Real Green Trends

Wells Fargo agrees to suspend foreclosures

 

Decision made while the Obama administration devises a plan to help troubled borrowers

According to a news article appearing on Bloomberg yesterday WellsFargo together with other credit institutions agreed to halt foreclosures while the new administration crafts a plan to modifiy mortgages.

This moratorium will be in place, as per WellFargo officials, until the new plan is announced.

President Barack Obama will give details on his housing proposals next week during a two-day trip to Denver and Phoenix to talk about the next steps in his strategy to revive the U.S. economy, White House press secretary Robert Gibbs said today. The housing speech is scheduled Feb. 18, he said.

Wells Fargo, which acquired Wachovia Corp. last month, extended until the end of February a freeze on foreclosure for Wachovia’s loan holders, and will halt actions until a U.S. plan is released, said Kevin Waetke, a bank spokesman.

Hopefully, these new measures will help owners avoid losing their homes and make credit available to new home buyers.

Time will tell, in the meantime here, in South Florida, especially in Sunny Isles and Aventura, we continue experiencing more activity and sales are increasing on a weekly basis.

Please, leave your comment or contact me

This entry was posted on Sunday, February 15th, 2009 at 4:05 pm and is filed under Bank Owned Properties - Foreclosures, Buying Real Estate, Selling Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Muriel Jones said at March 23rd, 2009 at 12:17 pm

   I spoke with someone on 2/19/09 about this very issue and she assured me that I could call after 3/4/09 to see what the President was going to offer. I called back on 3/10/09 and found out that they sold my home on 3/3/09 the day before Barack Obama could even give me a chance to sell my home. The bad this is, there is a note on the account that told them I was told to call back with the information they need to make sure I qualified for the various programs that were going to be offered. Can you help me?

   Homeless by Default
   Muriel Jones
   10247 Dusty Hollow, Ln.
   Houston, Texas 77089

2. Adriana Faerman said at May 2nd, 2009 at 2:07 pm

   Muriel, this is so unfortunate. Everyday I hear more and more situations as unfortunate as yours and I cannot understand why the government is not implementing new ways to assist homeowners. I wish I could help you. I am just trying to voice people’s experiences everytime I get the chance.
   Adriana

Leave a Reply

Name (required)

Email (will not be published) (required)

Website