A Forward from 4closurefraud.com
Wells Fargo Offers Homeowner $2 Loan Modification Discount
Here’s another PR nightmare…
Wells Fargo reportedly offered a struggling homeowner a loan modification that resulted in just $2 off his monthly mortgage payment, according to an ABC news affiliate.
The Independence, Ohio-based homeowner, Mike Elewski, apparently got into trouble back in 2009 when the ongoing recession began to affect his business.
In August of 2009, he asked the San Francisco-based bank and mortgage lender to grant him a loan modification, but bank representatives said they only negotiate with homeowners behind on mortgage payments.
As a result, Elewski stopped making his mortgage payments, and before long, faced foreclosure.
Eventually a judge ordered mediation between him and Wells Fargo, and after mountains of paperwork and thousands in attorney fees, the bank offered him a modification.
Unfortunately, the loan mod resulted in just $2 off his regular mortgage payment, meaning foreclosure is likely imminent.
But alas, because the story is gaining steam, Wells will likely have to step in and give the man a better deal.
This seems to be the trend nowadays, make noise and get help.
http://4closurefraud.org/2011/03/24/wells-fargo-offers-loan-modification-to-struggling-homeowner-for-2-less-than-he-was-paying/
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