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Entries in Wells Fargo Home Mortgage (2)

Wednesday
Oct272010

Wells Fargo Reports Foreclosure Affidavit Problems

Photo Courtesy - Getty Images(DES MOINES, Iowa) -- In a press release Wednesday, Wells Fargo Home Loans said, "...the company has identified instances where a final step in its processes relating to the execution of the foreclosure affidavits (including a final review of the affidavit, as well as some aspects of the notarization process) did not strictly adhere to the required procedures."

While some problems were found, the bank said those problems did not lead to foreclosures on homeowners who were actually paying their monthly mortgage payments.

The bank will file some 55,000 supplemental affidavits to deal with the issues, noting it is not going to put a halt on foreclosure sales as a result of the errors or ongoing review.

"The process of submitting supplemental affidavits will begin immediately with a goal of having this process completed by mid-November 2010, subject to state and local requirements," the lender said

Copyright 2010 ABC News Radio

Tuesday
Oct122010

Wells Fargo: Reviewing Foreclosure Affidavits; No Suspension

Photo Courtesy - Getty Images(NEW YORK) -- A spokesperson for Wells Fargo Home Mortgage told ABC News that the lender/loan servicer is reviewing the foreclosure affidavits for all pending foreclosures.

The bank specifically says it is not issuing a moratorium on foreclosures, but simply reviewing the legal documentation for the foreclosures it is currently processing.

“Foreclosure is truly a last resort,” said the spokesperson.  “Delaying foreclosures can be damaging because properties cannot be resold to stabilize markets and home prices.”

The spokesperson said Wells Fargo first attempts to contact a delinquent homeowner within 14 days of the first missed payment.  Their current procedure for foreclosures has the bank calling delinquent customers on average 77 times and sending on average 48 letters before the foreclosure is completed.

They are reviewing the documents by order of “proposed foreclosure sale date” – meaning a property that will be put on the market in November is getting a look before one that is likely to be put on the market in December.

While the review has found no affidavits which are not in compliance with the bank’s standards or legal requirements thus far, they will resubmit any affidavits which are found to be non-compliant.

Copyright 2010 ABC News Radio







ABC News Radio