Wells Fargo Faces Penalties in Foreclosure

Wells Fargo Faces Penalties In ForeclosureWells Fargo is currently being investigated by various governmental agencies with regard to illegal practices concerning mortgages and foreclosures. Wells Fargo has been accused of violating fair lending laws by the Security and Exchange Commission.

The company spokesman for Wells Fargo recently stated “with regard to the investigation into foreclosure practices, it is likely that one or more of the government enforcement actions against Wells Fargo will result in civil monetary penalties.” There are also more than half a dozen class action lawsuits pending against Wells Fargo on behalf of homeowners. These lawsuits claim that employees at Wells Fargo executed documents in foreclosure proceedings without having personal knowledge of the facts contained in these documents. The relief requested in the lawsuits against Wells Fargo asks for monitory damages, cancellation of mortgages and other penalties against the bank. Wells Fargo has indicated that they make be facing as much as $1.2 billion dollars in losses related to the pending litigation. This has caused the bank’s share price to go down.

New York Foreclosure Defense Attorney

If you are sued in a foreclosure proceeding, we can help you. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have been assisting homeowners and consumers regarding lawsuits involving financial institutions for more than twenty years. We prepare mortgage modification applications on behalf of our clients. We assist our clients in dealing with mortgage modification programs that fail to provide our clients with the appropriate relief.

We defend our clients in foreclosure proceedings. We defend defective foreclosure lawsuits, defective mortgage issues, predatory lending, and bad faith by financial institutions. We maintain a foreclosure blog to update our clients and the general public concerning issues involving the banking industry, mortgages and foreclosures.

We represent our clients in real estate related litigation. In the appropriate situations we also file Chapter 7 bankruptcies and Chapter 13 bankruptcies on behalf of our clients. If bankruptcies are filed, we help our clients reestablish credit at the end of the bankruptcy procedures. If you need an attorney to stop a foreclosure or help you out of debt feel free to call us. Our office numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

Fargo To Amend Foreclosure Proceedings

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 30 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.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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