THE BANKS CLAIM THEY DO NO WRONG - THEN SETTLE WITH VARIOUS STATE ATTORNEY GENERALS. WHAT GIVES?
On December 20, 2010 the California Attorney General reached a settlement agreement with Wells Fargo regarding the pick-a-pay loan program. The settlement requires Wells Fargo to provide loan modifications worth more than $2 billion to thousands of California homeowners with "pick-a-pay" loans and to pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure.
Wells Fargo will offer affordable loan modifications to an estimated 14,900 California borrowers with “pick-a-pay” loans made by World Savings or Wachovia. <strong><em>Many of the modifications will include significant principal forgiveness</em></strong>. The total value of the modifications mandated by the settlement is projected to be more than $2 billion.
According to the California Attorney General, <span style="text-decoration: underline;">borrowers eligible for loan modifications should get a notice from Wells Fargo within the next two months</span>. <span style="text-decoration: underline;">Borrowers who suffered foreclosures should be notified during the first six months of 2011.</span> This may be great news for California borrowers who have a “pick-a-pay” loan or who were foreclosed on because they couldn’t afford their “pick-a-pay” mortgages.
If you feel that you may be entitled to a relief under this settlement or have questions regarding how this settlement affects your home loan call the Law Offices of Steven C. Vondran. The Law Offices of Steven C. Vondran can offer legal help in the areas of predatory lending, foreclosure defense, real estate, and bankruptcy law.
Call The Law Offices of Steven C. Vondran Esq. if you have any questions about your rights under this new settlement. (877) 276-5084