Expert Tips On How To Get Reo Listings From Banks
- Build a good professional resume with a great track record.
- Working with small banks is easier than with larger ones.
- Build a database of banks you want to collaborate with.
- Do your best to build relationships with the right bank employees, depending on a bank.
- When youve got your first REO listing, do an excellent job so that the referrer will want to use your service further.
Realtor George Arvanitis Sells Wells Fargo Fraudulent Foreclosures
According to realtor Arvanitis, he is a Director of Luxury Homes and Condos Sales.
In fact, Realtor George Arvanitis sells fraudulent foreclosures for renown predatory Wells Fargo bank and their subsidiary Premiere Asset Services. Moreover,Arvanitis apparently works for two brokerages Coldwell Banker and City Point Realty with whom Arvanitis he sells foreclosures.
Its a little-known facts that Wells Fargo Banks Premiere Asset Services division, which sells bank-owned homes, instructs agents who sell these houses to list the owner as Owner of Record, and not Wells Fargo. Premiere Asset Services also sells homes owned by other banks and has numerous online complaints
During last year most properties sold by realtor Arvanitis were foreclosures, including property stolen from me by Wells Fargo bank and their enabling judges: Judge Jean M. Prendergast Rooney, Judge Robert E. Senechalle, Jr., Judge James R. Epstein, Judge Martin P. Moltz, Judge David Ellis, Judge Cynthia Y. Cobbs., Judge Sheldon A. Harris, Judge Patricia S. Spratt. Lawyer William B. Kalbac. Aided Wells Fargo bank foreclosures fraud
Wells Fargo bank is well-known for its predatory foreclosures mill operated on forged documents. Wells Fargo Bank Corruption
Realtor Arvanitis approached me first time on May 9, 2014 when he left an envelope offering me cash for keys for my property. His letter stated that George Arvanitis is a realtor for WFB and the envelope had my name and my property address on it.
How The Process Works
Its important to understand that foreclosure follows its own path and timeline, distinct from the mortgage assistance process. That means the foreclosure process can begin and continue even while youre actively working with us to find options that may help you avoid a foreclosure sale.
The foreclosure process:
- May begin after your loan is 120 days past due.
- Proceeds according to the laws in your state, which indicate either a judicial or non-judicial process. Check foreclosurelaw.org for the laws in your state.
- Includes communications from a third-party attorney who will let you know where you are in the process and what the next steps are.
- May result in a date being set for a foreclosure sale and your home being sold, if certain conditions are not met.
If youre worried about foreclosure, or youve been notified that the process has started, please contact a home preservation specialist right away.
Where appropriate, Wells Fargo Bank, N.A. is required to inform you that, as your account servicer, we are attempting to collect a debt and any information obtained will be used for that purpose. However, if you are a customer involved in an active bankruptcy case or you received a discharge in a bankruptcy case where the account was not otherwise reaffirmed or excepted from discharge, then this notice is being provided to you for informational purposes only, and this is not a bill or a request for payment as to any such customer.
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Get An Appraisal And Inspection
Be aware that REO properties are not automatically bargains. Banks are in business to make money, so they price their homes competitively. Some REOs are discounted because of severe damage or location, while others may not sell for much of a discount at all. Get an independent appraisal to determine a homes true market value.
Additionally, understand that REOs some of which have been vacant for months or even years generally are sold as-is with no warranties of any sort. Hire a professional to inspect the home before committing to purchase.
Exploring The Basics Of Foreclosure
If you are in the process of exploring homes available for purchase, you may have come across the acronym REO. This specific term stands for “Real Estate Owned,“which means that the property in question was previously under the ownership of an individual but is now under the control of the original mortgage provider. As an example, you could see a Chase REO, Bank of America REO and many others. It is these properties that are typically eligible for purchase under the rules and policies governing foreclosed assets.
Keep in mind that the term REO is not the only piece of information you will need to begin the process of purchasing a foreclosed home. If the property in question has been returned to the original mortgage holder, this means that one of many different banking institutions could now be the owner. Fortunately, you will likely be able to determine which bank owns the property using a simple internet search. You can also search directly through a list of foreclosed properties owned by an individual bank, typically through the use of their standard web portal.
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The Reasons Why Wells Fargo Loses Foreclosure Lawsuit
The recent string of New Jersey foreclosures has caused quite a stir amongst residents, and not just by New Jersey residents but across the country. Many people are looking for a way to get out from under the mortgage payments that have become a burden and a source of stress over the years. The recent trend has been in high-rise New Jersey properties. Many of these homes had been left in the position after a homeowner defaulted on their loan.
It is common knowledge that foreclosures are one of the most terrible nightmares for homeowners. It can be said without a doubt that this type of nightmare is more frightening and more difficult to deal with than a foreclosure on a property. Foreclosures are a process where a bank, lender or other lender takes back a property due to the owner defaulting on their mortgage. This action is legal and the owner loses the house and the right to redemption period. This means that if they do not make payments on their loan, they are in real trouble and losing their home.
When a homeowner knows that they are going to lose their home due to a Wells Fargo foreclosure lawsuit, it can be very depressing. However, losing your home does not have to mean the end of the road. There are plenty of things that you can do to prevent losing your house and preventing foreclosure. If you are able to follow these steps, then you may be able to keep your house. Just know that there are plenty of other options available to you.
Using The Wells Fargo Foreclosure Portal
The Wells Fargo website contains a powerful search tool that allows interested home buyers to search through all available foreclosure properties. As part of the search process, individuals can filter their query using a variety of parameters, including zip code, price, home size and current market status. This particular resource can be immensely helpful by allowing home buyers to rapidly narrow their investigation to properties that are a definitive match with their budget and lifestyle.
If a home appears in the search results that seems to be a good match, individuals can submit their contact information as an attachment to the listing, which is then routed directly to the appropriate real estate agent. Once this is complete, a showing can be arranged and the process of purchasing the home can continue.
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Hundreds Of Customers Lost Their Homes
During the mortgage crisis, Congress created the Home Affordable Modification Program, which aimed to keep struggling homeowners out of foreclosure. Wells Fargo, one of Americas biggest mortgage lenders, was among the many banks that chose to participate in HAMP.
Under Treasury Department guidelines, mortgage servicers were required to issue modifications to borrowers who had documented financial hardships and an ability to make their monthly mortgage payments after a modification.
Lenders were directed to reduce monthly mortgage payments to as close as possible to 31% of the borrowers monthly income by slashing interest rates, extending the length of mortgages or taking other steps.
In August, Wells Fargo made a shocking admission in an SEC filing: about 400 homeowners were foreclosed upon between April 2010 and October 2015 because of a calculation error in the banks mortgage modification underwriting software. That glitch caused customers who were otherwise qualified to get denied for a loan modification.
Last month, Wells Fargo said in a new SEC filing that it identified another 145 customers whose homes were wrongly foreclosed on. The bank said an expanded review found additional errors that inflated the estimate of attorneys fees for homeowners in the foreclosure process. Legal fees are taken into account when banks determine if customers qualify for mortgage modification.
Foreclosure Listings Subscription Sites
RealtyTrac. Theres a free 7-day trial after that, its $49.95 a month, with discounts on multi-month packages. Members get access to RealtyTracs proprietary information, including auctions dates and locations, pre-foreclosure addresses, owner information, bank loan amounts and more.
Foreclosure.com. After the free 7-day trial, its $39.80 per month. Subscribers receive detailed information on the listed properties, tax roll data, files provided by the lender, local school districts and other listing details.
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Why Didnt Wells Fargo Act Earlier
The lawsuit accuses Wells Fargo of concealing the glitch. It says that Wells Fargo failed to disclose the problem years ago even though the bank said in SEC filings the calculation error was corrected in October 2015.
The Wells Fargo spokesman told CNN Business that while the bank initially identified and fixed the calculation error in October 2015, it was only later determined that accounts should be reviewed to determine if the problem led to any unintended issues for customers. He said those later reviews identified customer impact and shortly thereafter the bank publicly disclosed the matter.
Victims of Wells Fargos wrongful foreclosure suffered significant stress causing physical injuries and emotional distress, the lawsuit alleges. The complaint accuses Wells Fargo of engaging in business practices that are immoral, unethical, oppressive, unscrupulous, and harmful to consumers.
The lead plaintiff in the lawsuit is Alicia Hernandez, who sought a mortgage modification from Wells Fargo after getting laid off during the Great Recession. Wells Fargo told Hernandez that she didnt qualify for help and eventually foreclosed on her North Bergen, New Jersey, condo in late 2015, according to the lawsuit.
Wells Fargo informed Hernandez in a September 2018 letter that it discovered the rejection was because of a faulty calculation, according to the lawsuit. The bank sent Hernandez a check for $15,000.
Wells Fargo Illegal Foreclosure Class Action Lawsuit
In December 2018, a number of plaintiffs filed this class action complaint, alleging that they lost their houses to foreclosure after being wrongfully denied loan modifications. They claim that Wells Fargo made a math error, causing some costs to be miscalculated, resulting in improper loan denials.
The judge rejected a proposed subclass of homeowners but opted to investigate the value of each homeowners lost equity on a countrywide basis. In their Wells Fargo class action case, the plaintiffs argue, Losing your house through foreclosure is one of the most disruptive occurrences that you may face.
The plaintiffs claim that Congress set aside $50 billion in financing for the Home Affordable Modification Program , which was established to ensure that people could keep their houses and offer stability to homeowners during difficult economic times.
According to the Wells Fargo class-action lawsuit, the defendant collected $6.4 billion in HAMP financing and created its tool to determine the borrowers eligibility.
According to the plaintiffs, the bank conceded that their tool overestimated the claims, resulting in the denial of HAMP funds to more than 870 customers who qualified for the program.
The bank also acknowledges that it foreclosed on 545 customers who were eligible for HAMP support.
The plaintiff says that the cheque was accompanied by a letter from Wells Fargo detailing how the checks value was decided and assuring her that the amount would put things right.
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How To Buy A Wells Fargo Foreclosure
For some individuals, choosing to purchase a home that has been subject to foreclosure can be a budget-friendly, cost-effective option. Although the foreclosure process comes with its own fair share of regulatory requirements and policies, individuals who are interested in searching available foreclosure properties can do so relatively easily.
Given the fact that banks are typically the provider of home mortgages, it is these organizations who are often responsible for initiating the foreclosure process. With that in mind, individuals who are ready to purchase a foreclosure property will do so through the bank in question.
The Wells Fargo foreclosure process is relatively straightforward, meaning that you can quickly begin searching available properties and completing the necessary paperwork to ensure that you have the funds available to make your purchase.
In order to buy a foreclosed property owned by Wells Fargo, you will need to first ensure that the property you want is owned by Wells Fargo and then complete the necessary checks to ensure that your financial situation meets the bank’s standards for financing.
Wells Fargo Accidentally Foreclosed On Hundreds Of Homeowners
Nearly 400 Wells Fargo customers lost their homes when they were accidentally foreclosed on after a software glitch denied them the ability to modify their mortgages as they sought federal aid, the bank disclosed in a regulatory filing late Friday.
The bank apologized and has set aside $8 million to compensate those affected by the glitch, which occurred from 2010 to 2015.
“During the course of an internal review, we determined that an automated calculation error may have affected the decision on whether or not to offer or approve some mortgage modifications between April 13, 2010 and Oct. 20, 2015, when the error was corrected,”Tom Goyda, senior vice president of Wells Fargo said in a statement to the Business Times. “We’re very sorry that this error occurred and are providing remediation to the approximately 625 customers who may have been impacted.”
Wells Fargo said the software mistake miscalculated customers’ eligibility for mortgage modifications. The error caused about 625 customers to be denied loan modifications they sought from a federal program to help homeowners avoid foreclosures.
Just last week, in a separate settlement with the U.S. Justice Department, Wells Fargo, the second-largest mortgage agreed to pay a $2.1 billion fine for issuing loans it knew were based on false income information.
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Dont Just Blame It On The Software
Jeff Reiner said he appreciates that Wells Fargo has admitted its error, but that $15,000 is woefully insufficient given the financial and emotional loss the family suffered.
It doesnt even begin to compare to the chain of events that were started by their denial of assistance, he said. He compared it to someone saying: Sorry about cutting off your arm. Heres a Band-Aid.
Jeff said he wants Wells Fargo to at least show that it understands the consequences of its mistake. And dont just blame it on the software, he said. Where was the human oversight?
Jeff and Eva Reiner are now represented by Gibbs Law Group, the Oakland law firm that filed a lawsuit against Wells Fargo. The complaint, filed on December 5 in US District Court for the Northern District of California, is seeking class action status.
We think Wells Fargos errors are having devastating and long-lasting effects on peoples lives, Michael Schrag, a partner at Gibbs Law Group, told CNN Business.
The Wells Fargo spokesman said the bank was served the lawsuit only recently and cant comment specifically on many of its claims at this time.
He added that while Wells Fargo would prefer to work directly with each customer to resolve the matter, if they arent satisfied with the offer or mediation then borrowers are able to pursue other legal options.
Purchasing Using The Wells Fargo Foreclosure Process
Once you have found the perfect home that matches your needs, you will need to ensure that you have received the appropriate pre-qualification from Wells Fargo or some other lender. You can use a simple, streamlined online application form to provide Wells Fargo with all of your relevant financial information. This, in turn, will allow them to determine exactly how much money you can borrow for your home purchase. A credit check will also be used to assess your current financial health and identify any default risks you may pose.
In the event that you pass all of Wells Fargo’s loan approval checks, you should be able to secure the financing you need to purchase the foreclosed property. If, for some reason, your financial circumstances render you ineligible for financing, you can consult directly with a member of the Wells Fargo team to explore alternative financing solutions.
Wells Fargo May Have Accidentally Foreclosed 400 Homes
Wells Fargo& Co. disclosed another round of lapses and potential scandals in a quarterly report Friday, saying it faces a U.S. inquiry into its purchase of low-income housing credits and conceding it may have unnecessarily foreclosed on about 400 homeowners.
Government agencies are examining how Wells Fargo negotiated and purchased certain federal low-income housing tax credits in connection with the financing of low-income housing developments. The San Francisco-based bank didnt identify the agencies in the filing.
The disclosures add to almost two years of revelations about probes, misconduct and other lapses that have taken a toll on the firms reputation, business and relations with regulators, who in February imposed an unprecedented cap on the banks growth. In some cases, the firm discovered problems itself as part of a broad review its businesses and efforts to overhaul internal controls.
The scandals began erupting in 2016, when regulators said the bank had opened millions of accounts without customers permission, leading to a public outcry and spurring additional scrutiny. Incorrect fees in the firms wealth-management unit, inconsistent pricing in the foreign-exchange business, and employees improperly altering documents in the wholesale unit are among other government inquiries at the bank.