Can’t Make Your Mortgage Payments? Your Bank Doesn’t Mind…It Will Use Your House for Parties!
By Brett Weiss, Maryland Bankruptcy Attorney on Sep 14, 2009 in General Bankruptcy Information
Watch out, if your $18 million home on the beach in Malibu is turned back to the bank–it might become a “Party House”.
This is what happened to victims of the Madoff pyramid scheme, who lost their home as a result. According to this article on AZCentral.com:
A Wells Fargo & Co. executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors said.
Wells Fargo said that it would conduct a thorough investigation, but wouldn’t “discuss specific team member situations/issues for privacy reasons.”
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9/15/09 Breaking News: Wells Fargo apparently didn’t like the sea of negative publicity coming out of this event, and fired the executive involved. Despite its earlier refusal to “discuss specific team member situations/issues for privacy reasons,” this rule apparently doesn’t apply when it’s receiving bad publicity.
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