And another one…Philadelphia Man Forecloses on Wells Fargo!


Judging by my blog statistics, you all LOVED the story about the Florida couple who foreclosed on Bank of America.  My numbers were off the charts, indicating you forwarded the story to your friends, also.

So, you’ll like this one, too.  Thank you, Destiny Parks (Fairhope) for sending me the link! The story is from February 17, 2011.

In this story, a Philadelphia man had Wells Fargo as his lender.  His home cost $180,000 to purchase. It was a lovely old Craftsman home, but REAL close to the “wrong side of the tracks.”  It would probably cost $1 million to exactly rebuild it if it burned to the ground, but it would never be worth $1 million.

The homeowner, Patrick Rodgers, had adequate insurance to cover his purchase price and his loan.  Despite that, Wells Fargo somehow decided the home was worth $1 million, and “force placed” that much insurance on it. In other words, Wells Fargo obtained $1 million of insurance on the home and charged Rodgers for the premiums by adding the premium amount to his loan!

Rodgers demanded an accounting, and that the insurance be taken off and the charges reversed. Wells Fargo repeatedly ignored him.  Rodgers finally filed a lawsuit and took a default judgment. Wells Fargo ignored him again, and did not pay.  Fed up, he enlisted the help of the Sheriff’s Department to seize Wells Fargo assets to satisfy his judgment. That’s when Wells decided to pay attention.

Is this what it takes?  Rodgers said he just wanted someone to pick up the phone and say, “Hey, we’re all grownups. We all speak the same language. Apparently someone made a mistake. Let’s work this out.”  But, that wasn’t going to happen. It seems like they are not all grown ups at Wells.  They don’t speak our language, they speak some mysterious language in which “please be patient, we are reviewing your short sale request” really means “better call the moving van because another department is foreclosing on your fanny.”  [That’s not what happened in Rodgers case, but we all know Wells is famous for that line!] Wells, and other big lenders and servicers like them, don’t think they EVER make mistakes, and the only “working out” is the borrower getting “worked over” and left for road kill!

Don’t get me wrong. I’ve done Wells Fargo short sales, and always obtained happy results with short sale approval and complete deficiency forgiveness.  It was hard work, though, and the attitudes described above are rampant in their organization, and in the other “big boys” of home mortgage loans.

If you want to read the complete story, HERE is the link.