Posted on 02/15/2011 6:15:48 PM PST by Cardhu
's not clear how this story will turn out, but right now Patrick Rodgers is living a pay-back fantasy probably shared by millions of struggling U.S. homeowners.
Frustrated by a dispute with Wells Fargo Home Mortgage and by his inability to get answers to questions, the West Philadelphia homeowner took the mortgage company to court last fall.
When Wells Fargo still didn't respond, Rodgers got a $1,000 default judgment against it for failing to answer his formal questions, as required by a federal law called the Real Estate Settlement Procedures Act.
And when the mortgage company didn't pay - does something sound familiar? - Rodgers turned to Philadelphia's sheriff.
The result: At least for the moment, the contents of Wells Fargo Home Mortgage, 1341 N. Delaware Ave., are scheduled for sheriff's sale on March 4 to satisfy the judgment and pay about $200 for court and sheriff's costs.
Rodgers has even written his own headline: "Philadelphia homeowner 'forecloses' on Wells Fargo."
Has he really? Not quite. But Rodgers, who lives in the city's Wynnefield Heights section, won at least a momentary upper hand in a fight with Wells Fargo that began nearly two years ago.
Before you leap to conclusions, let's get a few things straight.
Rodgers isn't unemployed, or a deadbeat. He's a music promoter who owns Dancing Ferret Concerts - if industrial, electronic, or goth is your sound, maybe you've been to one of his gigs. He says he's paid all he owes under the terms of his seven-year-old mortgage.
(Excerpt) Read more at philly.com ...
Good for Patrick Rodgers. It’s WAY past time that people started taking on unfair practices by the Banking Industry!
Good for Patrick Rodgers. It’s WAY past time that people started taking on unfair practices by the Banking Industry!
I agree with you - they took on the wrong guy.
Good for him. Hope he collects every dime.
There we go. Try three to four times as much you'd pay if you shop around. "Forced placement coverage" is the insurance company's equivalent of a DWI towing charge -- only slightly higher than the highest charge you could possibly find on your own under the worst of circumstances. I was wondering what relatively easy to implement, widely applicable scam WF had pulled here.
Goliath meet David. And his trusty rock.
From what I have read, loans and re-financing by the Banks are totally unavailable to the home-owners.
“Underwater” homes are being vacated all over the country - and the banks are now “OWNING” a very large percentage of realestate. Where is this leading?
How many ferrets can dance on a Wells Fargo pinhead spokesman?
What a great story.
I’d like to attend this auction.
Good. Why does Wells Fargo think it can flout the law.
“Why does Wells Fargo think it can flout the law.”
because they have flouted the law for years and gotten away with it.
As I understand it as long as these mortgages are on the books at the loan value the bank’s assets stay the same. But if the value is lowered through a deal or through a foreclosure then sold for less money the banks have to show a loss. That’s why they won’t negotiate.
I can’t say I totally blame people who are walking away. Businesses do it all the time. And why make payment for something that will never be paid for? The banks took just as big a risk as the buyer when they “bet” the homes would stay the same or go up in value. The opposite happened.
And, don’t forget the FEDS reinforcing their scheming, manipulating ways, with bail outs
The banks took a ‘risk’ (a HUGE risk) when they started giving unsecured home loans - with NO collateral.
When I bought my first home, I had to put up my FIRST born as collateral, along with all future earnings I may secure.
I took every penny out of WFB when they started giving credit cards and mortgages to illegal immigrants. I told the president of the bank at that time, that I didn’t want my money in their bank, when they folded as a result of that FOOLISH decision.
Of course they denied it - but it was already all over the news and periodicals - and not too many said a word.
(Thanks, Bawney Fwank!)
He’s a music promoter and the $9,000 for the unwanted insurance policy plus whatever legal costs he’s incurred likely is well worth the notoriety and likely the cheapest publicity he’s ever purchased. But for a normal person, I’d imagine the more prudent thing would be to simply seek another mortgage company which would be more responsive.
Also don’t forgot how these banks are dumping the toxic loans onto the taxpayers the same big global banks that backed obama he left the door wide open they unload them through the GSE’s. I don’t blame many of the people either and with the MERS mess I wouldn’t blame others for walking away. Who would want to pay for 30 years and then not have a clear title.
A bunch of crooks at those banks they knowing sold those loans as AAA to investors, have a pension fund, 401K invested in a MBS? This has affected millions and to add insult to injury we were forced to bail them out no one bailed out the investors. Yet we do not see perp walks. Individuals aren’t the only one’s suing them either Allstate, MBIA, Blackrock even the NY Fed is suing for put backs. Good I hope a lot more do the same.
banks don’t care.
the bail out allows them to carry 15-20% defaults vs the previous model of only 3% defaults.
The forclosure mess will be all profit for the banks.
Bump for suing banks (especially Wells Fargo/ASC)!!
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