Community | February 18, 2011 | 3 comments

Homeowner Forecloses on Bank Office

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A Philadelphia homeowner is giving his local branch of Wells Fargo a taste of its own medicine. Concert promoter David Rodgers, embroiled in a dispute with the bank over required homeowner insurance, sued Wells under the Real Estate Settlement Procedures Act when the bank refused to answer his questions as required by law. He won a $1,173 judgment against the bank and placed a sheriff's levy against its local mortgage office when Wells Fargo still refused to answer his letters, ABC News reports. The contents of the office are scheduled for a sheriff's auction early next month.

"I think it's important for people to know this law exists and if their mortgage company is doing something irregular or shady, you can send a letter," Rodgers says. "If they don't acknowledge your request, they face damages or penalties." Rodgers is still waiting for the bank to answer his queries on why he is being forced to pay home insurance based on the value of replacing his century-old home brick by brick instead of on its market value, which has added an extra $500 to his monthly mortgage payment.

http://www.newser.com/story/112344/homeowner-forecloses-on-bank-office.html
  1. groups:
    Community,   US News,   Actual News,   Law,   10 more
  2. tags:
    Banks,  Banking,  Philadelphia,  Foreclosure,  2 more
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3 comments // Homeowner Forecloses on Bank Office

  • keithponder
    • +1
      keithponder  

    • He now needs to file a commercial lien on the bank and sell that debt to International Debt collectors. He can multiply the amount for damages. The lien would be non-judicial, meaning a judge could not remove it.

      It could mess up the banks credit.

    • 1 year ago
  • Milieu
    • +2
      Milieu  

    • See, this is exactly what the Oligarchs feared would happen. If you make laws restricting the banking Cartel, you make it harder for them to just ignore the people and go about the Cartel's business of shafting anyone/everyone who isn't an Oligarch.

      This is Not fair, all the Oligarchs want to do is just make a little money, they're really no different than Jimmy Stewart in "It's a Wonderful Life" (Except if you study Stewart's life he supported the Oligarchs NOT the people.)

    • 1 year ago
  • Bigdog_mike
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