Recent Developments in Wells Fargo & Co. Foreclosures

With the US investigators swooping in on the largest US banks including Wells Fargo & Co., many people are now wondering what this could mean for their mortgages and foreclosure problems. The entire real estate market has been plagued with allegations that US mortgage and loan servicers firms have irregularly filed their paperwork that led to thousands of improper foreclosures.

Judging from the mess that the entire issue had spawned, it is easy to be disheartened and eventually conclude that the events would only worsen the current financial setbacks that homeowners are experiencing. The following are some of the recent developments in the banking industry and Wells Fargo foreclosures.

Robo Affidavits

When the whole issue blew up, Wells Fargo & Co. immediately conducted their own investigation and found that in the 23 states that they have reviewed, there were documents that did not meet company standards and procedures. However, the bank was quick to say that they intended to re-file those documents last mid-November.

The bank also provided some glimmer of hope for those who are on the verge of foreclosure as they assured that while all the internal reviews are still being conducted, they will be asking the court for an extension especially for those who are in imminent danger of being foreclosed.

Corrective Efforts

But even as many other allegations are cropping up against the entire bank and mortgage industry, Wells Fargo & Co. are firm in their stand that they are doing everything in their power to correct such mistakes and to institute reforms in their procedures to ensure that nothing like this would ever happen again. The bank said that whatever human errors that were found on the foreclosure document will definitely be corrected in order that borrowers will feel secure in their foreclosure issues. It also reiterates that it is the company’s policy that regulations and rules are strictly adhered to by every member of the company and that foreclosures should be done according to company’s lending standards.