After the scandal that rocked Wells Fargo last year, one might think that the company's officials would be careful to make sure that all of their activities were legitimate. With that said, it seems a bit unbelievable that they are now being accused of making changes that were unauthorized to the home loans of customers that are in bankruptcy and trying to stop a foreclosure. Before allowing any changes to their mortgages, Florida customers may want to seek the advice of an attorney or at least read the fine print.
Fay Servicing has been fined over a million dollars for what the Consumer Financial Protection Bureau calls illegal foreclosure practices. During the investigation, it was discovered that the servicing agency was not upfront with its clients about the choices that they had to prevent foreclosure. Fay was found to have been moving forward with foreclosures against borrowers who were looking for help in saving their homes. Servicing agencies such as Fay work with clients in Florida and all over the country.
To many people, receiving a notice of default on their home means that they have very little if any hope of saving it. Truth is, even if a homeowner is over three months behind on their payments, there are still a few things they can do in order to stop foreclosure. In Florida, many people suffer through the repossession of their home each year. But there are ways to keep this from happening.
According to state prosecutors, a man will spend nine years in jail for scamming homeowners and evading his taxes. The man preyed upon those who were desperate to save their family's home from foreclosure. He was sentenced to 108 months in prison, plus another three years of release under supervision. While such scams are a problem in Florida, residents can be aware of what to look for.
In today's world, it is unfortunately common to hear about new scams being perpetrated. Many of these schemes are designed to take money, information or even an identity from the victim. One such swindle could dupe Florida residents, as well as residents in other states, right into homelessness. A recent foreclosure scam is leaving its victims with nothing.
Two parents and a teenager, who was diagnosed with cerebral palsy at the age of 6 months, could face losing the home the girl has lived in for most of her life. The Florida family is facing foreclosure because of a high-interest, short-term mortgage with a balloon payment that seems impossible for almost any family to pay. According to the family, such a loan should never have been approved for them in the first place.
A new law in one northeastern state will help the victims of Hurricane Sandy and could be a stepping stone for aid to others in coastal areas. For those victims who are still having a hard time paying their mortgages, this law could keep them out of foreclosure. People whose homes were damaged by the storm can request a payment delay for as much as two years to give them time to get back on their feet and have their homes repaired. The new law could set a precedent for people in other coastal states that are prone to hurricane damage, such as Florida.
A large bank has been given hefty fines for handling a foreclosure case improperly. The Bank of America, a popular bank in Florida and across the country, has been fined $45 million for its response to one couple who tried in vain to stop their home from being foreclosed on. The husband and wife attempted to get the bank to lower the mortgage payment that they had to pay each month. When the bank refused, the home ended up in foreclosure.
It can happen to anyone. Loss of a job, an illness, a death or any other loss of income can cause Florida residents to experience a repossession. While it can be embarrassing for someone to have a car, home, boat or other property repossessed, a main concern is likely what it will do to one's credit. What exactly does repossession do to a person's credit score and finances?
After just for days of trial, a jury in another state has found a 29-year-old man guilty on various counts of fraud. According to the evidence presented at the trial, the man was pronounced guilty of eight counts of mail fraud affecting a financial institution and one count of conspiracy to commit mail fraud. He is said to have preyed upon homeowners who were facing foreclosure. Homeowners in Florida who are facing foreclosure should be wary of such schemes.