Well Fargo Foreclosed On Homes Due To Computer Glitch

ABC News
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Financially strapped, Jose Aguilar said it felt as though he’d let his family down in 2015 when Wells Fargo foreclosed on his mortgage, but his disappointment redoubled earlier this year when the bank sent him a letter that said a system glitch that he says caused him to lose his home of four years.

Aguilar is one of an estimated 545 customers who lost their homes when the bank incorrectly denied 870 loan modification requests due to calculation errors.

Wells Fargo, one of the country’s largest lenders, revealed the error in a Securities and Exchange Commission filing last month.

“Twelve, 13, 15 months time passed, and there was no way of catching up at that point,” Aguilar said. “That’s when the whole foreclosure proceedings started.”

Aguilar, who owned a home in upstate New York, said his wife was so exasperated at one point she was “just like, ‘I can’t do this anymore,'” and she took their kids and moved back to Florida.

With the foreclosure weighing on his credit score, Aguilar, who works at a manufacturing plant near Syracuse, found it hard to rent a new place and ended up moving into a friend’s basement.


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Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!