Wells Fargo May Still Be Practicing Robo-signing Even After the Foreclosure Settlement

It appears that Wells Fargo just doesn’t get it.  A little over a year ago, action was taken agains 8 of the largest mortgage loan servicers for “unsafe and unsound” (is that a nice way to say “fraudulent”?) foreclosure practices.  Wells Fargo was one of the  mortgage servicers who were participating in these “unsafe foreclosure actions” otherwise known as the “robo-signing scandal”.

Banks Agree to Pay $25 Billion in Foreclosure Settlement

Just a few weeks ago, a judge ruled in favor of a $25 billion dollar foreclosure settlement against the banks who were participating in these practices.  The banks who agreed to the settlement were Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citibank, and Ally Financial Inc.

The Wells Fargo Foreclosure Factory…

 MSNBC.com recently reported that Wells Fargo’s foreclosure department in Charlotte, NC were still practicing robo-signing with entry level employees signing off as VP’s.  Really, Wells Fargo???  I never recommend Wells Fargo for my homebuyer’s mortgage company, and now you’ve given me an even better reason to stay far, far away.  Read the entire article below.
Wells Fargo’s Foreclosure Factory Signing Docs as VP’s

Search Winston-Salem Foreclosures

As bad as robo-signing is, it’s a fact that many folks have lost their homes over the last few years.  Many of those homes are now bank owned REO’s and are listed on the local Triad MLS.  If you are looking for a foreclosure deal in the Winston-Salem area, look no further.  You can find them at the link below.

Search Winston-Salem Bank Owned REO Foreclosures on the MLS

I’m here to help you with buying Winston-Salem foreclosures whether you’re a first time home buyer, move up buyer or real estate investor.  I promise to work hard for you and keep your best interests first.  Don’t hesitate to contact me when you’re ready to buy a great deal on a Winston-Salem bank owned REO property.  You can call/text me at 336.287.4423.  I’ve helped hundreds of people by foreclosure properties, and I look forward to helping you too!

Wells Fargo and U.S. Bancorp each lost a crucial foreclosure case on Friday. The Supreme Judicial Court upheld a lower court’s ruling invalidating two mortgage foreclosures because the two banks did not prove they owned the mortgages before selling the properties at foreclosure. 

The court ruled in favor of the homeowners by a vote of 6-0.  This could have paramount implications on the nation’s largest banks.  For foreclosure sales in Massachusetts that were initiated without a proper mortgage assignment, this ruling means the former homeowners still own the property.  It also means it most likely will affect improper foreclosures across the country.  

Wells Fargo and U.S. Bancorp Lose Foreclosure Ruling

2500 Robinhood Road, Winston-Salem, NC Foreclosure – $596,900

This home has recently been reduced, and is currently $80,000 below tax value.  It was originally listed at $674,900, so it looks like the bank is ready to make a deal.  There’s plenty of room as it’s over 5000′.  Many repairs have been made, but like most foreclosures, the home is sold “as is”.  Contact us today if you are ready to see this gorgeous home.  336-462-9544

See More Pictures of this Buena Vista Foreclosure

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*Listing agent Re/Max Realty – Property Info provided by Triad MLS