Tag Archives: Fargo

Wells Fargo Faces Several Claims Connected to its Involvement with Choose-a-Spend Loans

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Roseville, California (PRWEB) September 30, 2011

UFAN Legal Group, Pc, DBA: United Foreclosure Attorney Network (UFAN) filed a lawsuit in Sacramento Superior Court (case number 34-2011-00110146), alleging in element that the unfavorable amortization mortgages acquired by Wells Fargo had been predatory and injured borrowers.

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Golden West Financial was 1 of the countrys leaders in the issuance of Choose-a-Spend loans. These loans are negative amortization loans, meaning: the minimum monthly payment may not cover all of the accrued interest on the loan. The unpaid interest is then added to the principal balance of the loan. Not only is the borrower not paying down the balance, but the balance is really expanding as interest remains unpaid and the balance to which interest applies grows over time. A report by the Charlotte Observer specifics how Wachovia inherited Golden West’s choose-a-spend mortgages when it acquired the California bank in 2006. Wachovia was then acquired by Wells Fargo in 2008. As reported in the media, there have been widespread allegations that Golden West and Wachovia misrepresented these loans to clientele. It is alleged in the UFAN complaint that even prime borrowers with great credit have been placed in these subprime loans. The complaint states that these borrowers have been frequently told that they have been getting placed in the most advantageous loan available to them. According to the filing, the motivation for placing prime borrowers in very predatory subprime loans had been the high origination charges paid to brokers and agents who originated these loans.

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The California Lawyer Common brought claims against Wells Fargo for these damaging amortization loans, the Charlotte Observer reported. At the time, the then attorney common, Jerry Brown, stated, Customers have been provided adjustable-rate loans with payments that mushroomed to amounts that eventually thousands of borrowers could not afford. When the payments ballooned and property owners defaulted, borrowers had been foreclosed and dispossessed of their properties, the report states. In 2010, Wells Fargo settled with the Lawyer General for liability surrounding the improper practices of Golden West and Wachovia. According to the report, Wells Fargo agreed to spend $ 32 million in restitution to property owners who had lost their residences to foreclosure, as effectively provide loan modification worth $ 2 billion for borrowers who had choose-a-spend loans with Golden West or Wachovia.

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Earlier in December, as reported by Reuters, Wells Fargo settled a class action suit brought on behalf of borrowers injured by the unfavorable amortization loans issued by Wachovia amongst 2003 and 2008. Plaintiffs alleged that the loans violated federal truth in lending laws because the loan documents failed to adequately disclose the prospective for the loan balance to really enhance over time. As element of this settlement, Wells Fargo paid out $ 50 million and agreed to modify the loans of borrowers who are nonetheless in their properties, the report states.

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According to the complaint filed by UFAN, Wells Fargo is not appropriately functioning with distressed homeowners in extremely predatory loans, such as the Choose-a-Pay loans to modify the terms. The complaint alleges that Wells Fargo is responsible for the negligence of the banks it acquired and for its personal negligence in its servicing of these loans right after the acquisition. Since of the alleged negligence, the borrowers have been injured.

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UFAN is devoted to fighting for justice for American home owners. These borrowers deserve relief and we are determined to assist, says Kristin Crone, Lawyer and CEO of UFAN.

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Complementary consultations obtainable.

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ABOUT THE UNITED FORECLOSURE Attorney NETWORK

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UFAN Legal Group, Pc, DBA: United Foreclosure Lawyer Network (UFAN) is a Roseville, California-based law firm offering mortgage litigation and other debt connected legal services. The committed attorneys and staff at UFAN perform tirelessly to seek justice and fight for the rights of its consumers. For much more details get in touch with toll totally free 1-866-400-4242.

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This release may constitute lawyer advertisement. The details in this release and on the UFAN web site (ufanlaw.com) is for common details purposes only. Nothing in this release or on the UFAN internet site should be taken as legal tips. Prior successes are no guarantee of future efficiency. Litigation is inherently uncertain and benefits in litigation are in no way assured.

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Wells Fargo Bank Commits up to $250,000 for ClearPoint Credit Counseling Solutions to Assist Struggling Property owners Facing Financial Challenges

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Los Angeles, CA (PRWEB) February 02, 2012

ClearPoint Credit Counseling Options (CCCS) announced these days that Wells Fargo, Americas largest mortgage lender, is committing up to $ 250,000 to ClearPoint to give in-particular person and phone counseling and assistance to its buyers including applying for mortgage modifications.

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Preservation of property ownership is the focus of this collaboration amongst ClearPoint and Wells Fargo , stated Chris Honenberger, ClearPoint president and CEO. By way of this partnership, ClearPoint will be capable to supply customized counseling to support bring relief to homeowners in distress nationwide.

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With the collaborative effort, Wells Fargo has approved ClearPoint to help extend property preservation services to Wells Fargo mortgage clients by means of comprehensive credit counseling and mortgage payment assistance. The system supplies a Internet-enabled portal for counselors to transmit the essential documents necessary to successfully offer help to buyers with mortgage modifications.

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Wells Fargo believes in the critical role HUD-approved housing counselors like ClearPoint have in assisting homeowners facing mortgage payment challenges, stated Joe Ohayon, SVP and Wells Fargo Residence Mortgage Servicing Neighborhood and Client Relations. This collaborative effort is an additional instance of Wells Fargos commitment to help clients keep in their houses.

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As part of the effort, ClearPoint employees or volunteer professional will give extensive mortgage counseling, loss mitigation help, and assist with refinancing. Wells Fargo mortgage customers facing foreclosure are encouraged to apply for assistance by calling a HUD-authorized counselor at 877-877-1995 or visiting http://www.clearpointccs.org.

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Wells Fargo buyers can also receive help straight from Wells Fargo House Mortgage by calling Servicing at 800-678-7986, on the Web at http://www.wellsfargo.com/homeassist/, and at Wells Fargo Residence Preservation Workshops (a schedule is posted at http://www.wfhmevents.com/leadingthewayhome). From January 2009 by means of November 2011, Wells Fargo has conducted 724,710 active trial or completed mortgage modifications in its servicing portfolio. According to Wells Fargo executives, more than the last 12 months, much less than two percent of the owner-occupied mortgage loans in the companys servicing portfolio resulted in a foreclosure sale.

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Associated Loan Modification Services Press Releases

Wells Fargo Sued for Supplying Homeowner’s Temporary Mortgage Modifications With No Extended Term Plans To Make Them Permanent, according to Courthouse News Service.

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Chicago, IL (PRWEB) June 12, 2012

A case has been filed against Wells Fargo by a group of struggling property owners. The accused bank is being sued for offering home owners temporary mortgage modifications with no long term plans to make them permanent, according to Courthouse News Service.

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The courts are taking notice of the wide spread practice of deceptive behavior on the element of the huge banks such as Wells Fargo for providing customers temporary mortgage trial period modifications.

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Lenders are in impact major struggling homeowners on to think that if they make their trial period mortgage payments they will be in a position to maintain their residences. Nonetheless, Colin Banyon, a foreclosure defense lawyer at The Mortgage Law Group, says the complete time the lender was accepting these payments from the homeowner they knew that they have been not going to supply these very same home owners a permanent modification and only intended to foreclose on the property.

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If your lender is providing you the run around with regards to your loan modification or has instituted a foreclosure then its time that you seek the advice of with the skilled Loan Modification and Foreclosure Defense attorneys, says Banyon.

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American homeowners arent alone in this fight. If you are struggling or know you will fall behind on your mortgage get support before it is also late.

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The Mortgage Law Groups aim is to help homeowners now.

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For a lot more details, check out: &#13

http://www.themortgagelawgroup.com.

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About The Mortgage Law Group:&#13

The Mortgage Law Group is one particular of the most sophisticated customer protection law firms nationwide. Theyve helped thousands of customers save their properties and restore their lives. With offices positioned all through the country, the firms purpose is to provide outstanding service from hugely certified mortgage relief attorneys.

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Case No. C 11-06595 JCS&#13

United States District Court&#13

Northern District of California

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Wells Fargo Borrowers in California Nonetheless in Require of Mortgage Relief Regardless of Current Lawyer Basic Settlement

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Roseville, California (PRWEB) June 14, 2012

Though settlement was reached recently with the States Attorneys Common, UFAN Legal Group, Pc (UFAN) continues to see important interest in litigation against Wells Fargo and the other key banks participating in the settlement. Despite the settlement, numerous California property owners continue with no relief.

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UFAN filed its initial complaint against Wells Fargo on September 1, 2011 in Sacramento Superior Court (case quantity 34-2011-00110146). The case targets alleged fraud in the origination of loans, Wells Fargos improper servicing of borrowers loans, and other claims mostly concerned with contract law.

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The Judicial Counsel of California lately agreed to coordinate this case with yet another related case pending in Los Angeles (Mireles v. Wells Fargo, Case No. BC467652, filed August 16, 2011). All similarly situated Plaintiffs now bring claims collectively. Likely, there will be an chance to add more Plaintiffs with similar claims.

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Recent news headlines feature a significant settlement in between the States Attorneys General and 4 major banks, such as Wells Fargo. While Wells Fargo, via this settlement, agreed to a big money payout both to participating states and particular groups of distressed borrowers, numerous borrowers continue to be left without having relief. For example, the settlement does not cover homeowners whose mortgages are owned by government sponsored entities like Fannie Mae and Freddie Mac, according to media reports. Reportedly, these loans make up more than 60% of California homeowners, and the settlement itself will only apply to about 250,000 California home owners.

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Although the settlement precludes certain new actions by state officials against participating banks, it does not limit private lawsuits filed on behalf of home owners. UFAN continues to fight for the rights of distressed homeowners who have been injured by the poor enterprise practices of Wells Fargo, and who have been left with no assistance despite governmental efforts.

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If you think you may have been injured by your lender, UFAN delivers complementary lawyer consultations to assist distressed property owners in assessing possible alternatives for relief like, but not restricted to, litigation and bankruptcy. Click right here to make contact with UFAN.

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ABOUT THE UNITED FORECLOSURE Attorney NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-primarily based law firm providing mortgage litigation and other debt related legal services. The committed attorneys and staff at UFAN operate tirelessly to seek justice and fight for the rights of its consumers. For more information call toll free 1-866-400-4242.

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This release may possibly constitute lawyer advertisement. Kristin Crone, Esq. is the attorney accountable for this advertisement. The information in this release and on the UFAN internet site (ufanlaw.com) is for basic details purposes only. Practically nothing in this release or on the UFAN web site ought to be taken as legal suggestions. Prior successes are no guarantee of future overall performance. Litigation is inherently uncertain and benefits in litigation are by no means assured.

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Myron M. Cherry & Associates, LLC Brings Lawsuit Against Wells Fargo for Alleged Misrepresentations In Connection With Federal Loan Modification Programs

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Chicago, Illinois (PRWEB) October 26, 2012

Regardless of receiving billions of dollars in taxpayer bailout cash, Wells Fargo fraudulently misled and penalized buyers in search of to modify their loans, according to a federal lawsuit. The lawsuit was filed on behalf of Stephanie Watson and potentially, thousands of similarly situated homeowners across the nation. The law firm of Myron M. Cherry &amp Associates, LLC represents Ms. Watson.

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Wells Fargo, according to the complaint filed these days, misled accountable home owners in want of support, telling them to miss mortgage payments and then assessing outrageous fees, mentioned Mr. Cherry. This practice has left property owners in need of help in a worse position than they have been prior to looking for support by way of these applications.

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According to the lawsuit, homeowners searching for to modify their mortgages below the federal governments Residence Inexpensive Modification Plan (HAMP) were intentionally misled by Wells Fargo. The lawsuit alleges that the organization routinely advised buyers that they should miss mortgage payments or otherwise be in default on their loan, in order to qualify for a loan modification. When consumers followed this advice, Wells Fargo charged buyers substantial fees and penalties, reported delinquent payments to the credit reporting agencies and, in the end, failed to in fact modify the mortgage the lawsuit charges. As a outcome of this alleged practice, Wells Fargo avoided modifying mortgages whilst at the identical time collecting huge fees and penalties leaving clients in need of help in an even worse position.

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The lawsuit seeks nationwide class action status and was filed in the United States District Court for the Northern District of Illinois (Case No. 12-cv-8578)

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Election Day Victim: Columbine Survivor in Foreclosure Shoot-Out with Wells Fargo Bank Gets Aid from Brookstone Law Pc

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Newport Beach, CA (PRWEB) November 06, 2012

31-year old Columbine Higher School shooting survivor Richard Castaldo is facing a sales date these days from foreclosure and Brookstone Law Group, Computer has announced it will help Castaldo in his fight to keep his home, according to Vito Torchia, Managing Attorney, Brookstone Law Pc.

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All through the housing crisis, Brookstone Law Group has helped property owners from all through the nation obtain loan modifications, quit foreclosures and keep their homes. Following learning from Castaldo of the challenges he has faced in trying to save his home, Brookstone agreed to represent the higher-profile Columbine shooting victim on a pro bono basis. The case is Luis Mireles, et al v Wells Fargo, Superior Court of the State of California, County of Los Angeles, Case No.: BC467652. Brookstone is at the moment evaluating Castaldos legal choices for stopping the foreclosure of his property, which is retrofitted to accommodate his wheelchair and disabilities.

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Richard Castaldo has been trying given that June to modify his loan but the bank has been unresponsive, stated Torchia. He has already faced outstanding tragedy in his life and is disabled, and each and every attempt he has created to deal with them to maintain his residence, which has been especially created and equipped to meet his needs, has gone unanswered. He is facing the tragic loss of his residence because the Bank has not responded to him.

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According to media coverage, Castaldo produced national headlines when he became a victim of the Columbine High College shootings in Colorado in 1999 that resulted in the deaths of much more than a dozen innocent students and teachers. President Clinton called Castaldo from the White Residence during his recovery and Castaldo participated in the groundbreaking of the Columbine memorial.

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It is saddening that Richard Castaldo survived the Columbine shootings but despite his greatest efforts, his house may possibly not survive Election Day, stated Torchia.

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According to media coverage, following the shooting, Castaldos involvement in the tragedy resulted in national media coverage and a memorable scene in the film Bowling for Columbine in which wheelchair-bound Castaldo goes into a K-Mart with Michael Moore to get bullets to take Kmart corporate headquarters.

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Mr. Castaldos predicament also points to the current controversy over health care and the uncertainties about Obamacare that will influence those with special needs, especially their economic and individual lives, mentioned Torchia. It is critical that we defend the homeownership of these among us with particular wants to aid them live typical lives.

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According to media coverage, soon after the shooting and following his years in the Denver area, Castaldo moved to Los Angeles, exactly where he pursued a profession in sound engineering and in 2010 ran for Congress in the 30th District in Los Angeles County. Castaldos property is in the West Hollywood area.

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Blogger John Wright of Piggybankblog.com, has joined several supporters from around the nation to straight request support from both Presidential candidates for Castaldo.

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As a disabled adult, Richard Castaldo demands his residence to reside as typical a life as feasible. We have contacted the offices of both Presidential Candidates and are awaiting their response in the face of this terrible occasion, stated Wright. This is a dilemma our President ought to address and solve and we are going to perform to get the President-Elect to help.

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ABOUT BROOKSTONE LAW, Computer &#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Pc is a law firm comprised of attorneys with knowledge and achievement in enterprise, corporate and private finance, employment, entertainment and media, art and museum, intellectual house and actual estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs hugely trained specialists, paralegals, paraprofessionals and administrative staff committed to serving customers. For data, contact (800) 946-8655 or pay a visit to Brookstone Law.com (http://www.brookstonelaw.com).

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Actual Estate Brokerage Opens Door With Assisting Chase, BofA and Wells Fargo Below Water Residence Owners Who Seek Brief Sale

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Hayward, CA (PRWEB) April 15, 2013

Many homeowners have grow to be exhausted with the method of trying to keep their underwater principal residence or rental properties (Condos, Town Homes, Multi Loved ones included). The loan modification qualifying requirements in a lot of situations are unreachable with no Altering the terms of the modification program which in essence, lenders and servicers cant or are unwilling to do.

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For a lot of, coming to terms that promoting their home and starting with a new slate might be difficult, but not the end of the globe. Soon after all, it takes as little as two years for numerous to be able to re apply for a mortgage. In that time period, numerous folks are capable to repair their credit, reorganize or remove their debts so that after they are on the market once more in as small as two years, they are able to buy even though actual estate prices could nonetheless be fairly inexpensive.

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ACL Actual Estate and Home Management Agents will now assist borrowers who attain out to get quick sale help. With quick sales recognized to take long periods of time to total, ACL Real Estate may, at sellers discretion, have a cash supply from a buyer ready to submit for bank approval. This eliminates some of anxiousness of having several individuals to come in and view the residence during the marketing period.

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ACL Genuine Estate and Home Management is a full service East Bay Location Brokerage that specializes in Selling and Managing Single Family/ Multi Family units. The Service Regions Consist of but not limited to: Alameda County, Contra Costa County, San Mateo County. Berkeley, Dublin, Livermore, Pleasanton, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and many much more places.

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