Wells Fargo to refile paperwork in 55,000 foreclosure cases

Wells Fargo & Co. said Wednesday it would refile paperwork in 55,000 foreclosure cases because of mistakes in some of the documents but said it wouldn't suspend efforts to seize borrowers' homes as some other mortgage firms have done.

Mike Heid, co-president of the San Francisco bank's home lending unit, said Wells had identified potential problems with the final sign-offs by bank employees and notaries on legal affidavits. That is the same problem reported by three major rivals in the mortgage customer-service business.

The paperwork is submitted to judges to justify foreclosures without trials in states in which courts authorize lenders to seize homes. Those states do not include California. Wells said it would file supplemental affidavits in foreclosures pending in those 23 states — about 55,000 in all.

Read Full Article from Los Angeles Times

- Posted: 2010-10-27 22:13:18

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