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February 28, 2013

The following link goes to an article in the Huffington Post concerning an interesting non-judicial foreclosure case in which the homeowner challenged the legitimacy of the foreclosure by asserting that he had been misled by a representative at Wells Fargo. The homeowner applied for a loan modification in order to lower his payments after his business slowed down as a result of the economic downturn. He then received a notification that the modification had been denied, but the Wells Fargo representative assured him that it was sent by mistake and instructed him to continue making the lower payments. The homeowner then began to receive foreclosure notices. Concerned, he checked his credit report and saw that Wells Fargo had reported him delinquent on his payments. Wells Fargo had been putting his reduced payments into a separate trust and not towards his mortgage. He later challenged the foreclosure in court but lost his case. This Huffington Post article might be somewhat biased in favor of the homeowner, but nevertheless the facts in the case are disconcerting.


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