Last year, I bought a plot for Rs 1 million by taking a personal loan of Rs 6 lakh at 14.25 %. The plot`s current value is Rs 1.5 million. I am planning to buy one more plot next year after the closure of this loan. I have four insurance policies with ... Meet goals with asset allocation
The announcement by Wells Fargo & Co that it will re-file documents on 55,000 foreclosures immediately drew flak from a state attorney general and could be an admission by the bank of possible irregularities in their repossession procedures.
While other rival banks had promptly put a moratorium on their foreclosure proceedings in response to allegations that robo-signers had tainted thousands of foreclosures, Wells Fargo did not provide relief to its homeowners and instead continued to institute foreclosures against delinquent borrowers.
The Attorney General for Ohio had expressed its concern over the recent Wells Fargo announcement, contending that the bank had assured them that its foreclosures are free from any irregularities.
A joint probe had already been started by all 50 states to investigate claims that thousands of foreclosures were improperly instituted and homeowners were evicted without proper verification of their signatures and documents. If the banks were later found to have violated any law, they could be fined or compelled to repurchase homes that were defectively foreclosed.
The bank is planning to re-file documents which it found faulty for lack of adherence to bank's protocols and standards in 23 states by middle of November. A spokesperson for the bank also noted that they found human errors and are currently fixing the same in said documents, but declined to elaborate further on the matter.
But the bank insists that a moratorium is unnecessary since it believes that their foreclosures were all properly done. The data that Wells Fargo released showed that, on the average, their foreclosures only cover delinquent borrowers whose accounts have been past due for 16 months.
Since the controversy arose, large mortgage firms and banks have voluntarily put a moratorium on their foreclosure activities on all 50 states to determine the extent of the paperwork problems.
Wells Fargo said that the issue will not affect their mortgage repurchase obligations as they have a sufficient reserve of $ 1.3 billion to repurchase bad loans from their investors.
The recent foreclosure mess had raised concerns over the ability of banks to repurchase faulty mortgages resulting from irregular paperworks.
But the US Treasury's homeowner preservation office downplays any fear of systemic threat, adding that their regulators are constantly monitoring the situation.
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Question by masa_fisa: Can i apply for an appeal again.? Dear All in UAE kindly help me in this matter. Please note i have a personal loan in a local bank and due to non payment of consecutive three months i was caught in the airport while returning from India. However since the case was filed against me court gave me one month imprisonment and my wife appealed on the same day in the court and they gave the next hearing on 24th of this month to pay the amount before this date and come to the court with the release letter from the bank, since i have not yet got the money arranged i would like to know whether we can appeal again and take time from the court since the amount is too high (55000 dhs) Kindly clarify whether i can re appeal in the court and when should i approach and whom to be approached for this. Best answer for Can i apply for an appeal again.?:
Answer by H
You do need a lawyer. That's the only advice a responsible person can give you. Please get the yellow pages right know, look for a lawyer and first thing tomorrow morning: make a call and an appointment.
Answer by chevet
I believe you will be given a chance to negotiate this with the bank but you really have to get a lawyer and someone who can be a guarantor, who i know will be very hard to find especially these times. But just the same, desperate situations call for desperate measures, but always be legal.
Answer by FPB
First things first... call a lawyer immediately and ask for proper professional advice. You need to know your legal standing. Then call the bank and see if you can make an appointment to meet with the manager of the loan department. Explain your situation to them. If you have a job that is steady and not likely to be lost in the immediate future, they may agree to negotiate a payment plan with you. If they do this, a letter from them to the Courts may help in your court case. If they do agree a payment plan, you should be grateful and make sure you keep up the payments. It's never a good idea to just stop paying your debt without informing the bank about your situation, because it only makes the situation worse.
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