Homeowners seek to halt Wells Fargo loan changes in high-profile bankruptcy case

The Gaston County homeowners who have filed a class-action lawsuit against Wells Fargo are asking a judge in Charlotte this month to stop the bank from making alleged loan changes without borrower approval.

The suit filed in June by Christopher and Allison Cotton gained national attention over its allegations that the San Francisco-based bank was making “stealth modifications” that could vastly increase homeowners’ borrowing costs.

The complaint was another black eye for the bank as it tries to recover from a major scandal over its consumer banking sales practices.

Lawyers for the Cottons, who live in Dallas, N.C., filed a motion for a preliminary injunction last week against the practices outlined in their suit. The request applies to all Wells Fargo borrowers nationwide who have filed Chapter 13 bankruptcy cases. A hearing is scheduled for July 26 in federal bankruptcy court in Charlotte.

“We want to make sure that no one gets taken advantage of because of these practices,” said Theodore Bartholow III, a Texas-based attorney who is among the lawyers representing the Cottons.

Read on.

 

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