For the past month and a half Wells Fargo Bank has in public statements regarding foreclosure proceedings insisted that all of their procedures were correct and appropriate. On Wednesday October 27, they did an about face.
Wells Fargo now claims that it plans to correct, redo and resubmit the proper documents in approximately 55,000 foreclosure proceedings. To this writer that seems to be more than a minor mistake.
Wells Fargo claims that after reviewing the situation they found that some bank employees had “failed to strictly adhere to its required procedures during a final step in its documentation process”. Wells Fargo further stated “some aspects of the notarization process had not always been properly followed creating the potential for paperwork errors.”
No Foreclosure Freeze
Wells Fargo is not freezing its foreclosures. They are amending all 55,000 improper
foreclosures to correct the paperwork mistakes previously made.
In addition to Wells Fargo four other large financial institutions are taking similar actions. JP Morgan Chase said it was looking into about 115,000 foreclosure proceedings in 41 states. Bank of America is also looking into approximately 100,000 foreclosure proceedings in 23 states. GMAC and PNC financial are also resubmitting improper foreclosure paperwork. Unfortunately when the banks get through with correcting their mistakes the homeowners will eventually have to face the music. Foreclosure are brought when homeowners do not pay their mortgage payments. In the end the homeowners are thrown out of their homes and their homes are sold. Hopefully there are more inventive, more practical, more humane solutions such as mortgage modifications to this problem.
About Our Firm
For more than 45 years our law firm has assisted individuals with mortgage modifications, foreclosure defense and lawsuits involving creditors. We have expertise in defending homeowners in foreclosure lawsuits. We have litigated cases involving predatory lending practices. We are also familiar with the issues involving failed mortgage modification programs. Should you, a friend or family member be involved in a foreclosure. You need a foreclosure defense attorney to represent you. Our experience in representing individuals in all aspects of foreclosure defense including but not limited to foreclosure defenses and litigating foreclosure issues makes us one of the foremost foreclosure defense law firms in the metropolitan New York area. Feel free to call us for a free consultation at 516-561-6645, 718-350-2802 or 1-800-344-6431. We are available 7 days a week.
