Carrillo v. Wells Fargo Bank, N.A.
About the Case:
TMLG has filed a class action lawsuit against Wells Fargo Bank, N.A. on behalf of borrowers who were charged a higher interest rate than promised on residential real estate loans. Wells Fargo entered into residential real estate loans and “buydown agreements” with borrowers promising to charge them a lower interest rate for an initial period followed by a higher interest rate for the remainder of the life of the loan. These agreements amounted to a bait and switch. Plaintiffs allege that while the monthly amount during the initial period appeared to be in accordance with the lower rate, interest on the loan during the initial period was being accrued at the higher rate. As a result, Plaintiffs had higher balances at the end of the initial period than they would have had under the disclosed lower initial rate.
Plaintiffs filed their complaint in the United States District Court for the Eastern District of New York in May 2018. The lawsuit is currently pending before the Honorable Sandra J. Feuerstein, U.S. District Court Judge.
Case Contact Information:
Terrell Marshall Law Group PLLC
Schlanger Law Group, LLP