and families across the country.

Many hundreds, in fact. Reportedly, nearly 900 ex-customers were wrongly treated by the bank. The above-cited lawsuit seeks class action status to broadly represent them, with the aggrieved former New Jersey homeowner being lead plaintiff.

We wish the improperly ousted plaintiffs all the best. We know intimately the material upheaval that bank-linked financial challenges can pose for good-faith customers trying their best to work responsibly with lenders and keep their homes.

Homeowners often have more power than they realize to secure hopeful outcomes while remaining on their properties. We welcome their contacts to our firm to discuss matters of concern and corresponding opportunities.



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