More Bank Debacles

More Bank Debacles

Just under a week ago, a Wells Fargo employee admitted that the bank had made "technical" mistakes in over 55,000 foreclosure cases.  This article in the USA today discusses the next major debacle to surface by Wells Fargo.  Don't worry though, this did not stop Wells Fargo from coming back and correcting all of their mistakes.  As more of these "mistakes" become apparent, the class actions will follow shortly thereafter.  It is only a matter of time.  These banks never learn and will most likely not be deterred from  the same policies in the future until class action lawyers deservedly nail them with big settlements.  Unfortunately, the Obama administration let banks like this get off too easy.  From experience representing borrowers against banks like Wells Fargo and Bank of America, I can tell you that the internal policies in place at these banks escalate the tension levels of borrowers in default who are obviously already in a stressful situation.  They are so intentionally unorganized that they have made it an art form.  Wells Fargo employees are trained to never give you any written confirmation of any conversations that you have with them.  Further, it is almost impossible to receive confirmation from the banks that they have received the documents (most of the time financials) you faxed in per their request.  "It takes awhile for the system to catch up" they say.  "Oh, sorry. My screen is telling me that we have not received your financials.  Can you please fax them to us again?"  All of that was after you have been on hold for 30 minutes and been through at least 3 different representatives.

If you are having issues with a bank like Wells Fargo, make sure to take meticulous notes of every conversation.  Make sure you get the name of every representative that you talk to as well as their employee code.  If they request that you fax something in, make sure to keep the fax transmission report.  If you are organized, you may have a fighting chance when they make a "technical" mistake in your loan file.

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