Widow: Bank insists on talking to my dead husband

[The Straight Story]

SONORA, CA - A widow who is losing her home to foreclosure said she's willing and able to make her house payments, but the bank insists on dealing with her dead husband.

Jeanette Noble, 66, fell several months behind in her payments following the death of her husband, Norman, in Oct. 2009, because their joint bank account was temporarily frozen.

Jeanette later contacted Wachovia Mortgage to arrange a repayment plan, but the bank refused to talk to her because the loan was in her husband's name alone.

"I tell them he expired. He's dead. He's not here. He can't talk to you," Jeanette explained.

She faxed a copy of Norman's death certificate, which only complicated the problem. Future mail was addressed to "Estate of Norman Noble," and bank representatives still refused to talk to Jeanette because she wasn't a court-appointed representative of Norman's estate

http://www.news10.net/news/article/131500/2/Widow-Bank-insists-on-talking-to-my-dead-husband

[SpiralHawk]

1. "He's just pining for the fjords." - Monty Bankathon

[McCamy Taylor]

2. This story proves that banks make money off foreclosures. The bad publicity that it is sure to

generate is obviously outweighed by the bonus some bank pencil pusher hopes to get by forcing a widow out of her house.

Foreclosures must be making banks some serious cash.

[Mnemosyne]

3. Watch 'Inside Job', McCamy. They are insuring these mortgages with multiple policies

and make much more from a default than from the mortgage itself. I am still livid after watching it weeks ago. Despicable bunch.

[YellowRubberDuckie]

5. Not every loan we have has PMI or LPMI (The mortgage insurance you're speaking of)

MOST don't in fact. We recently had a $2.4 Million dollar house go to foreclosure sale. When we got it in my department, it appraised for a whopping $200,000 (this was mortgage fraud, by the way, on the part of the MORTGAGOR, or customer, mind you!). People at work started losing their shit, let me tell you. THIS is the reality. The media is propagating these myths. Sure, we have loss protection, but so does any business if you're smart. And you don't get every cent you lent back. We have properties that we lose hundreds of thousands of dollars on even after we get payouts from our insurance companies. Yes, there was predatory lending, but when people don't make their payments or can no longer afford their homes, the reality is, and the documents they signed says, that that home will be taken by foreclosure. It's not personal. It is business.
Why does everyone have this mindset that regardless of if a person can pay for their home they deserve to keep it no matter what?! If you make $50,000 a year, you do not belong in a McMansion. We make a little bit more than this and found a nice, simple home for under $80,000. We can afford it, but people have it so driven into their heads that they HAVE to have a McMansion that they misrepresent themselves or worse to get into one.
Everyone deserves the opportunity to buy a house THAT THEY CAN AFFORD. When we bought our house, we were approved for $150,000. Sure that would work if we had no utilities, cable, grocieries, or other bills we had to pay. The Mortgage company is at fault for THAT part, however, the mortgagor knows the bills that they have to pay, and what they can afford. There needs to be a little common sense utilized from BOTH SIDES. Neither side is completely innocent in this mess, and I'm sick and tired of every mortgage company being vilified because Bank of American is the devil.
Duckie

[Mnemosyne]

6. Duckie, have you watched 'Inside Job'? I am not attacking any

companies other than those in the film.

If someone can afford a house, no problem. I've never said that people should be able to keep their houses no matter what. I've moved to economize many, many times in my life. I am actually in the planning stage of another move.

I've never bought a house over $50,000, easier to do in my area than most, and would be embarrassed to own one of those McM's. So many people in this country have been taught to determine their entire self-worth based on what kind of house, car, yard, etc. they have. I believe that is why so many end up in these situations.

I've learned that home truly is where the heart is; not what you own. :hi:

Sorry if you felt it was an attack; that was not my intent. :hug:

[YellowRubberDuckie]

12. Thank you.

Most of the DUers have this weird sense that just all mortgage companies are evil, that people should be able to keep their homes no matter what, and that idea just has a tendency to agitate me. I agree with you entirely.
Duckie

[YellowRubberDuckie]

4. That is ridiculous. This proves nothing. We lose a TON of money in FCLs.

I know. I close out the REO (Post FCL (foreclosure) properties we sell in our REO department where I work). And I have to do a payoff quote on all my loans prior to closing them out. If you knew how much money we lost on EVERY REO, you would shit your pants. This is standard practice. If she went to an attorney and got paperwork naming her the rep of his estate, they can talk to her. This is wrapped up in privacy laws and any approval we received prior to death to share information dies with the mortgagor, as we call the customer. They were just following the HUGE about of privacy laws that we have to follow. If we didn't, we'd get sued.
NOTE: I DO NOT work for this same bank, but a smaller lesser known entity I do not want to name.
We do, however, get commission from our investors and FHA/VA/RHS every time we get a loss mitigation plan completed (these plans include those modifications you hear so much about). This commission is our bread and butter, and we EXHAUST those efforts before sending ANYTHING to FCL. In most cases, I find, that the biggest reason we foreclose is lack of response from the mortgagor. And when they call three months later after getting a letter in the mail from the judge saying since you sat on your ass and didn't respond to those services you are now ordered to be out of your house in 20 days, we'll finally get a panicked phone call saying they had no idea what was going on. Which is normally bullshit because as soon as we assign it to an agent they are out at the house putting up postings and leaving cards and door hangers. I've been doing this a long time and I have heard EVERYTHING. Sometimes I can help people reverse their sale and keep their homes, if they call me day of or after sale and notes in my system show they were trying to do something when the date of the sale suddenly happened. But most people wait weeks, MONTHS to call. It's frustrating to hear people tell me these sob stories, but they weren't proactive in keeping their homes.
And little known fact: FHA/VA have unemployment specials. You basically send in what you can and get monthly reviews on your situation. And I've seen us do it quite often.
Duckie

[ThomCat]

11. Yes, they'll create situations where they can refuse payments

and create unnecessary foreclosures, because they make money from the foreclosures.

If the documentaries and fraud-watch reports are correct (and they almost certainly are) then the banks make more short-term profit from forcing foreclosures than they do from letting people keep their homes and pay their mortgages.

That is a very sick system. Yet, there haven't been any government investigations. Neither congress nor the Justice Department are stepping in to do Anything to stop the banks from pulling scams like this. They aren't doing anything to protect the millions of consumers that are at risk, or losing their homes, or who already have.

Why aren't they doing anything? Because the financial companies a HUGE campaign contributors. It just wouldn't be right to investigate a campaign contributor. They're IMPORTANT! Campaign contributors have to be coddled and protected from any accusations made by the mean old UN-important disgruntled public.

[MineralMan]

7. She needs an attorney. Why don't people understand that?

I've never been able to figure that out.

[treestar]

8. All she needs to do is open his estate

Even if he did not have a will, as his wife she can petition to be appointed administrator.

This lady is exceptionally not-smart.

[slackmaster]

9. Wells Fargo tried to make me involve my ex-wife in a refinance of my house

I fixed the problem by writing and recording my own Quit Claim deed, from "slackmaster, a married man as his sole and separate property" to "slackmaster, an unmarried man."

[KittyWampus]

10. Woman needs a lawyer. There is a process and it sounds like she didn't do it.

[Historic NY]

13. Give them his new address at the cemetery....I do that to the ..

various idiots that keep sending me mail and calling for my Uncle who passed back in 04. Eventually they get a clue when they have the plot & sec. #.

[LiberalFighter]

14. Why was her bank account frozen? It was a joint account according to the article.

The only way it should had been frozen is if it was only in her husband's name.

This began in October 2009?

I wonder if attorney fees of $1000 is right for the work needed?


A possible solution would had been to use the bank online pay method to pay the mortgage if the bank account was truly a joint account.

[hobbit709]

15. In TX all I needed to do

was fill out an Affidavit of Heirship, have it notarized and recorded by the county clerk. Faxed copy of same to mortgage company and paid off the house since it was only in Donna's name as she bought it before we were married so it wasn't community property.

[proud2BlibKansan]

16. Why doesn't she have an attorney?

And why isn't she a representative of her husband's estate?

Sounds like she's getting screwed but she should have hired an attorney a long time ago.