Bank Exec Parties in $12M REO Foreclosure
MALIBU, CA - A Wells Fargo executive, Cheronda Guyton, allegedly moved into a $12 Million Wells Fargo REO foreclosure with her husband and two children. Reports indicate that she even threw a huge party on the last weekend of August in this beachfront foreclosed home. Guyton supposedly oversees Wells Fargo’s foreclosed commercial properties and it seems this Pacific palace was just too tempting to stay empty.
What’s even more interesting is that Wells Fargo’s residential REO foreclosure division hired two real estate agents to handle the sale of the property (See 106 Malibu Colony) but requested the property stay off the market for a while. Huh? When pressed for a reason why, Wells Fargo stated that they had some kind of agreement with the prior owner to keep the property off the market for a period of time.
Speaking of the previous owners, supposedly, they fell victim to Bernard Madoff investment scam, lost their money and subsequently their gorgeous Mailbu home as well. Traditionally, homeowners that lose their property to foreclosure relinquish all of their rights to the property, including the ability to “tie up” the property and keep it off the market. That makes Wells Fargo’s statement that much more puzzling. How could ”some kind of agreement” hold back the new owner of the property, Wells Fargo, from putting the property on the market?
We have seen in some rare instances where a government backed loan that goes into foreclosure allows the homeowner to stay in the property for a short period of time after the foreclosure. However, in this case, the previous owners were not in the property. The occupant appears to be a Wells Fargo executive living it up for a while in paradise for free.
How does it make you feel to know that banks are being bailed out and they are acting this way? Provide your comments below:
Sounds like Wells Fargo needs to crank up their ethics training! I guess the big wigs are too used to getting perks and the lines not to cross are fading. Terrible.
THE BANKS AND OTHER LENDING INSTITUTIONS ARE IN THE REAL ESTATE BUSINESS!!!!
It’s an OUTRAGE!!! “WE THE PEOPLE” are funding this kind of abuse, the REAL shame is that we’re powerless to do anything more that “shake a finger at them and say: ‘Don’t do that again or else.’” The REAL fact is that “WE THE PEOPLE” will see an insignificant part of this so called Economic Stimulus and to think of the hardship this will cause for future generations (our children) is inconceivable.
Wells Fargo is my mortgage company, I’ve tried to get a loan remod with them since May ‘09. I’ve never missed a payment and I’m still current on my mortgage. They’ll send me two (2) letters every 45 days or so. One will congratulate me on getting my loan reinstated (remember, I’m current), the other will state that they are reopening my case for review.
I call this “STUDDERING”. The total time is SHOULD take for most loan mods is sixteen (16) to forty (40) business hours, instead it takes at least 45 business days to 4 months or more to come to some resolution (usually the property owner runs out of time and money forcing the lending institutions’ hand.)
Unfortunately, the banks, just like our government, are notoriously recalcitrant when it comes to dealing in bad faith with the common individual. They seen this comming long before we did, they knew we’d go along (under false pretence) with giving them funds to help us out. Let’s face it, THE BANKS AND OTHER LENDING INSTITUTIONS ARE IN THE REAL ESTATE BUSINESS!!!!
Ethics is not Wells Fargo Bank (the Bank that Delivers- yeah Grief) when I was one of their customers I was laid off my job. I had a credit card with them with a $5,500.00 credit limit. I had charged to the max paid it down to $643.00 at the time I was laid off. They called played nice and asked if I could mail them a post-dated check for the amount I was behind. I agreed but told them that they couldn’t put it through until the agreed upon date otherwise my rent check would bounce. Of course they put it through, my rent check bounced, I received an overdrawn charge and notice. I didn’t know at the time that it was illegal to write a post-dated check–this was 1993– when they called back, same guy, I had choice words for him unrepeatable and hung up. I cflosed my account with them and won’t have anything to do with them. When they fail- even another bailout won’t save them, I will not cry for them or any of their upper level employees for they will get what they deserve, unfortuantly We the People will get to pay for their arrogance, greed, and lack of ETHICS. I do know that those of us who are learning the Real Estate Bussiness will be a large part of saving and restoring Integrity to our Nation, BUT only if we keep our WORD. We all KNOW when we are Doin RIGHT and When we are NOT DOING RIGHT. The Choice is Ours.
This, unfortunately is PURE GREED !!!!!!!!
The BEST part of this story is, it has been REVEALED to the public so they are not IGNORANT of the TRUTH behind many people who are in the banking, mortgage, & real estate market……………this story is a BLESSING to all of us who are NOT AWARE of the TRUTH……. Let’s all thank our GOD for this revelation !!!!!!
It shows that in any area, in any price range there are people that need our help closing short sales each day. We have to find, reach out, market or do what it takes to find these large deals and make some money!