I saw this last week and I just had to let you know about it. It’s another story about how a mortgage company gets a black eye for not working with people who really need help.
Thomas and Raquel Quinn bought a home in Massachusetts in 1998. In 2003 Raquel was diagnosed with cancer. Because of her condition she got nervous about their finances. She and Thomas decided to refinance their mortgage and roll their car loan into it. For some reason they got a 15 year adjustable rate subprime mortgage.
Raquel’s condition deteriorated and she died. As a single parent Thomas knew that he had to spend more time with his two teenage daughters. So he took a new job with less travel. His pay on this job was less than he had made before.
His mortgage was with Wells Fargo. His monthly payment increased from $1,600 to $2,000. He could not make that payment and fell behind.
Thomas explained his situation to Wells Fargo. He asked them about refinancing into a new 30 year fixed mortgage. They would not agree to refinance it and started foreclosure against him in the spring of 2008. He was outraged at what his mortgage company had done and was determined to save his home.
He contacted several local organizations. Boston Community Capital got involved in Thomas’ case. They bought his home from Wells Fargo and sold it back to him several weeks later for $198,750. That was nine months after the foreclosure. The amount of the mortgage was just about the same amount that he owed Wells Fargo.
They gave him a fixed rate thirty year mortgage on it. The new payment was about $1,000 a month less than his old one. Thomas was very happy with that. He has no problem making that payment.
Needless to say, Thomas is upset with the treatment he received from Wells Fargo.
Now I ask you. Why couldn’t Wells Fargo have done the same thing? Wouldn’t they have looked much better helping this man rather than putting him through what they did? It’s stories like this that make me urge people facing foreclosure to have a lawyer or an expert in stopping foreclosures represent them? With representation like that they won’t be taken advantage of.
Much Success,
Mark Elkins
