Wells Fargo is reluctant to handle amortization loan

In Redwood City – the suburbs of San Francisco, Giuseppa Bagnarol had built a retreat comprising of a complex of three houses cascading down the hillside. On the night before her death at the age of 82 she was served a foreclosure notice asking her and her family to get out.

Her daughter Carolina Bagnarol has filed a suit against a string of lenders who took advantage of her mother’s advanced years and onset of dementia to peddle her ridiculous loans that brought the old lady to the verge of financial ruin. This was very common during those years. The legislators have recently come to agree that it was illegal to draft these types of loans in California.

In 1994 Giuseppa bought the estate for $535,000. For the major part of the next 15 years she had a traditional 30 year fixed rate mortgage. When property value rocketed during the boom years she was persuaded to refinance to avail of cash for a business and also to make additions to her property. Ultimately this ended up with a negative amortization loan of $1,365,000 in 2005. The initial low interest rate vanished and the old lady had to refinance with another loan amounting to $1.5 million in 2006 December. Under it her monthly payments shot up from $5,176.81 to $14,541.32! When she defaulted the debt zoomed up to $1,640,000 in 2008 December.

The members of her family contend that when they attempted to pay on behalf of their parent the bank was reluctant to cooperate. Things were allowed to drift into foreclosure followed by eviction threats. Eight members of Giuseppa’s family include children live on the premises.

The drama has torn apart the family. Giuseppa’s son-in-law Michael Polizzi of Residential Pacific Mortgage situated in Alamo promoted these loans. He was furious at the hint of a suggestion that he had taken advantage of his mother-in-law. He said, “If Miss Bagnarol is alleging any improper conduct by RPM or by me, those allegations are false.”

Meanwhile bank ownerships have changed and this has further complicated matters regarding saving the house for the family. The original loan came from World Savings that was acquired by Wachovia. Wachovia was later bought by Wells Fargo. The latter initially had a policy that was anti-amortization loans but now it is handling the trash left behind by its predecessors.

The Bagnarol case is being given due attention by Wells Fargo and recently it has offered reprieve. The eviction process has been halted while talks are on with Carolina Bagnarol, the daughter of the deceased regarding making the mortgage dues current.

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