How A Relentless Attorney Finally Got Wells Fargo To Modify His Client’s Mortgage — And How You Can, Too

{ Posted on Feb 22 2010 by Henry Blodget }
Categories : All, Clusterstock

Braveheart

California attorney Wajahat Ali has written a chronicle of how he helped a couple in Sacramento defeat expert stonewalling by Wells Fargo and finally got the bank to modify the couple's mortgage.

The story is revealing on many levels, especially the lengths banks will go to to make those who want a mortgage-mod just give up.

In the end, Wajahat won.  Wells Fargo slashed the monthly payments for his clients and let them keep their house (at least temporarily).

What was Wajahat's secret?

He played the litigation card and threatened two things:

  1. Filing for bankruptcy, which would delay the foreclosure process and stop ANY payments on the house.
  2. Suing the bank for violating mortgage-origination laws by allowing his client to just sign a piece of paper saying he made $25,000 a month when he actually made $26,000 a year (Yes, Wells Fargo probably would have had a good counter-case that this was mortgage fraud, but they also had a duty to make sure the borrower could pay).

The full chronicle is available here, at McSweeney's. 

And here's are some highlights, with a link to the full story at the end >

 


Join the conversation about this story »

See Also:


This entry was posted on Monday, February 22nd, 2010 at 11:08 am and is filed under All, Clusterstock. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

Post a Comment