WACHOVIA vs POSTI: Judge’s Loan Modification Order Sends Bank Scrambling


“We’ve always viewed it as a government-issued license for the mortgage servicer to steal a few more payments before it takes the home”


Judge’s loan modification order sends bank scrambling

A Palm Beach County judge’s order requiring a bank to modify a homeowner’s mortgage instead of foreclosing has lender lawyers scrambling for a do-over and defense attorneys at attention.

The order, signed by Judge Howard Harrison last month in a Royal Palm Beach foreclosure case, specifies payment amounts, a fixed 3.15 percent interest rate for 40 years, and requires the bank to mitigate damage done to the homeowner’s credit — details foreclosure defense attorneys said they have never before seen in a ruling.

In fact, several said they were surprised and intrigued by the unusual order, which attempts to enforce a trial loan modification the homeowner received in 2009 but which may ultimately overstep the judge’s legal authority.

“It seemed like the bank was trying to get payments out of the homeowner but never really had any intention of modifying the loan,” said attorney Jeff Harrington, who is defending homeowner Paul Posti. “Our argument is, if you look at it closely, it’s a binding contract.”

The bank has asked for a rehearing in a 64-page request that includes the assertion that a trial loan modification is not an enforceable contract.

“We disagree with the ruling in this case for a number of reasons, including that compliance with the decision would require us to violate several federal laws and it imposes a modification with terms that were never agreed to by the Bank,” Wells Fargo said in a statement Wednesday.

Rest from The Palm Beach Post here…

Copies of the order and motion below…




Posti Final Judgment 062513

Wachovia Mortgage Corp v Paul Posti Motion for Rehearing

5 Responses to “WACHOVIA vs POSTI: Judge’s Loan Modification Order Sends Bank Scrambling”
  1. DebbiC says:

    Wow – BofA on the other hand is insisting I signed a loan modification agreement which is binding in that I signed away my rights to defend myself in a foreclosure action. They are using that loan mod to avoid answering many of my discovery questions. If someone could tell me what bank the article above is about and where I can find the 64-page bank argument, I’d appreciate it!

  2. 4evrmoi says:

    Will ANY attorney ever post in these comments “how” we can collectively, go after these crooked gangsters, banks, mortgage companies, Freddie Mac/Fannie Mae, AND the crooked Comptroller’s office??? Are we just supposed to continually lose our homes, the “American Dream” of home ownership, and our liberties while these corrupt powers that be continue to wipe up the earth with our inability to fight back?!! I’ve tried for nearly two years now, contacting and proving to my Congressman, Senators, the Consumers Protection Agency, direct contact with Freddie Mac and Citi Mortgage and their attorneys, not to mention my County Auditor’s office and the County Recorder’s office, of HOW these gangsters STOLE my home of 35 years … AND did so fraudulently while lying at every turn! I’m so FED UP with ANYONE WHO HAS THE POWER, POSITION, AND THE KNOWLEDGE of just WHAT we CAN DO, yet just allows all this talk to go on and on, day after day, while nothing worth while for the average homeowner who LOST THEIR HOME, is accomplished! =(

  3. TM says:

    There is no point in linking to Palm Beach Post stories anymore as they are requiring a paid subscription to view their articles.

  4. kate says:

    It is just going to take the guts of a tremendous number of our Judges out there to start turning the tables on these law breakers so the TBTF banks understand that they will not be receiving the law breaking exemptions they have grown so accustomed to. The bank’s attorneys were probably so shocked by this Court’s ruling that I’m surprised we didn’t read a story about “Attorneys for Wachovia Mortgage Faint in Courtroom After Hearing Ruling”! At least that would give us all a good laugh 🙂

    • J. Alonzo says:

      Indeed! Our whole system has become so bank corrupt that they are not use to this. Even we the Sheeple are told by our very own attorneys the following. ” Yes you have valid defenses, but in foreclosure world court the rule of law does not apply & it depends on what judge you get. Meaning you should win hands down, but if you get the wrong judge he or she wont care and just give the house to BANKSTERS!

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