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Big bank tries to pull face one on New Jersey homeowners

by | Oct 23, 2014 | Foreclosure

Whatever may be going on in life, a person can always find solace and comfort when they walk through the front door of their home. The prospect of losing this sense of relief and escape from the world can devastate a person and an entire family.

Facing foreclosure may be the most desperate situation a person may encounter in their lifetime. It is daunting knowing you are trying to stay in your home and maintain the stability of your life when facing a sometimes unforgiving bank that only looks at you in terms of a number and not as a person.

This type of stress is seen in the recent situation where one of the big mortgage holding banks, Wells Fargo, sent out a settlement agreement to homeowners in New Jersey who could have possibly taken legal action against the bank for improper lending practices that lead to the housing market collapse not too long ago.

Wells Fargo actually sent out a second agreement giving just over $170.00 to homeowners in New Jersey in exchange for them giving up their right to sue. It is believed that this settlement agreement is a way for Wells Fargo to protect against having their unscrupulous lending practices exposed in court.

An unrepresented homeowner who may still be behind in mortgage payments and unsure of their future may hastily sign an agreement like the one described and take the nominal amount of money that is being offered in exchange for their right to sue.

An experienced foreclosure attorney can help explain settlement offers and general correspondence from banks and creditors. With a better understanding of the consequences associated with signing agreements and having a lawyer advise you as to the banks motives will only serve you in making the best decision for you and your family and hopefully allow you to keep your home.

Source: US Finance Post, “Homeowners Struggling Against Foreclosure,” Matthew Patrick, Oct. 14, 2014


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