There is a great reality that is happening right now especially in the case of various houses that have been foreclosed. While it is true that there is an increasing reality that more and more people are unable to pay their mortgages whenever they fall due, there is another problem which is at stake here and that such houses and real estates have commonly become victims of vandals and various negative elements such as being the venue of most drug dealings and lawless elements.

Now, it is indeed true that this is the current reality in most foreclosed properties. However, there is another seemingly more pressing issue at hand, and that is the issue of various bank officers taking advantage of the said bank’s foreclosed properties.

106 Malibu Colony

An issue to seriously settle:

To be in particular, a certain Vice President of the Wells Fargo and Company was found to unusually settle in most of the foreclosed properties. The irony of it all is that this officer is directly responsible in the facilitation of the foreclosure of most properties.

It has even put in media publication particularly in the LA Times and the 106 Malibu Colony News. Accordingly, this certain executive from Wells is actually responsible in the many foreclosure processes of most properties. This person was actually seen having lucrative parties and even holding a beach party in a certain beach house that is said to be under foreclosure which is significantly worth $12 million. Now, this is the main explanation why most real estate agents are wondering why the Wells Fargo is refusing to subject these houses to foreclosure processes.

Now, to make matters even worse, the family who lost the said house had no other choice but to do so due to the fact that they have been a victim of the Ponzi scheme. This Wells executive known as Cheronda Guyton is the person responsible for throwing expensive parties and that he even had the audacity to invite guests who actually came there by yacht.

106 Malibu Colony

The moment this was found out and was immediately brought to the concern of the Wells Fargo, the only response that was received is that the Wells Fargo will be making a more thorough investigation on such matter indicating that the said incident is an isolated case.

However, one might think otherwise. It is because Wells Fargo is not actually on its great year. Although such company has been hailed one of the biggest mortgage lenders of the nation, there has been some compliance issues that they have failed to follow. This is with regards to the proper modification of mortgages which are troublesome and are at risk of foreclosure.

In as much as the Obama Administration’s advocacy to assist in the prevention of various foreclosure plans, Wells Fargo still insist on their own policy which highly contradicts the administration’s mediation. This only goes to show the true intention of the company on their personal interest on the various foreclosed assets. Indeed, such would show the total lack of credibility of such company.

This is the reality that most mortgagors are facing right now – the reality of the possibility that sooner or later, they might not be able to satisfy all their debts especially whenever they fall due. While it is true that these people might have tried so hard to pay their debts and obligations on time, the severity of the present economic condition may be a great hindrance why most of these mortgagors might not be able to finally settle their mortgage on time.

In Malibu for instance, there is enough rage among the common people who are living their lives one day at a time, financially. They have been so pressured and caught up with trying to pay their mortgage on time and yet somehow, the economic difficulty is too overwhelming. It got so overwhelming for them to the point that it reached its limit and that they end up having to surrender to surrender their homes.

It can be harsh and cruel but that is how mortgages and foreclosures work. If an individual is unable to meet his mortgage and may fall delinquent for several months, his home will be subject for foreclosure and that such individual has to give up his home and put his house in auction. The proceeds of such auction will be used to finally settle his delinquent account.

Where is justice here?

There is much debacle that is currently brewing right ever since the 106 Malibu Colony News reported that the bank which should be responsible for the foreclosure process of such house is not exactly doing its job. In fact, it is only doing its leisure time in the very house where the foreclosure is currently ongoing.

Now, it is not to say here that all banks are like so. However, there is this particular bank which has been doing this illegality for quite some time now. Neighbors and passersby have began to notice it and can even confirm that some bank executives and mortgage officials have been reported being sighted on the said house doing parties and great celebrations as it if was theirs.

To add more insult to the injury, these officials have even refused to put such house in public auction. This has baffled most real estate brokers and companies since they don’t see the reason why the bank has to delay such an act where in fact, it is the only way for the mortgagors or the delinquent buyers to be able to finally settle their obligation to the bank.

Now, people are now raging and very much angry. Most families have been left with no home so as to settle their dues and yet the houses that they were living in have been used as party venues for the bank officials who should make the necessary action to put the house on its proper foreclosure process.

The government may have had some helpful programs to remedy such an incident and aid mortgagors in their obligation but the failure of the bank to follow these programs is very much distressing.