Lancaster, Massachusetts
1 comment

I almost fell prey to Well's Fargo Home Modification Loan program.Fortunately, the stress and the emotional strain of dealing with them over the course of several weeks stopped me.

Today I received the following:01/10/2011 | Mark Huffman |

The Massachusetts Supreme Court has overturned the foreclosures on two homes in the Bay State, sending a shock wave through the banking industry.

The Massachusetts justices ruled that neither U.S. Bancorp nor Wells Fargo have proved they had a legal right to evict homeowners when they filed foreclosure papers on the two properties in 2007.

LegIt was viewed as a legal shot across the bow of the banking industry. Bank stocks sold off sharply in Friday's trading after the decision was made public.

The ruling comes at a bad time for banks, but provides some measure of hope for homeowners fighting foreclosure. Revelations of lender abuses and sloppiness have triggered a number of investigations. In fact, late last year ALL 50 STATES ATTORNEY GENERALS LAUNCHED A JOINT INVESTIGATION INTO THE FORECLOSURE PRACTICES. In addition, some states have unilaterally sued various loan servicers.

As a result, fewer homes are the subject of foreclosure, reducing the inventory of foreclosure properties coming to the market. The U.S. Government reports foreclosure activity fell 21 percent from October to November, the largest one-month drop in five years.

Ironically, a slowdown in foreclosures could actually provide a respite for the beleaguered housing market, which has struggled to gain traction over the last two years. With fewer foreclosures coming to market, most of which are priced well before other homes, housing experts say it could help real estate prices recover faster."


Product or Service Mentioned: Wells Fargo Loan.

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