Wells Fargo Settlement with Arizona: Terry Goddard AG

Well it is a small start. Thank you AG. NOW can you make it more than just forcing a refi? What about hundreds of people already WRONGFULLY evicted from their home in past couple of years??? I do appreciate the good hard work done and some of my friends faceing foreclosure NOW will benefit.  I would like to see the CROOKS in JAIL though. And let me see if I understand this right..... the AG office is given 2 million by Wells FARGO to prevent foreclosure... meanwhile I have friends evicted and financially ruined,  who could not get relief earlier.

My friends won't get relief now, because you have to refinance to get the relief.  you can't refinance if you are out of the home.

Let's see:   So while you get 2 million for fighting foreclosure; my friends get the boot, and  upturned life  with the bonus of  a 7 year blight on credit.  All this and more  for fighting foreclosure and morgtage fraud.  Yup sounds equitable to me.  (sarcasm intended).

Don't get me wrong I am thrilled you got settlement. At least it's something; however,  I would still  like to see the CROOKS in JAIL . 

Arizona Attorney General Terry Goddard: "(Phoenix, Ariz. - Oct. 6, 2010) Attorney General Terry Goddard today announced a multi-state agreement with Wells Fargo Bank ('Wells Fargo') over allegedly deceptive marketing of payment option adjustable rate mortgage loans ('POAs') by two companies it acquired: Wachovia Corporation ('Wachovia') and Golden West Corporation ('Golden West').

At least 1,718 Arizona POA borrowers will be eligible for loan modifications that will provide almost $154 million in mortgage relief in Arizona, Goddard said. This sum includes more than $86 million in principal forgiveness for Arizona homeowners. The eligibility period for modifications to be made extends from April 1, 2010, to June 30, 2013. Wells Fargo will also pay $2.1 million to the Arizona Attorney General’s Office to assist the State’s efforts to prevent or mitigate foreclosures and prevent mortgage or loan modification fraud."

3 things to do when talking to Mortgage Holder or BANK

1) DO NOT go delinquent in order to try for modification. Get a forensic audit and negotiate with the bank BEFORE going late. THIS IS IMPORTANT the bank will tell you that you cannot modify because you are not deliquent. Once deliquent they will start modification process. PAY THE FULL amount paid previously, even if offered lower payments. Just trust me on that one.

2) Do not believe them when they say they will call back or fax you. Call them weekly.

3) Start a file with all details of conversations and all contact numbers. Keep computer copy and paper copy

The thing is home modification offers are temporary and take time. The temporary trial modification lasts six months. You should not hire a modification company, spending thousands as there are many scams out there. Instead try to find good advice, perhaps consulting with a couple of different attournies. Bankruptcy if you are too far down the road in payments can be useful solution that a SKILLED lawyer can help negotiate saving your home for you.

Check out websites about home mortgage fraud and the laws of TILA and RESPA.