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READ the first 2-3 paragraphs! Wells Fargo clearly states that if you dont have money to pay your mortgage to USE YOUR 401K and/or CASH OUT YOUR INSURANCE POLOCIES to continue making payments!! Too Funny!
https://www.wellsfargo.com/mortgage/account/payoverdue
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That is not right its absolutely ridiculous!!! I cannot believe thats right there on their website! Instead of offering modifications they want homeowners to drain their lifes savings, dont do it! Thats bs!
Keep Fighting!
Evan Bedard
LoanSafe.org Support Team
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
anymone knows email for Obama presiden then i will forward this link to the presiden of United Stae Of america and one copy to New York times editorial lets spread this this to public all over people in AmericaOriginally Posted by BudgetCutsinOC
Oh, for goodness sake...breaking the law in plain sight. I like (not) the keeping your utilities lower on top of cashing out your retirement/savings. Wowser, Keith Olbermann, here I come. lol, but seriously, he would eat this one up!
Best Regards,
Maurice Bedard
Founder of LoanSafe.org
DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
Regarding Wells Fargo's advice to distressed homeowners to dip into their 401(k) accounts and so on, I'm not surprised in the least. Here's a glaring example of their stupidity......Wells Fargo suing ITSELF in a Florida foreclosure case. That is right, folks -- I kid you not!! Read this story, from the Consumer Warning Network:
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July 2, 2009
By Angie Moreschi:
We’ve apparently reached the perfect storm for complete and utter idiocy by some banks trying to foreclose on homes. Wells Fargo is now suing itself in order to foreclose on a property in Tampa, FL. Sounds crazy, but it’s true. Click here to watch the video and learn more.
Sarasota Foreclosure Attorney, Dan McKillop, who represents the homeowner, recently brought the case to our attention. “Wells Fargo sued itself, said McKillop. “Then, Wells Fargo went out and hired a defense attorney to go ahead and defend against themselves.”
McKillop says this is the 5th or 6th time he’s seen a mortgage company do this. In addition to Wells Fargo, he’s now handling another case where SunTrust Bank is suing itself.
It happens when the lender holds both the first and second mortgage. Essentially, he says it’s a way for the lender to avoid paperwork, push through the foreclosure and sell the property faster. Or he says, perhaps they don’t even realize what they’re doing, which is even more ridiculous.
“The banks don’t take the time to properly file complaints. The same way they didn’t take the time to look at any of the homeowners info. The same way they didn’t take the time to properly assign the notes and mortgages. So, we’re basically in that process now, but it’s the plaintiff’s attorneys who are trying to push through these foreclosures as fast as possible.”
“You can’t help but laugh,” McKillop added. “At the very least, you understand nobody else knows what they’re doing.”
We contacted Wells Fargo to get a comment about this seemingly unusual practice. The company’s Communications Manager, Kevin Waetke, responded in an email saying he was “not familiar with this practice.” He added, “Are you inquiring about a specific case, or simply a policy perspective from a servicer? In that regard, we have nothing to contribute…”
We are following up with Wells Fargo and will update you if they are able to provide a comment with more explanation.
UPDATE: 7/3/09, Wells Fargo Communications Manager Kevin Waetke provided this statement to further explain why the company sues itself in some foreclosure cases:
“Due to state foreclosure laws, lenders are obligated to name and notify subordinate lien holders — as well as all parties with an interest in a property — as a property moves through the foreclosure process. The primary reason is to clear title and ownership interest in a property to prepare it for sale.”
Attorney McKillop explains that to avoid suing itself a lender would typically release the lien against the property after the foreclosure goes through. By suing itself, the company avoids the step of having to file that additional paperwork. That, in effect, speeds up the time it takes to sell the property after foreclosing.
McKillop says it’s frustrating to see companies more interested in accelerating the sale of foreclosed properties rather than working with homeowners to stay in their homes.>>
It's very obvious to me that this company's being run by a bunch of dim-witted incompetents and greedy sharks who will do anything, no matter how ridiculous or asinine, to achieve their goals -- at OUR expense! Hence my moniker for them: Wells FRAUDGO
Sally
Moe, no doubt you would have a great following on that site as well...great you got that name when you did!! I love it!
Sally, i saw the WF story a while back and could do nothing but shake my head...thanks for reminding me of which bank it came from. Sorry bunch of people...
Wayward,
You are most welcome! I betcha dollars to donuts that the majority of WF staffers are high school dropouts and former dopeheads with maybe a few ex-cons in the mix ...... they're certainly not brainy Harvard or Yale grads. I can tell you this, their stupidity is going to bite them in the a$$ sooner or later, much to our benefit!!! ;-)
Sally
He is a short version of my Wells Fargo story..After 2 LONG YEARS!, ruined credit, days from living on the street, and a divorce in progress (due to the stress and duress) we are finally approved for OUR Home Loan Mod...$229,000 @ 2% (AWESOME) then advancing up to 3.78...5 years.....then loan increased to 40YEARS (not good)....and a forbearance of $129,000 (???)...lol add on of late payments at end of loan to increase our loan by over $12,000!!!!...we owed $343,000...worth is less than $220,000....now we will owe $353,000 for the loan mod.....I could afford my home when we bought it.....and planned on moving when i retired from the military. Was injured/ill...knew i would retire...applied for loan mod 9 months prior to retirement to stay on top of everything...sent all paperwork SEVERAL TIMES...then over a year later (retired) told by my loan officer...that i must quit making payments in order to be considered...Now with no credit...and no more savings for retirement and a house i cannot sell or fix...family in other states...husband moving on... i am stuck on a property (house not livable_was rehab)....in a recourse state...with no way out. Sorry, i will put my crying towel away...and be thankful that i am not completely on the streets...because i see the homeless rates going up...and employment going down...national depression rates on the rise...if more homeowners who bought homes during the 2003-2008 timeframe came together and fought the system....maybe at the least we could have our principles reduced to current market value! In the long run that would save money for the entire country, decrease the foreclosure rate and increase the real-estate market... meaning more jobs also.
Yup, It's true. My Home Preservation Specialist recently told me she was going to have me talk to her supervisor and then she put him on the phone. You guessed it............he asked me if we had a 401k we could tap into to catch up on our payments. He also suggested that we should give up the house and transition into something more affordable. When I told him that renting would not be easy for us due to the fact that we have 3 dogs and a cat, he told me I should get rid of my pets. They don't care what you do to get the money, they just want to get paid.
This is a very old 2009 thread you awoke
Yes the banks will do all they can to have you give up and have them foreclosure. They make huge fees by foreclosing they take no loss - the investor or taxpayer (if GSE) takes the loss the banks make billions of more profits by foreclosing.
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