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Early payments lead to foreclosure for Florida man

A Florida man is facing foreclosure by Wells Fargo for making his house payments too early. In spite of records showing that the man paid his mortgage note early and in excess of what was due, the foreclosure is proceeding. According to the bank, the man did not follow loan modification guidelines, which is why they are foreclosing.

Last year, the man was offered a loan modification by the bank, and he was told that as long as he made his payments during a four month trial period, the modification would become permanent. After the man began making early payments, the bank stopped accepting the payments and began the foreclosure process. According to a spokesman for the lender, the type of modification the man received had very strict guidelines and that they are working with him to see what options he has to resolve the issue.

This kind of behavior from banks is not new, and it continues even after several big banks had to settle with the government last year for their foreclosure practices. The behavior that drew the attention of the government included illegal foreclosure on people serving in the military, losing track of paperwork and filing foreclosure paperwork while still working with someone on a modification.

If someone is being foreclosed upon, they should not assume that the bank will be helpful, and in many cases banks work against a homeowner's best interests. A lawyer may be able to help someone going through foreclosure by ensuring that the lender they are working with is following the letter of the law. Additionally, a lawyer may be able to help individuals negotiate with the banks to delay or stop a foreclosure.

Source: Truth Dig, "Wells Fargo Foreclosing on Florida Man Who Made Mortgage Payments Early", May 26, 2013

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