The Real Deal Miami

Wells Fargo to offer mortgage relief

October 07, 2010 11:15AM

Attorney General Bill McCollum

Wells Fargo Bank has reached an agreement with eight states that will make more than 4,000 Florida homeowners eligible for loan modifications and mortgage balance forgiveness totaling up to $388 million, Attorney General Bill McCollum announced yesterday. The agreement settles allegations that there was deceptive marketing of option-adjustable-rate loans. Only homeowners who took out these kinds of loans since April 1 will qualify for the aid, a spokesperson for McCollum said. The bank will offer loan modifications beginning Dec. 1 and lasting until June 30, 2013 for borrowers who are either 60 days delinquent or are facing default. [Sun Sentinel]