Judge orders Wells Fargo VP to explain to homeowner why her loan modification was denied.
http://www.nytimes.com/2009/09/04/business/economy/04wells.html?_r=3&ref=business
The frustrations expressed by Ms. Giguere is repeated hundreds, if not thousands of time per day by individuals who have dealt with these large lending institutions, me included. Whether it be out of lack of staffing, or simply staff who don’t care about the plights of distressed homeowners, it is all too common to hear about lenders claiming not to have received documents and requesting them over and over and using such claims to deny loan modifications or short sales.
Hopefully, more reporting of and exposing of these types of under-handed practices will, like this instance with Wells Fargo, get these lenders to change their despicable behavior. We just heard today that loan modification approval rate is increasing with many of these large lenders, including Wells Fargo, so imagine how much better those number could be, if these practices were no longer utilized.
