Wells Fargo Justice Foreclosure Cases
Wells Fargo was one company that did not stop its foreclosure work or issue moratoriums across the country. The San Francisco firm was confident that they did not close on any wrong houses. However, they said that they would review its internal procedures and check for any flaws in their processes. They also assured that amid the evaluation process, no case would be incorrectly foreclosed and if they found any mistakes, it would be rectified immediately.
A Wells Fargo spokesperson Vickee Adam said, “We are seeing no foreclosure that should not have otherwise occurred.” After examining for a month and half, Wells Fargo declared that it would be refilling about 55,000 affidavit documents to the court nationwide. In the meantime, new documents would be prepared to be submitted to the court, the company helped borrowers simultaneously with government and internal modification programs. Consequently, the numbers of cases in the final list of documents that was ready to submit to the court reduced to 46,000.
A report recently mentioned that since January 2009, Wells Fargo has helped modify at least 577,000 mortgages that are handled by their company that could have resulted in a foreclosure. Wells Fargo generously absolved the mortgage principal amount of 3.5 billion in order to assist its customers to bring their mortgages from default to current. Even though Wells Fargo claims that they have never foreclosed on incorrect properties, there are several customers who have complaint that even though their loans with Wells Fargo are in current status, they have received foreclosure notices and have had to pay huge amounts by hiring lawyers to get their names out of the list.
One such instance was reported by Christopher Marconi, residing in New York, who received a foreclosure notice and had to pay $3,500 to a lawyer to get his name removed from a lawsuit. Marconi’s car was hit by a woman against whom he had filed a case. Fargo was closing on the woman’s house in N.Y. and Marconi was listed as a defendant in it. This is the reason why Marconi’s name appears in the list, said Vickee Adam spokesperson of Fargo, “It is common for lien holders to be mentioned in foreclosure documents.” However, when Marconi contacted the firm to explain the mix up of foreclosure notice, he was denied help and asked to hire a lawyer.
Original post: http://www.e-foreclosuresearch.com/blog/wells-fargo-justice-foreclosure-cases/ on E-ForeclosureSearch.com, your source of a foreclosures for sale.
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