Defaulted Borrowers File Lawsuit Against Wells Fargo

(headline from DS News article 12/1/10)

So it has been some time since I wrote about the “topsy tervy” market.    I have to apologize, I have been really working on the business of assisting the decisions of homeowners THAT HAVE TO SELL.  And it seems this is one of the main reasons.  When I discuss with a homeowner if they have been working on a solution to keep their home, they tell me they have been trying to work a loan modification…..for the upteenth time and for the last 6-8 months!!!!  And for the most part to NO AVAIL.

One of the most revealing parts of my inquiry is what homeowners tell me that their lender (or the 20 year old behind the phone) told them to do.  Now don’t get my sarcasm wrong…there are plenty of professional reps out there and they work within there guidelines, which is completely commendable.  The issue I have is that when you pose a carrot out there for these servicer to position a homeowner to do something that will help the program (the HAMP) and hurt the homeowner (like STOP PAYING YOUR MORTGAGE so you can qualify for a Loan Modification) then something doesn’t add up. What most don’t know is that the lender/servicer incentively directs its employees to get people into loan modification programs.  And thus the carrot corrupts the process….

So do your homework to see if you can and will be able to save your home,or come to the grips of the decisions you make should be based on your own thorough assessment versus some else’s suggestion…..namely your lender.  We are here offer direction, and if needed buy a short sale.

http://www.dsnews.com/articles/harwood-feffer-files-lawsuit-against-wells-fargo-2010-11-30

Keep it short,

Mike Knows