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Wells Fargo has warned customers of new scam, urges its customers to be skeptical of phone calls. Bank spokesman Mark Chapman said he became aware of the scam July 20 after one customer had apparently fallen victim.

He said the scammers are leaving an automated voice message on phones or sending a text message informing people that something is wrong with their Wells Fargo debit card. People are told to respond to a certain phone number and provide information so their accounts can be reactivated, he said.

He said the bank has received "numerous" calls from customers inquiring about whether the call or text message is legitimate.

James W. Platt, a retired Salt Lake police officer, said Thursday that already this week he’s received four automated phone calls from someone pretending to be Wells Fargo. He’s hung up every time and avoided becoming a victim. Platt, who had Tweeted about his experience, said he’s not a Wells Fargo customer.

"After the first try when they called again, I figured somebody was up to no good," he said.

Platt said if he had any questions about the veracity of a call he would have called the company directly using already provided contact numbers, like those listed on the back of debit and credit cards. Chapman said the bank encourages consumers to take the same action.

"If something seems wrong, it usually is," Platt said. "Just trust your gut."

Chapman said he doesn’t know how the scammers obtained the phone numbers, but in the past said they have bought mass lists of phone numbers or addresses, stole them or used technology to generate contact lists.

But what may make the newest scam especially confusing for customers is that legitimate Wells Fargo bank employees do sometimes reach out to customers when there are concerns about fraudulent usage. All employees will understand if a customer would prefer to call the number listed on their card to verify legitimacy, he said.

Anyone who thinks they may have become a victim should contact Wells Fargo immediately or  for that matter, any other credit or debit card provider which they believe that the confidential information may has been compromised..

Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham

Don't spend a PENNY 'til you call JENNY!

CELL:  615-812-4174 (Fastest) 
 

 Phone:  615-859-7150 Ext. 599
Cell:  615-812-4174
Fax:  615-431-2514
Address:  505 Johnny Cash Parkway
City:  Hendersonville
State:  Tennessee 37075

Last week, Bankrate.com reported very favorable rates, with the 30-year fixed remaining unchanged from the previous week's record low.

The benchmark 30-year fixed-rate mortgage remained 4.88 percent last week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 5.76 percent; four weeks ago, it was 4.96 percent.

In the nearly 25-year history of Bankrate's weekly rate survey, the 30-year fixed has fallen below 5 percent just five times. And all five times were the last five weeks.

Meanwhile, the Mortgage Bankers Association reported that three-fourths of recent financing applications were from homeowners who wanted to refinance.

[SOURCES: Bankrate.com; Mortgage Bankers Association]

Jenny Markham Email Jenny   Phone: 615-859-7150 Ext. 599 Cell: 615-812-4174 Fax: 615-431-2514 Address: 505 Johnny Cash Parkway City: Hendersonville State: Tennessee 37075

Affordable TREC Education, Sunday, June 13, 2010 4:31 PM

Before Larry Thomas unloaded his Pompano Beach, Fla., home last fall for a fraction of what he paid, he cut a deal that will keep him from worrying about a huge debt hanging over his head.

Thomas insisted that his lender, American Home Mortgage Servicing, agree not to come after him for the estimated $174,000 he still owed on his two mortgages. “I feel incredible relief,” the restaurant manager said recently.

Others may not be as fortunate. Lenders will file a tidal wave of lawsuits against homeowners in the next few years as a way to recoup losses when home sales or foreclosure auctions don’t result in enough money to pay the mortgages in full, real estate and legal analysts say. “It will be a dramatic problem because the borrowers will not know it’s coming,” said Frank Alexander, a law professor at Emory University in Atlanta.

Laws vary from state to state. In Florida, banks have five years from the date of the sale to file for so-called deficiency judgments and up to 20 years to collect. Lenders can garnish wages or make claims on borrowers’ assets.

Before the housing meltdown, few lenders filed these lawsuits. Foreclosures and short sales—selling for less than the mortgage amount—were relatively rare at the time, and many of the homeowners didn’t have sufficient assets to make it worth the banks’ time and expense.

But following the heady days of the housing boom that spawned millionaire investors seemingly overnight, it’s not uncommon for borrowers to default on mortgages while still holding lucrative investments.

As the next wave of the housing crisis plays out, those most in danger of getting slapped with lawsuits include angry homeowners who ransack properties they’re losing in foreclosure and borrowers who walk away from “underwater” mortgages. In both cases, analysts say, banks will want to discourage other people from such behavior.

More than four in 10 homeowners said they would consider abandoning properties that are underwater, or worth less than the mortgages, according to a national online survey released recently by real estate firms Trulia and RealtyTrac.

Mortgage companies typically won’t sue homeowners who negotiate in good faith or those who default on their loans because of job losses or other unforeseen circumstances, said Anthony Manno, an executive with Steelbridge Real Estate Services. The Miami-based company works with lenders on the resale of foreclosed homes. Still, borrowers shouldn’t rely on a lender’s verbal commitment, Manno said. “Get something in writing.”

Critics insist that spite will play a role in some of these lawsuits. Lenders deny it.

“We certainly would not do that,” said Russell Greene, president of Grand Bank & Trust of Florida in West Palm Beach. “It’s a business decision—not an emotional decision. It’s very time-consuming to take someone to court.”

Even if lenders don’t pursue the judgments, they could sell mortgage debt to collection agencies at deep discounts. And it will be those debt collectors that will hound borrowers, said Shari Olefson, a Fort Lauderdale real estate lawyer.

“They paid money to be able to hassle you,” she said.

Thomas, the former Pompano Beach homeowner, said he didn’t have money for a down payment but was approved for 100% financing on two loans in spring 2006. He bought a three-bedroom home for $245,000. Thomas said he soon became responsible for the entire mortgage after his roommate lost his job. That became even more difficult after Thomas took a pay cut.

So he attempted a short sale, eventually finding plenty of prospective buyers interested in a property that had plummeted nearly 70% in value. He and American Home Mortgage accepted one offer for $80,000. After closing costs, the lender netted about $71,000, said his Fort Lauderdale lawyer, Joe Kohn. But before the sale closed, Kohn had American Home Mortgage waive its right to collect on the remaining mortgage debt.

Christine Sullivan, a spokeswoman for the lender, wrote in an e-mail that she can’t discuss Thomas’ case because of privacy issues. But when homeowners seeking short sales demonstrate legitimate hardship, “we provide a full release of liability, and we do not pursue deficiency judgments.”

Some banks say they won’t file a lawsuit, though they aren’t willing to put that in writing, Kohn said. “I have no choice but to accept that,” he said. “Even when you play by the rules, banks don’t always do what we’d like.”

Under new government guidelines for short sales that took effect this spring, lenders aren’t supposed to hold homeowners responsible for any remaining mortgage debt. But not all short sales fall under the guidelines, while some lenders choose not to implement them, Kohn said.

A forgiven mortgage balance through 2012 is not considered taxable income on a primary residence as long as the debt was used to buy or improve the house. But borrowers who walk away from investment properties risk having to pay federal income taxes on the forgiven amount.

Homeowners who hand their properties back to the bank through so-called deeds in lieu of foreclosure also should make sure they won’t be on the hook for any mortgage debt.

With friends facing deficiency judgments, Thomas said he’s grateful he sought legal advice on how to avoid a lawsuit. He now rents a home west of Boca Raton, but he just found out the owner is in foreclosure. “I’ve escaped my own problem, only to inherit someone else’s,” Thomas said. “But this is nothing. It’s just a matter of picking up the pieces and moving on to the next rental.”

Jenny Markham Email Jenny   Phone: 615-859-7150 Ext. 599 Cell: 615-812-4174 Fax: 615-431-2514 Address: 505 Johnny Cash Parkway City: Hendersonville State: Tennessee 37075

CHIEF EXECUTIVE magazine annually reports which states offer the best and worst conditions for businesses to prosper (evaluating such things as tax policies, quality of life, infrastructure, regulatory environment, etc.)

In their newly released report, those states rated as the best places to do business are:

1. Texas
2. North Carolina
3. Tennessee
4. Virginia
5. Nevada

1. California
2. New York
3. Michigan
4. New Jersey
5. Massachusetts

[SOURCES: REALTOR Magazine Online; Chief Executive Magazine]

Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham

Jenny Markham Email Jenny   Phone: 615-859-7150 Ext. 599 Cell: 615-812-4174 Fax: 615-431-2514 Address: 505 Johnny Cash Parkway City: Hendersonville State: Tennessee 37075