Foreclosures not frozen completely

Wells Fargo Bank has no plans to place a moratorium on foreclosures in Colorado, lifting one veil of suspense for Mesa County Public Trustee Paul Brown.

Brown and other trustees have worried that a moratorium on foreclosures in the wake of irregularities in other states might spill over into Colorado.

Wells Fargo spokesman Tom Gray said the bank is “not planning to initiate any moratoriums on foreclosures” and remains confident in the accuracy of its affidavits and policies.

“That’s good to hear,” Mesa County Public Trustee Paul Brown said Monday.

Brown and other public trustees in Colorado have been waiting nervously to learn whether moratoriums would be extended to Colorado.

Bank of America Corp., JPMorgan Chase & Co. and other large mortgage lenders last week halted their foreclosure activities to determine whether their employees properly processed foreclosure documents.

Moratoriums by several lenders at once could idle the offices of public trustees temporarily, “and then we’d be suddenly slammed when they lift the freeze,” Brown said.

Public trustees have “been burning up the airwaves” with phone calls, e-mails and other communications to learn what awaits them, Brown said.

Wells Fargo joins Citigroup Inc. in ruling out a foreclosure freeze, with Citigroup announcing confidence in its own procedures and training.

Bank of America said Friday that it was halting foreclosures in all 50 states. Bank of America, J.P. Morgan Chase & Co. and Ally Financial, formerly GMAC, agreed to foreclosure moratoriums in the 23 states that require judicial review as part of the foreclosure process.


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