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Loan Modification

: Mortgage Lender Implode-o-Meter

Wells Fargo Closes Accounts if Firms Offer Loan Mod Services

By Implode-Explode Heavy Industries

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"Last week, when I learned that U.S. banks were systematically canceling the merchant accounts of firms offering loan modification services, thus preventing the firm from accepting payment by credit card, I was stunned. And I thought to myself? well, now I?ve heard everything.

I was wrong, however, I had not yet heard everything.

Today, I was informed that Wells Fargo Bank is unilaterally closing the business checking accounts of companies simply because they are offering loan modification services. Yes, you read that right. Business checking accounts. Because you offer to help people obtain loan modifications from banks? like Wells Fargo."

Full post as published by Mortgage Lender Implode-o-Meter on June 30, 2009 (boomark / email).

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