Wells Fargo Offers Homeowner $2 Loan Modification Discount

Here’s another PR nightmare…

Wells Fargo reportedly offered a struggling homeowner a loan modification that resulted in just $2 off his monthly mortgage payment, according to an ABC news affiliate.

The Independence, Ohio-based homeowner, Mike Elewski, apparently got into trouble back in 2009 when the ongoing recession began to affect his business.

In August of 2009, he asked the San Francisco-based bank and mortgage lender to grant him a loan modification, but bank representatives said they only negotiate with homeowners behind on mortgage payments.

As a result, Elewski stopped making his mortgage payments, and before long, faced foreclosure.

Eventually a judge ordered mediation between him and Wells Fargo, and after mountains of paperwork and thousands in attorney fees, the bank offered him a modification.

Unfortunately, the loan mod resulted in just $2 off his regular mortgage payment, meaning foreclosure is likely imminent.

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