By: Misty Smoke and Regina Cordell
We have a friend who had been working with Wells Fargo on a loan modification (so she thought). Feeling confident that the process was being properly handled by the bank, she took no further action.
One day a stranger knocked on her door claiming ownership of her home which would theoretically require her to vacate the property. Stunned, she immediately contacted the bank to find out that the loan modification was not approved due to missing paperwork. The bank, in their haste or apathy, failed to notify the homeowner of her auction date. Due to lack of communication, her home foreclosed and was sold at a public auction.
The banks are so overwhelmed with people facing mortgage challenges and attempting to modify their loans that it’s very easy to have the auction date over looked. Needless to say she tearfully moved out 2 weeks later and currently faces the repercussions of a foreclosure on her credit.
Similar situations are happening on an unthinkable scale. After watching our friend go through this first hand, we’ve vowed to help those home owners stay informed and remain in their homes. Let us help you if we can. You have OPTIONS…
1. Postpone your Auction date
2. Discuss the benefits of a Short Sale VS Foreclosure
3. Help get funds to help you move
If you are currently working on a loan modification contact your lender and watch the auction date.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
