'Wells Fargo has revealed a computer glitch is behind an error that led to more than 500 customers losing their homes when their loans were refused.
Last month the bank announced that an underwriting error had caused it to incorrectly reject some 870 home loan modifications, resulting in the bank foreclosing 545 homes.
The errors have left the banking community, legislators and, of course, the affected homeowners asking how this happened.
ose Aguilar's home in upstate New York went into foreclosure three years ago after the family found mold in the house and attempted to modify their loan to lower their monthly payment.
Speaking to CBS, Aguilar said: 'At first they told me: "OK, you know, you might be able to qualify for a loan modification."'
However, the process dragged along for months as Aguilar waited for a decision.
'Then the whole process just started all over again. And then it got to the point we were a year behind,' Aguilar said.
Wells Fargo ultimately turned down the modification.
'At that point I just gave up,' Aguilar said, adding that he and his wife split up as the house went into foreclosure.
Because of the damage done to his credit during the ordeal, Aguilar couldn't find anyone who would rent to him.
'At that point my son and I had to move to the basement of a friend's house and we stayed there for three months, and we had nothing. We had a couch and my son had a bed,' Aguilar said as he fought back tears.
Nearly three years later in September, Aguilar got a letter from Wells Fargo that read: 'We made a mistake… we're sorry.'
The letter claimed that the decision on Aguilar's loan modification was based 'on a faulty calculation' and that it 'should have been' approved.'
Read more: Wells Fargo blames computer glitch after hundreds of customers lose their HOMES when they were mistakenly refused loans - and the error could cost the bank hundreds of thousands of dollars
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