Economy

Wells Fargo will resubmit 55,000 foreclosure affidavits

Wells Fargo & Co. on Wednesday said it plans to resubmit 55,000 foreclosure affidavits in 23 states after identifying "instances" where processes did not "strictly adhere" to required procedures.

The announcement comes after the San Francisco-based bank had repeatedly said it found no problems with its foreclosure processes. South Carolina is among the 23 states affected by the announcement; North Carolina is not.

Wells Fargo said it will start resubmitting supplemental affidavits immediately, with a goal of completing the process by mid-November. The San Francisco-based bank said it does not plan to institute a moratorium on all foreclosure sales. Wells said it does not believe that any of the instances it identified led to a foreclosure that should have not occurred.

The 55,000 affidavits represent the "vast majority" of the affidavits pending before courts in the 23 states, Wells spokeswoman Teri Schrettenbrunner said. After the bank found instances with errors, the bank decided to resubmit all 55,000 affidavits even though it doesn't believe all of them were affected, she said.

Read the complete story at charlotteobserver.com

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