We will be featured on ABC News Nightline Wednesday, July 4, 2012 at 11:30 pm EST. Check local listings for air times in your area.
This is an article from 2009 that explains why banks keep homeowners in seemingly never ending trial modifications. This is what happened to Susan Leonard and Michele Varney who were both granted trial modifications with Bank of America.
But industry insiders and legal experts say the limited capacity of mortgage companies is not the primary factor impeding the government’s $75 billion program to prevent foreclosures. Instead, it is that many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans.
Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are ultimately sold in foreclosure. So the longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue — fees for insurance, appraisals, title searches and legal services.
“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”
Rachel Kendall and her supporters will be joined by Occupy Sacramento to protest at the Wells Fargo Home Preservation Event in Sacramento on February 9, 2012. For anyone who is interested in joining them, the address is:
Sacramento Convention Center
1400 J Street
Sacramento, CA 95814
Perhaps the protestors will encourage Wells Fargo to preserve home ownership instead of using unfair and deceptive practices that lead to foreclosure.
If you can’t be at the event, please sign our petition telling Wells Fargo you stand with Rachel Kendall.
We love to see great articles like this one featured in The Huffington Post today.
Rachel Kendall and supporters will be protesting at the Wells Fargo Home Preservation Event in Sacramento, California on February 8, 2012. They will be protesting Rachel’s wrongful foreclosure and Wells Fargo’s unfair and deceptive practices towards other homeowners.
The address is:
Sacramento Convention Center
Feb 8th – 9am – 7pm
You can read more about Rachel Kendall here on our blog. Please support her fight to have her wrongful foreclosure rescinded by stopping by the event and/or signing our petition at Change.org.
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More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.
The CFPB took nearly 10,000 total complaints across its entire array of monitored financial products since July, which includes payday loans, student loans, credit cards and others.
And the bureau reports that when the CFPB comes calling, mortgage firms largely answer.
The bureau said implicated companies responded to 88% of the complaints. Of these, companies provided relief — in some cases payment to the borrower — on more than half. Nearly 19% of the relief provided went to mortgage-related complainants.
The CFPB began taking consumer complaints regarding mortgages at the beginning of that month. Of these, 889 regarded problems with mortgage modifications or the foreclosure process, nearly double the next largest category, according a semi-annual report to Congress from the bureau.
Economic Justice Petition: John G. Stumpf, CEO Wells Fargo: Rescind Rachel Kendall’s Foreclosure Auction | Change.org
We have over 500 signatures on our petition for Rachel Kendall. Please help us reach our goal of 1000 signatures by forwarding this petition to your friends and family. We are sending Wells Fargo a message that what they have done to Rachel and her family is unacceptable.
If you are reading this blog, you are probably already outraged at the behavior of banks like Wells Fargo. Please join our efforts to make a difference. It really could happen to your family!