Tag Archives: settlement

Slap on the Wrist? Now is Your Chance President Obama!

Wells Fargo’s Discrimination During the Housing Boom

Wells Fargo, one of the top five banks in the nation, has agreed to pay a settlement of $175M for DISCRIMINATION against Black and Hispanic borrowers during the housing boom, according to the Justice Department yesterday. Is this a slap on the wrist or a fair settlement? FAIR? Please spare me!!

If approved by a federal judge, this would make this the second highest settlement in residential “fair lending”. An investigation by the civil rights division of the justice department found that brokers working with Wells Fargo charged higher fees to more than 30,000 minority borrowers. I believe this number is less than 50% accurate, given the sweeping numbers of sales back in the boom market. Then the same bank also steered 4,000 borrowers into sub-prime mortgages from 2004 to 2009, the announcement said, which to me seems grossly miscalculated. Where these numbers are created is never disclosed, causing me to believe they are not absolutely correct. When will the big banks stop misleading us?

This is the worst criminal racial profiling in our American society and the Federal judge who will approve this settlement amount should be unseated from the seat of majesty. This bank should pay dearly–a minimum of a $1B fine! Now, with the news from Bank of America, illegal foreclosures from the now JP Morgan Chase trading fiasco loss originally tabbed at $2B, now over $4B! When will it stop?: CEO Jamie Dimon offered an apology and closed the division, while four employees resigned–the one who collected a $15M salary last year, no doubt, profited dramatically in the scam. What does this mean to us middle-class Americans less than 4 years after the 2008 financial crisis caused by the largest banks and now a new alarm sounding that latest actions are compromising the integrity of the US financial system? Find your exact rights with your specific institution, speak with an attorney if you were foreclosed on or did a short sale, and choose wisely who you or your loved ones bank with. Until Americans take the bull by the horns and stop doing business with these people, will our future and our children’s future by secure?

President Obama has made some blunders. Regardless of if our country be better off with him or without him in the future; he can act now to make a change for the future. The good people out there still struggling to keep their home or who already lost their home due to gross mistakes by these banks, should be given special incentives to make restitution. The laws protecting Americans from having to sell their homes expire at the end of the year and need to be extended now. Come on; step up NOW, Mr. President!!

From Bad to Good-Unbelievable Results in a Short Sale!!

From Bad to Good-Unbelievable Results in a Short Sale!!

In a volatile economy with a recession in full swing, it is extremely hard for most people to imagine anything positive to happen in a bad situation. Well, with an upside down property and several liens in place, you would want to pay close attention in this article because you will find this SHOCKING!!

I just recently closed a short sale with numerous liens on the property, specifically IRS lien, child support lien, large past due HOA lien, and an active bankruptcy in place. This example is one of huge importance for the fact that the bank contributed to some of these debts despite the fact that the property had no equity. This is FREE money towards the owner’s debts. In addition, the owner of the property received bad advice before I talked to him to move out of the property and by doing so, gave up the qualifying right to receive several thousand dollars for moving and relocation expenses from the bank. This aside, the situation was still a win-win for the owner regarding getting free money from the bank to go towards debt that most likely would have to be paid through his bankruptcy Chapter 13 reorganization plan.

I have personally closed several short sale transactions with an active bankruptcy or shortly after discharge. This process is extremely valuable and very rare for any real estate agents to understand including process with these circumstances.

Another transaction I closed as a short sale in the past had 8 liens where the benefit of this one went completely to the debtor’s children in this case a child support lien in the amount of $24K and a settlement by the 1st lien holder bank paid of $12K! This is free money from the 1st Trust Deed Holder for a situation that was beyond out of control. Most of the other liens also received free money from the lien holder or were released with zero money to them.

Another transaction had liens on an upside down property from credit cards that were settled by negotiation and allowed by the lien holder. Again this is free money from a no equity sale or short sale that pays down a debt or settles them in full and in some cases I have done these has helped avoid a bankruptcy by the seller.

There are many people in situations as I mentioned above and there are literally no Real Estate Agents that know how or want to handle these situations. If you know someone with a similar situation, you will be a huge benefit to them and do a bigger charitable act by referring me to them for a no obligation, private and discreet consultation. CALL NOW! ONLY THE BEST GET THE BEST RESULTS!!

– John A. Silva

www.JohnASilva.com | (

Mortgage Reform, Refinance, Really?

My Thoughts on the Current Real Estate Market: Mortgage Reform, Refinance, Really?

With interest rates at the lowest rate in history, and foreclosures bursting through the ceiling still at this writing, I ask myself, why is this still happening?  How does the 1-in-4 upside-down homeowner out there, staring at their bank and scratching their head, get help to avoid walking away?

The empty promises, or the so-called “helping hand” being offered by the banks and the government, is still a joke to say the least. For the people who sold their home in recent years, they are in a position to buy or have already bought another home and recovered from that stress of “What do I do?” while taking advantage of the low interest rates and prices.

upside-downIt still is not too late to make that leap and start over–because the faster you do, the faster you will recover. Property values are not expected to go anywhere for at least two more years, and the laws for selling short sales that protect homeowners will expire at the end of this year. Laws allow a purchase after two years of selling a short sale. With a consultation with me and strategy, you could pay off most of your unsecured debt, while not paying your mortgage. This can only be done with someone who has had experience with this. I have done this with clients that have recouped while living in their home for over 3 years without paying a mortgage.

The latest reform laws are offering a glimmer of hope; however, when and how these guidelines are implemented by the banks and government is clear to not happen for awhile.  The state governments will have to also be on board. At this time, California is weighing the settlement being offered for unlawful foreclosure practices from five of the larger banks that have agreed to pay a settlement.

My opinion is that any settlement should accompany a mandate that the banks must reduce every upside-down property out there to fair market values, to allow the homeowner an opportunity to keep their home; granted that the home is not dilapidated to the point that the owner does not have the funds to repair the home or care for it after the refinance. This exclusion is warranted to the extent that a home that is in bad shape is only dropping or keeping the values low in the neighborhood and should be taken care of. In a perfect world, the banks would allow the homeowner funds after the refinance to repair the home–heck, let’s go for it all!

As always, my gratitude to you for reading my blog.  Please share your opinions or questions–I look forward to any questions I can answer or help I can give!

John A. Silva, Realtor

(619) 890-3648 | www.JohnASilva.com