The U.S. Department of Justice’s United States Trustee Program (USTP) has entered into a national settlement agreement with Wells Fargo Bank N.A. requiring Wells Fargo to pay $81.6 million to homeowners in Chapter 13 bankruptcy for its repeated failure to provide legally required notices, according to a press release issued Nov. 5 by the Executive Office for U.S. Trustees.
Bankruptcy Rule 3002.1 requires mortgage creditors to file and serve a notice 21 days before adjusting a Chapter 13 debtor’s monthly mortgage payment. According to the settlement agreement, Wells Fargo acknowledges that it failed to timely file more than 100,000 payment ...
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