A second Wells Fargo glitch results in the foreclosure of more homes
Wells Fargo blamed a computer glitch for the second time this year that resulted in the bank mistakenly foreclosing on hundreds of homes over an eight-year period, CBS News reported. The software error applied to loan modification applications submitted between March 15, 2010, and April 30, 2018, according to Wells Fargo.
In November, Wells Fargo admitted the error in a filing with the United States Securities and Exchange Commission, noting that a computer glitch led the bank to deny its mortgage customers the request for a loan modification or repayment plan in 870 instances. Eventually, 545 homes were foreclosed because of Wells Fargo’s error.
Jose Aguilar, who owned one of the foreclosed homes, told his story in a CBS News interview. To compensate Aguilar for its mistake, Wells Fargo sent him an apology letter as well as a check in the amount of $25,000, but Aguilar still wants an explanation, and his lawyer stated that the amount “doesn’t even begin to cover his total losses.”