After stating that they were confident with their procedures and documents, Wells Fargo has now admitted they made mistakes in the paperwork for thousands of foreclosure cases. They announced plans to refile documents in 55,000 of the cases by mid-November. Wells Fargo described the mistakes as technical and said it has no plans to halt the foreclosure process, though filing new paperwork will cause some delays.
“We don't believe that there are instances in which the foreclosures would not have occurred otherwise,” said Teri Schrettenbrunner, a Wells Fargo spokeswoman. The documents are being refiled in the 23 states where a judge's approval is needed to complete a foreclosure.
Wells Fargo’s CEO, John Stumpf, has declined to join Bank of America Corp., Ally Financial Inc.'s GMAC Mortgage and other banks in suspending foreclosures because of flawed paperwork that surfaced at several large banks. On a conference call with investors this month, Stumpf said the bank is "confident that our practices, procedures and documentation" are accurate.
Depositions of two Wells Fargo employees have called the company's foreclosure practices into question. A Fort Mill, S.C.-based Wells employee said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day. In another deposition taken in May, another Wells employee said he verified only the dates on up to 150 foreclosure documents he signed daily and relied on co-workers to ensure that other information was correct.
Gallagher & Associates Team
Thursday, October 28, 2010
Monday, October 25, 2010
Consumer Foreclosure Alert
Lenders Suspend Foreclosures
In the wake of the recent testimony that loan representatives routinely signed thousands of documents a without reviewing the documents or verifying that the information was accurate or correct, four lenders have suspended their foreclosures pending internal investigations. The following lenders have announced that they will stay foreclosures:
Bank of America
GMAC/Ally Financial
JP Morgan Chase
PNC Financial
It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. However, Wells Fargo reported that it was not going to stay any of their foreclosures as it was confident with regard to their documents and practices.
Despite what appears to be good news, in at least one local case, attorneys for Bank of America have failed honor the stay and proceeded forward with the foreclosure litigation, stating that the stay only applies to some cases.
Caution for Occupancy Inspections
Homeowners should also be cautious for contrived occupancy or property inspections by contractors for banks which are really designed to intimidate and scare homeowners.
While the terms of most mortgages give banks the right to secure a vacant property and confirm that the borrowers reside in home, lenders are using this as collection effort where the representative will misrepresent the foreclosure process and threaten an immediate ejectment from the home.
After a homeowener has advised the represaentative that they reside there and property is secured, you can direct the representative to leave your property as they have no legitimate reason for remaining on the property. In some cases the statements of the bank representative have risen to a level of fraud and law enforcement has been summoned to issue a no-trespass warning.
In the wake of the recent testimony that loan representatives routinely signed thousands of documents a without reviewing the documents or verifying that the information was accurate or correct, four lenders have suspended their foreclosures pending internal investigations. The following lenders have announced that they will stay foreclosures:
Bank of America
GMAC/Ally Financial
JP Morgan Chase
PNC Financial
It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. However, Wells Fargo reported that it was not going to stay any of their foreclosures as it was confident with regard to their documents and practices.
Despite what appears to be good news, in at least one local case, attorneys for Bank of America have failed honor the stay and proceeded forward with the foreclosure litigation, stating that the stay only applies to some cases.
Caution for Occupancy Inspections
Homeowners should also be cautious for contrived occupancy or property inspections by contractors for banks which are really designed to intimidate and scare homeowners.
While the terms of most mortgages give banks the right to secure a vacant property and confirm that the borrowers reside in home, lenders are using this as collection effort where the representative will misrepresent the foreclosure process and threaten an immediate ejectment from the home.
After a homeowener has advised the represaentative that they reside there and property is secured, you can direct the representative to leave your property as they have no legitimate reason for remaining on the property. In some cases the statements of the bank representative have risen to a level of fraud and law enforcement has been summoned to issue a no-trespass warning.
Breast Cancer 3 Day
Komen for the Cure 3 Day.
http://www.the3day.org
There will be a lot of pink visible in the Tampa Bay area this weekend. From Friday-Sunday over 1700 walkers will trek 60 miles in three days to raise money and awareness for breast cancer treatment, research and advocacy. Spectators can attend the opening ceremonies at Sand Key Park in Clearwater on Friday morning, closing ceremonies at North Shore Park by The Pier in St. Petersburg on Sunday afternoon or opt for a cheering station along the route. Last year’s 3 Day raised over $4 million dollars.
http://www.the3day.org
There will be a lot of pink visible in the Tampa Bay area this weekend. From Friday-Sunday over 1700 walkers will trek 60 miles in three days to raise money and awareness for breast cancer treatment, research and advocacy. Spectators can attend the opening ceremonies at Sand Key Park in Clearwater on Friday morning, closing ceremonies at North Shore Park by The Pier in St. Petersburg on Sunday afternoon or opt for a cheering station along the route. Last year’s 3 Day raised over $4 million dollars.
Friday, October 15, 2010
Thursday, October 14, 2010
Monday, October 11, 2010
Foreclosure Alert
Lenders Suspend Foreclosures
In the wake of the recent testimony that loan representatives routinely signed thousands of documents a without reviewing the documents or verifying that the information was accurate or correct, four lenders have suspended their foreclosures pending internal investigations. The following lenders have announced that they will stay foreclosures:
Bank of America
GMAC/Ally Financial
JP Morgan Chase
PNC Financial
It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. However, Wells Fargo reported that it was not going to stay any of their foreclosures as it was confident with regard to their documents and practices.
Despite what appears to be good news, in at least one local case, attorneys for Bank of America have failed honor the stay and proceeded forward with the foreclosure litigation, stating that the stay only applies to some cases.
Caution for Occupancy Inspections
Homeowners should also be cautious for contrived occupancy or property inspections by contractors for banks which are really designed to intimidate and scare homeowners.
While the terms of most mortgages give banks the right to secure a vacant property and confirm that the borrowers reside in home, lenders are using this as collection effort where the representative will misrepresent the foreclosure process and threaten an immediate ejectment from the home.
After a homeowner has advised the inspector that they reside there and property is secured, you can direct them to leave your property as they have no legitimate reason for remaining on the property. In some cases the statements of the bank representatives have risen to a level of fraud and law enforcement has been summoned to issue a no-trespass warning.
State Attorneys General to Investigate Foreclosure Fraud
The attorneys general of up to 40 states plan to announce a joint investigation into banks' use of flawed foreclosure paperwork. An announcement could come as early as Tuesday.
Iowa Attorney General Tom Miller will likely lead the investigation. Miller already has been leading multistate reviews of questionable foreclosure documents. Additionally, Attorney General Eric Holder has said the federal government is also looking into the issue.
In the wake of the recent testimony that loan representatives routinely signed thousands of documents a without reviewing the documents or verifying that the information was accurate or correct, four lenders have suspended their foreclosures pending internal investigations. The following lenders have announced that they will stay foreclosures:
Bank of America
GMAC/Ally Financial
JP Morgan Chase
PNC Financial
It is expected that additional lenders will follow suit in the near future given the widespread nature of the problems. However, Wells Fargo reported that it was not going to stay any of their foreclosures as it was confident with regard to their documents and practices.
Despite what appears to be good news, in at least one local case, attorneys for Bank of America have failed honor the stay and proceeded forward with the foreclosure litigation, stating that the stay only applies to some cases.
Caution for Occupancy Inspections
Homeowners should also be cautious for contrived occupancy or property inspections by contractors for banks which are really designed to intimidate and scare homeowners.
While the terms of most mortgages give banks the right to secure a vacant property and confirm that the borrowers reside in home, lenders are using this as collection effort where the representative will misrepresent the foreclosure process and threaten an immediate ejectment from the home.
After a homeowner has advised the inspector that they reside there and property is secured, you can direct them to leave your property as they have no legitimate reason for remaining on the property. In some cases the statements of the bank representatives have risen to a level of fraud and law enforcement has been summoned to issue a no-trespass warning.
State Attorneys General to Investigate Foreclosure Fraud
The attorneys general of up to 40 states plan to announce a joint investigation into banks' use of flawed foreclosure paperwork. An announcement could come as early as Tuesday.
Iowa Attorney General Tom Miller will likely lead the investigation. Miller already has been leading multistate reviews of questionable foreclosure documents. Additionally, Attorney General Eric Holder has said the federal government is also looking into the issue.
Monday, October 4, 2010
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