Man forecloses on bank

[Hercules10]

A Philadelphia homeowner started foreclosure proceedings on a Wells Fargo mortgage office after winning a rather strange legal judgement against the bank.
After Patrick Rodgers got no reply to three letters asking why he was being forced to pay a home insurance premium for a $1 million house when he bought his 3-story Victorian home for $180,000, he decided to force his mortgage company to pay attention, ABC News reported.

According to the Philadelphia Inquirer, Rodgers discovered the Real Estate Settlement Procedures Act, which requires mortgage companies to acknowledge written requests within 20 business days or face penalties. He took Wells Fargo to court, winning a default judgement because the bank didn't show up in court.

Passed in 1974 to protect borrowers, RESPA stipulates a standard complain letter that can be sent to lenders. (For more information on RESPA, check out the U.S. Department of Housing and Urban Development's website here.)

Rodgers won a $1,173 judgment against the bank, and when they still failed to reply to his letters, he started foreclosure proceedings.

The contents of Wells Fargo Home Mortgage's offices at 1341 North Delaware Avenue are reportedly still scheduled for a March 4 sherif's sale.

The homeowner placed a sheriffs levy against Well's Fargo's local mortgage office, to cover the $1,173 judgment, plus tax. The bank paid up in January, but still had not responded to his letters, so he started a foreclosure sale on the Wells Fargo office




http://www.huffingtonpost.com/2011/...4765.html?ref=fb&src=sp#sb=1390613,b=facebook

 

[Bren's Mom]

Good for him!!

 

[kellyg403]

I am glad to hear this! Probably not gonna happen but geez...all they have to do is respond?

Good for this guy..what is good for the goose can be good for the gander!


Kelly

 

[NCRedding]

I am curious as to how he can foreclose if the "bank paid up in January." In order to bring a foreclosure sale, there has to be a valid debt outstanding.

 

[HelenePA]

Since I REALLY REALLY hate this bank right now good for him!

 

[kellyg403]

I am curious as to how he can foreclose if the "bank paid up in January." In order to bring a foreclosure sale, there has to be a valid debt outstanding.

Was wondering this myself...but not a lawyer so not sure of all the rules? Could it be further monetary charges for failing to respond?

Kelly

 

[Hercules10]

I am curious as to how he can foreclose if the "bank paid up in January." In order to bring a foreclosure sale, there has to be a valid debt outstanding.

Guess it depends on the law. Kinda like how a HOA can sell a ~$100+K home for a couple $1K to settle past dues. The whole process is FUBAR if you ask me.

Where's George Bailey when we need him!

 

[Golf4food]

Good for him. Go get 'em, Tiger!

 

[Enchanted_Mama]

I love this story. Pure David v. Goliath.

I believe the bank still owes him a small amount ($50?), hence the outstanding debt.

 

[MushyMushy]

NICE!

A friend of mine used to own his own repo business. He had the worst problems trying to collect from banks. They'd owe in the 10s of thousands of dollars for months at a time. It was astounding. He was never really able (or willing) to do anything about it, other than be patient and wait. Had he pressed the issue, the banks wouldn't have used his small company, plus he thought he'd be blackballed.

 

[MushyMushy]

I am curious as to how he can foreclose if the "bank paid up in January." In order to bring a foreclosure sale, there has to be a valid debt outstanding.

It looks like they paid the fine, but still haven't responded to his original complaint, which is what got them the fine in the first place.

 

[LuvCuteBoys]

That's ludicrous.