Stop Foreclosure Answer

Did you see this article on YAHOO! NEWS the other day?  The headline was

Wells Fargo fires exec over Malibu house scandal

The executive was a senior vice president who was responsible for their foreclosed commercial properties.  They terminated her for violating their policies.  They added that her conduct was not what they expected from team members. What did she do?

She Held Lavish Parties At a Foreclosed Home

Owned by the Bank on the Beachfront at Malibu

Evidently there is a 3,800 square foot home on the beach in Malibu that the previous owners purchased for $12 million.  They had invested their money with Bernie Madoff and lost it all.  They could no longer keep up with the mortgage payments and Wells Fargo was forced to foreclose.  Wells Fargo took possession of the home last May and kept it off the market for a certain period of time.

This senior vice president saw an opportunity and started to host weekend parties at it.  The parties were lavish.  For one party the guests were expected to arrive by boat.

In a statement Wells Fargo apologized for this executive’s actions.  They added that this was not what they expected of their employees.

Wait A Second

How does Wells Fargo monitor the homes which they have taken over as a result of foreclosure?  It sounds like there were a series of parties.  How could they be blind to what was happening?  What has happened at other homes which Wells Fargo now owns?  

$25 Billion Bailout From the Federal Government

Poor Performance in the Making Home Affordable Modification Program

This is the same Wells Fargo that received $25 billion from the Federal Government last year as part of the bailout for financial institutions.  This is the same Wells Fargo that is performing so poorly in the Making Home affordable Modification Program.  Through August they have only offered trial modifications on 9.54% of the approximate 367,000 loans that are eligible for these modifications.  On the one hand they are not helping people in foreclosure who need help.  On the other hand their employees have started to misuse homes which they have taken over as a result of foreclosure. 

Does This Seem Like a Company You Can Trust?

I would have to say no.  If your mortgage is with Wells Fargo and they have started to foreclose on it, you cannot trust them to work with you and help you set up a plan to stop the foreclosure and save your home.  Don’t think that there is any way that you can represent yourself and negotiate with them.  It looks like the deck is stacked against you right from the start.  The longer you try on your own the more you have to lose.  You will be hurting yourself and your family members.

Hire a lawyer or an expert skilled in loan modifications to represent you.  That is the best chance you have to save your home.  These people are skilled at working with all of the mortgage companies and know what to expect. 

I also suggest that you learn as much as possible about the foreclosure process and the steps that can be taken ways to save your home.  One resource available to you is my EBook.  You can find out more about it by clicking Stop Foreclosure.

Much Success,

Mark Elkins