Auburn woman wins foreclosure fight
Fri, 12 Feb 2010 21:26:33 GMT —
An Auburn woman says she's won her fight against big banks that were trying to foreclose on her home.
Marie Treat closed on a refinance loan with Savannah Bank Friday marking an end to her two and a half year battle. "I'm just glad it's over. It's finally done." Treat told CNY Central.
CNY Central featured Treat's story last December. Like many homeowners, her original lender sold her mortgage to another bank, in this case Deutsche Bank and its subsidiary Wells Fargo which turned it over to America's Servicing Company. Treat claims her mortgage payments skyrocketed and her payments got lost in a bureaucracy. The Auburn woman eventually found herself in court fighting foreclosure.
Treat says after CNY Central featured her story, suddenly Wells Fargo was willing to settle which allowed her to refinance with a Savannah Bank. She says Wells Fargo also dropped its demands for a $119,000 payoff to $100,000. "Because of your news story," she says, "people opened their eyes and realized this problem in America is big and I think your news story gave everybody the push to get it done."
The Executive Vice President of Savannah Bank, Joseph Vitale, said "As many big banks do, they just package the mortgage for you... and then sell it... and it bounces all over the country. I think she was making a payment here when it should have been made there."
Vitale says Savannah Bank does not sell its mortgages to other companies.