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Go figure, big business is at it again!

Posted by on Dec. 18, 2012 at 7:21 PM
  • 18 Replies

Wells Fargo is trapping elderly widows in a horrific Catch-22 scenario in order to take their homes.

Imagine: Your husband passes away and you fall behind on your mortgage payments. Your income has been drastically reduced, so you seek to renegotiate with the bank. But the bank won’t renegotiate, because your husband’s name is on the mortgage note, and you can’t add your name to the note, because you are not current on your payments. You’re out of work, you’ve just lost your husband, and you’re about to lose your home.

Tell Wells Fargo to stop their predatory practices now and allow widows to renegotiate their mortgages.

http://action.sumofus.org/a/widow-mortgages/85/202/

Imagine: Your husband passes away and you fall behind on your mortgage payments. Your income has been drastically reduced, so you seek to renegotiate with the bank. But the bank won’t renegotiate, because your husband’s name is on the mortgage note, and you can’t add your name to the note, because you are not current on your payments.You’re out of work, you’ve just lost your husband, and you’re about to lose your home.

Tell Wells Fargo to stop their predatory practices now and allow widows to renegotiate their mortgages.

Banks allow surviving relatives to take over a mortgage after the original borrower's death, but most require the mortgage to be up-to-date before it can be tranferred. Since people frequently miss mortgage payments while struggling with lengthy illnesses, it's not uncommon for borrowers to be behind on their mortgages at the time of their death. Meanwhile, many elderly widows are dealing with rising medical expenses and a sudden loss of income. They need mortgage modifications that would allow them to make lower payments, but banks won't work with them because their names are not attached to their mortgages. For many widows, this simple bureaucratic rule can meanlosing the homes that they have spent a lifetime building.

After dealing with the death of a loved one, the last thing you need is a high-stress, drawn-out battle with your bank as your mortgage eats up dwindling finances. But this nightmare is all too real for elderly women across America. People over 50 are falling into foreclosure faster than any other group, and for a number of demographic and cultural reasons, the burden is falling mainly on women.

There's nothing stoppings big banks like Wells Fargo from making it easier for widows to avoid foreclosure. In fact, JP Morgan Chase already allows surviving family members to assume a deceased person's mortgage and apply for a modification at the same time. Wells Fargo will occasionally renegotiate on a case-by-case basis, but it has no similar program. Meanwhile, institutional red tape means that many more women will lose their battle, and with it, their homes. But together, we can pressure Wells Fargo to change its behavior, and save thousands of widows from this awful Catch-22.

by on Dec. 18, 2012 at 7:21 PM
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Replies (1-10):
emeraldangel2.0
by on Dec. 18, 2012 at 7:46 PM
1 mom liked this

sad =(

Peanutx3
by Silver Member on Dec. 18, 2012 at 7:53 PM

Wow disgraceful!

blues_pagan
by on Dec. 18, 2012 at 8:53 PM

Yes it is.  But these are the types of businesses that some on here advocate for.  Why?  because they make the almighty dollar.

Quoting Peanutx3:

Wow disgraceful!


paknari
by Silver Member on Dec. 18, 2012 at 9:01 PM
Sounds like bank of america all over again. I'm glad I only use credit unions.
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29again
by Platinum Member on Dec. 18, 2012 at 10:40 PM

I wouldn't classify a big monster mega-bank like Wells Fargo as "big business", it is a monster mega-bank.  And what they are doing is pretty much what all the banks do/did.  You don't even have to be a widow for them to treat you like this.  I fired my mmb and hired a small local bank.

Friday
by Platinum Member on Dec. 18, 2012 at 11:09 PM

And some people wonder why I don't want corps running the govt. Sheesh.

GaleJ
by Bronze Member on Dec. 19, 2012 at 9:45 AM

To address issues such as this a wise society has sensible REGULATIONS, the very kind of regulations that the big banks have been so successful in preventing through their systematic purchase of our representatives in Congress. Capitalism must be subjected to reasonable regulations to prevent such things from happening and we must, as a society, decide what is more important; our people or the right of business to make profits at the cost of decency. It is our choice and it's past time we speak up and tell big business...ENOUGH!

Aislinn
by Member on Dec. 19, 2012 at 9:46 AM

 Go figure, the United States Government is letting it happen and taking bit fat donations from them, in the process. If our government was not for sale, this would have been stopped in 09.

Aislinn
by Member on Dec. 19, 2012 at 9:48 AM


Quoting 29again:

I wouldn't classify a big monster mega-bank like Wells Fargo as "big business", it is a monster mega-bank.  And what they are doing is pretty much what all the banks do/did.  You don't even have to be a widow for them to treat you like this.  I fired my mmb and hired a small local bank.

 Thanks to the Gramm-Leach-Bliley Act of 1999, all of these  big banks were allowed to become mega banks. Thanks again, US Government.

mikiemom
by Gold Member on Dec. 19, 2012 at 10:12 AM

but wait many on this website thinks our government should be run like big business.

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