Wells Fargo forecloses during Modification Negotiations

Wells Fargo forecloses during Modification Negotiations

Wells Fargo forecloses during Modification Negotiations

Jun. 29, 2010
Copyright © Las Vegas Review-Journal

Homeowner gets foreclosure reprieve

Company barred from evicting tenant while case is pending

By JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL

Tyree Brown, the homeowner who complained that Wells Fargo Bank blindsided him with a foreclosure during loan modification negotiations, has won the first round in court.

District Court Judge Douglas Smith signed a preliminary injunction Wednesday, temporarily preventing the buyer from evicting Brown, his two sons and his fiancée from their northwest Las Vegas home.

JFS Management Group, which made the winning bid on the home at a February foreclosure sale, won’t be allowed to take over the house at 1840 Spring Summit Lane and “flip it” for a profit while the case is pending.

Brown and the buyer must negotiate a monthly payment amount or Smith will set the payment amount for them.

The case is unusual because Brown comes from a prominent family. His father, Joe Brown, president of law firm Jones Vargas, sat on the state community board at Wells Fargo Bank and was friends with Wells Fargo’s regional President Kirk Clausen.

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One Response to “Wells Fargo forecloses during Modification Negotiations”

  1. Donna says:

    Wells Fargo and its army of attorneys knew it is Category C felony to make mortgage loan and foreclose home based on fraudulent appraisal. However they chose to defraud us by foreclosing
    our home.

    Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture. Here are the facts.

    1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
    Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000
    – Wells Fargo’s own review appraisal valued our home at $475,000
    – Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.
    – Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
    – Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.
    – Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.

    2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.

    You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.

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