Wells Fargo Admits 55,000 Foreclosures Had Errors. But just because 55,000 foreclosure filings contained procedural errors doesn't mean the foreclosures aren't valid. In fact, Wells Fargo affirmed that the foreclosures are valid and that no one received a foreclosure filing in error. (At least, that's what they intend us to believe.) And, Wells Fargo said it would not institute a foreclosure freeze.
Wells Fargo Says 55,000 Foreclosure had problems. Wells Fargo issued a statement today admitting that 55,000 foreclosures had what it called "technical" problems. Completed affidavits are signed and notarized as a last-step intended to comply with applicable law. But the company has identified instances where the final review of the affidavit did not adhere strictly to foreclosure procedures. But the company does not believe it needs to institute a foreclosure freeze or "moratorium".
Ilyce Glink Show Notes - October 24, 2010 - On today's Ilyce Glink Show, we talk more about foreclosures and the option of foreclosure freeze: What is happening with foreclosure freezes? Will this help families? How are homes being appraised? For more information on the foreclosure freeze, check out these recent blogs: Foreclosure Freeze: Did the banks Lie on Their Affidavits? Foreclosure Freeze: Don't Worry the Federal Government is Gunning for Mortgage Lenders Foreclosure Freeze: Ilyce on Good Morning America
Refinancing an investment property could be the best option for homeowners. Refinancing an investment property could be the best option to avoid missing payments. Talk to a mortgage lender to get a loan on your primary residence and save your investment property. Refinance may not be available for certain investment properties. Mortgage lenders and brokers can help you decide on a plan to pay off your investment property. If you are behind on payments for an investment property, refinancing could be your best option.
*Homeowners' Tax Credit Only Available for Homeowner * Homeowner's tax credit is only available for homeowners. Only a homeowner can apply for a tax credit for that home. The homeowner's name must be on the deed to be eligible for a tax deduction. Filing for partial ownership can help mortgage paying tenants receive tax credits. Tenants might receive a tax deduction but homeowners' tax credit is only available for homeowner. Use an accountant to see if you qualify for a homeowners' tax credit.
What does renter's insurance cover and do you need it? Do you have renter's insurance? Are you thinking about getting renter's insurance but don't know what it costs and what it covers? Renter's insurance covers your liability. A landlord's insurance does not cover a renter, so consider buying renter's insurance. Talk with an insurance agent to better understand what renter's insurance covers and if you need it.
The mortgage closing process is already difficult enough. Make the mortgage closing process easier by avoiding errors in the loan documentation. When going through the mortgage closing process on a home loan, documents should be checked for any and all errors. A mortgage banker warns that mistakes could be costly in the mortgage closing process. The best solution for the mortgage closing process is getting loan documents in on time and giving your mortgage banker plenty of time to look through the loan documents.
Missing Loan Documentation and Bank Confusion leads HUD homeowner to complain to the OCC. HUD homeowner complains to OCC after missing documentation and bank confusion. HUD homeowners may have to appeal to the OCC if their case is ignored by the bank. Lenders' miscommunication pushes homeowners to OCC. Confusion and missing documentation can confuse homeowners working with the OCC on a case. Try to find someone in the bank or at OCC that will help you sort out your payments.
. The housing industry is certainly getting stirred up as we close in on the Midterm elections. It's as though someone took the most polarizing aspects of the housing crisis, plopped them into a blender and hit the "on" switch. The Federal government started things off at the end of last week by announcing that it felt the mortgage lenders didn't need to freeze foreclosures because they had been following procedure and that no one was finding much wrong with the affidavits - except, of course, that they were filed by people who lied on them. This week, HUD Secretary Shaun Donovan acknowledged that perhaps the mortgage lenders weren't doing all they could to keep homeowners in their homes. Is it really all about politics?
Ilyce Glink Show Notes - October 17, 2010 - Ilyce talks about the major changes in the real estate market. Countrywide settles with the SEC. Someone moves into the most expensive home in the world. And, of course, we answer your pressing real estate questions, including who you can (and should) trust in the real estate game. Visit Ilyce's blog for more information and links.
