Working with foreclosed properties apparently can have its perks. An executive with Wells Fargo reportedly moved into one of the houses the bank foreclosed upon. But it wasn’t your average foreclosure. This was a home along the beach in a ritzy section of Malibu valued at $12 million (it is unclear to me whether that figure is a current or past value). Cheronda Guyton, an executive in the foreclosed property division, moved into the house in May with her family and threw lavish parties. Neighbors in the star-studded community got suspicious and ultimately figured out who was living there. According to the Realtor who currently has the house listed, the prior owners lost everything in the Bernie Madoff swindle and had voluntarily turned over the house to Wells Fargo. While it is unlikely that any laws were broken, it certainly isn’t a good PR situation for Wells Fargo (or a good career move for Ms. Guyton). It turns out to be some great exposure for the listing agent, though, as lots of folks are now taking the virtual tour of the house.
. I hold the Certified Distressed Properties Expert (CDPE) designation so I am well suited to assist you with purchases of foreclosures or short sales (and, of course, traditional sales).
I think we all saw this one coming. Cheronda Guyton, the Wells Fargo executive who partied in the lavish bank-owned property along the beach in Malibu, has been fired by the financial firm. The official reason was that she violated bank policies. Yes, that combined with the fact that she became a national embarrassment to the bank.