A thousand Atlanta homeowners who expected to lose their houses this week were given new hope Monday by one of the nation's largest banks. Wells Fargo gave word it is pulling homes from Tuesday's foreclosure lists.
Atlanta community leaders have been battling Wells Fargo for months, saying the bank needs to modify mortgages rather than foreclose on homes. Monday, the bank took a big step in that direction.
That means instead of seeing their homes sold on the courthouse steps, the homeowners will get another chance to keep their houses.
"The question we're going to have to look at is now that we've pulled those homeowners off the list how do we modify those loans so they are not back on the foreclosure list in the future," said Senator Vincent Fort.
The homes were scheduled to be auctioned on the courthouse steps Tuesday.
"It's a good first step, of course it's not the whole ball of wax," said Sen. Fort.
For six months Sen. Fort and others protested and petitioned Wells Fargo and Wachovia, which it owns. The protestors were arrested on criminal trespass charges at a Wells Fargo branch back in August.
Last week Sen. Fort said bank officials met with him for the first time and decided to put on hold many of Tuesday's scheduled foreclosures.
"Stopping the foreclosure isn't enough it's making sure people can get terms they can stay in the home," said Sen. Fort.
So the homeowners will temporarily avoid foreclosure.
Sen. Fort said the big question is what will happens next and what kind of payment plans and loan modifications the homeowners can get.
---
Brian and Jennifer Vanderhoff
North Fulton County REALTORS
Vanderhoff Real Estate
(770) 888-9269
---
Milton, GA Real Estate, Condos, Homes for Sale
North Fulton County, GA Real Estate, Condos, Homes for Sale
Forsyth, GA Real Estate, Condos, Homes for Sale
---
Labels: avoid foreclosure, Bank owned properties, Foreclosures, wells fargo
# posted by
Brian Vanderhoff @ 9:23 AM
