Blogs

Wells Fargo is on the front page AGAIN – this time for “allegedly” over charging military veterans for refinance loans.
Wells Fargo in trouble again, again and again.
In an article published by Housingwire, author Ben Lane, Wells Fargo announced that it will pay $108 million to the federal government to settle allegations that the bank overcharged military veterans for refinance loans.
Specifically, the issue relates to a lawsuit from 2006 that claimed some Department of Veterans Affairs Interest Rate Reduction Refinance Loans originated by Wells Fargo should not have been eligible for VA guarantees due to the bank allegedly collecting unauthorized fees with the loans.

Wells Fargo agrees to pay $108 million dollars but denies any wrongdoing.  REALLY?  What nine-year old is going to believe, based on the revelations over the last year*, that Wells did nothing wrong?

Under the agreement, Wells Fargo denies the allegations in the lawsuit but will pay $108 million to the government to resolve the claims, the bank said in a statement issued Friday. Where exactly this penalty will be paid to, the VA or some other branch of the Federal government, is not yet clarified.

* Fraud and Deceit – below are just a few of the cons Wells Fargo has been involved in, that we know of thus far.

The Wells Fargo Fake Account Scandal: A Timeline – Forbes

https://www.forbes.com/pictures/ejhj45fjij/where-wells-went-wrong/

On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its …

Wall Street is livid over Wells Fargo’s latest scandal: ‘Here we go again’

https://www.cnbc.com/…/wall-street-is-livid-over-wells-fargos-latest-s...

Jul 31, 2017 – Analysts are angry over the latest Wells Fargo scandal where hundreds of thousands of customers were required to buy auto insurance they …

Wells Fargo account fraud scandal – Wikipedia

https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal

The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …
‎Background · ‎Effects on Wells Fargo … · ‎Effects on others · ‎Government actions

There’s a New Wells Fargo Scandal: This Time It’s the TruCoat

https://theintercept.com/…/theres-a-new-wells-fargo-scandal-this-time-...

2 days ago – Beginning in at least in 2009, Wells Fargo teamed up with a home warranty firm to foist a product on unsuspecting mortgage customers, …

24 hours later, ANOTHER massive Wells Fargo fraud scandal / Boing …

https://boingboing.net/2017/08/12/american-home-shield.html

2 days ago – It’s been a whole day since we learned about another example of systematic, widespread fraud by America’s largest bank Wells Fargo (ripping …

OSHA orders Wells Fargo to reinstate, pay whistleblower in fake …

https://www.usatoday.com/story/money/2017/…/wells-fargo…scandal/5009...

Jul 21, 2017 – OSHA orders Wells Fargo to reinstate and pay a whistleblower $577000 in the fake-account scandal.

Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …

https://www.nytimes.com/2017/08/07/business/wells-fargo-insurance.html
Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …

Viking Global just made a big bet on scandal-plagued Wells Fargo …

www.businessinsider.com/viking-global-just-made-a-big-bet-on-scandal-pla...

8 hours ago – One of the world’s largest hedge funds made a huge bet that scandal-plagued Wells Fargo‘s worst days are behind it. Viking Global, a $30 …

How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …

https://www.vanityfair.com/news/2017/05/wells-fargo-corporate-culture-fraud
But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …

Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg

https://www.bloomberg.com/view/…/wells-fargo-opened-a-couple-million-f...
Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …

What is the cost to those who will never be reimbursed?

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About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer.  Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article.  You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others.  Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*

The post Wells Fargo Pays $108 Million for “Allegedly” Overcharged Veterans appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.

When Mortgage Lenders Monkey With Your Loan
By Bill Purdy
The following are some excerpts from a very informative blog on a well-known consumer bankruptcy advocate’s web site: www.BankruptcySoapBox.com.

Spoiler Alert:  As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges.

Mortgage lenders & servicers are in the business to take your money, not save your home.
Borrowers just trying to keep their homes are subject to a campaign of systematic and deliberate deception. This fundamental deception is now often combined with the fraudulent surcharging of fees costs and other “expenses” designed to make vast additional amounts of money for lender/servicers.
When used aggressively, their techniques run homeowners slowly into foreclosure, resulting in the permanent loss of home(s).
If the hapless borrower manages to retain the home, lender/servicers make hundreds of millions of dollars of additional annual revenue at little or no cost. (They make this money by doing as little as possible and getting you to do or not do things for which they can aggressively bill you.)

Lender/servicers frequently subcontract out the process of servicing your loans including applying for (among other things) loan modifications. By this I mean lender/servicers actually “farm these functions out” to ACTUAL SUBCONTRACTORS (FULFILLMENT COMPANIES) WHO DO NOT WORK FOR THE LENDER/SERVICER.

In the case of OCWEN, it was recently fined by the State of Washington for subcontracting out sensitive loan servicing functions to unlicensed entities in India and the Philippines.
…………

• Ever receive a letter from your “authorized contact” at the lender/servicer that seemed totally disjointed and disconnected from everything you had labored to achieve with him/her up to that moment?
• Ever receive a letter totally non-responsive to the written request you faxed to your point of contact?
• Ever receive a letter telling you the EXACT opposite of what you’d discussed verbally on the phone?
• Ever been told on the phone your loan mod was approved and then receive a letter saying you did not send documents required?
• Ever try to get your “contact” to fax you a confirmation in writing that your loan mod was approved (or that your foreclosure was postponed) after they assured you of this verbally on the phone?

See the rest of Mr. Purdy’s article for even more revealing and frightening truths about the lending and servicing market. 

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About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer.  Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article.  You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others.  Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*

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The post Mortgage Lenders & Servicers Are Not Your Friend appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.

Every year, numerous Americans turn to bankruptcy as a means to find relief
from insurmountable debt. These individuals, couples, and businesses come
from all walks of life, and their financial situations are always unique.
Because finances and filers are always different, the Chapter of the U.S.
Bankruptcy Code you file under is a matter unique to you.
At Allmand Law Firm, PLLC, our Dallas bankruptcy lawyers prioritize personalized
service and support because we know it is the most important element in
a bankruptcy case. Unlike other firms that treat clients as if they are
numbers, we don’t apply a one-size-fits-all formula when handling
cases. We get to the bottom of our clients’ current financial situations,
work to understand their needs and goals, and help them explore available
options that can provide them with the benefits they need.
When it comes to selecting a Chapter of bankruptcy, most individual consumers
typically file under one of two Chapters: Chapter 7 bankruptcy (also known
as liquidation bankruptcy) or Chapter 13 bankruptcy (referred to as reorganization
bankruptcy or the wage earner’s plan).

• Qualifying – Due to laws that limit access to Chapter 7 bankruptcy to only
  certain consumers and require certain factors for those who file under
  Chapter 13, you might not always have a choice of which Chapter you can
  file under. This is because you need to meet qualifying criteria. This
  is important to understand, as you can’t simply choose a Chapter
  and launch into the process.
• Chapter 7 –
  Chapter 7 bankruptcy is intended to help debtors who face the most pressing debt
  concerns. It is typically reserved for consumers who have little to no
  assets, and who do not have the financial means to continue making monthly
  payments toward pre-existing debts. In order to qualify for Chapter 7,
  filers must pass a
  means test that compares their monthly income to the median monthly income in the
  state of Texas. Generally, if your average monthly income is less than
  or equal to the state’s median income, you will be eligible for
  Chapter 7. If it is more than the state median, you will need to determine
  if you have enough disposable income to make payments. If your disposable
  income is too high, you likely will not be able to choose Chapter 7.
• Chapter 13 –
  Chapter 13 bankruptcy is a wage earner’s plan that reorganizes debt and allows
  filers to make consolidated monthly payments toward them over three to
  five years. As such, filers must have enough available funds and income
  to make payments over the course of their reorganization plan. Chapter
  13 bankruptcy doesn’t mean you don’t get a discharge, that
  still happens at the end of a plan. It also enables filers to keep certain
  property by paying back all or at least some of what they owe on property
  with pre-existing debt.

Your choice in which Chapter of bankruptcy to file under depends on qualifying
criteria, your personal situation, and your ultimate goals for the financial
future. Understanding the unique benefits of each Chapter, as well as
how they will impact you, can be a difficult matter, which is why it becomes
important to work with experienced attorneys like ours at Allmand Law
Firm, PLLC. During a FREE financial empowerment session, our legal team
can help you understand which Chapter of bankruptcy is best for you, and
how we can help you take the right steps to navigate the process ahead.
Contact us to get started.

The post Filing Bankruptcy: Which Chapter Do You File? appeared first on Allmand Law.

When an individual or couple files for bankruptcy, they are required to
disclose all of their assets in their petition. It is important for filers
to remember that they must be 100 percent truthful when disclosing assets
and that they not attempt to hide them. Some people think that by concealing
assets, they won’t be taken away by the court during bankruptcy.
However, doing so is considered perjury, which comes with a number of
penalties which ultimately may end up costing the filer even more.
There are many reasons why an asset may go undisclosed by a filer. These include:

• The filer lied about possessing the asset
• The filer transferred an asset to someone else’s name
• The filer created fake mortgages or liens to devalue their property
• The filer may have been careless in disclosing the asset
• The filer may have legitimately forgotten to include assets they may not
  have thought of

Bankruptcy trustees are very keen detectives and are not often fooled by hidden assets.
All it takes is a public records review, a debt review, a review of bank
records or tax returns, or a look at online asset searches to determine
whether or not an asset has been hidden or transferred. If a filer is
found to have attempted to conceal assets, they face a number of repercussions.
Not only will their hidden assets not be eligible for discharge (meaning
they will still owe the debt they were trying to get rid of with bankruptcy),
but they may also get their discharge revoked. Worse still, they may face
criminal charges and penalties for perjury, which is punishable by up
to five years in prison and / or a fine of up to $500,000.
Sometimes, though, assets are not disclosed simply because a person made
a mistake without malicious intent. If this happens, the filer should
immediately disclose the asset to their trustee. As long as the mistake
was not made in an attempt to delay, hinder, or defraud creditors, the
error should not result in a denial of a discharge.
The following are examples of assets most commonly forgotten in bankruptcy
petitions:

• Retirement benefits
• Inheritances
• Lottery winnings
• Trusts
• Lawsuits
• Co-owned assets

Considering Bankruptcy? Work With an Attorney You Can Trust
If you are considering bankruptcy in the Dallas – Fort Worth area, please
get in touch with a Dallas bankruptcy attorney at Allmand Law Firm, PLLC.
Our team is prepared to assist you with your filing so that you can reach
a resolution as quickly and smoothly as possible. Get started with a FREE
financial empowerment session when you
contact us.

The post Why Hiding Assets Could Cost You appeared first on Allmand Law.