tangent4ronpaul
02-19-2011, 06:49 AM
http://www.cnbc.com/id/41645307
You read the headline correctly: A homeowner has begun foreclosure proceedings on a local Wells Fargo office in Pennsylvania.
This is how it happened. A Philadelphia homeowner named Patrick Rodgers, who mortgage banks with Wells Fargo, was told by Wells that he needed to take out a $1 million homeowner's policy on his house. Rodgers bristled at the demand: Because the market value of his house was far below a million bucks—he'd purchased it for $180,000 in 2002—and because the insurance policy cost $2,400. (Wells wanted the house insured for its replacement value—and the 100 year old Victorian would cost a fortune to recreate; hence, the difference in valuation.)
Here's where the stories gets fun, as Susanna Kim reported for ABC News.
To get some answers and to plead his case, Rodgers wrote to Well Fargo—who, it seems, ignored his letter altogether.
As it turns out, mortgage companies are required by law to respond to written requests within a certain time frame, which Wells failed to do.
So Rodgers took Wells Fargo [WFC 32.64 -0.31 (-0.94%) ] to court: And won a judgment of $1,173.
According to the ABC News account, Wells Fargo failed to pay up.
So Rodgers placed a sheriff's levy against the one of the bank's local offices.
Despite all the attention—including coverage in the Philadelphia Inquirer—Wells still didn't respond to his letter.
Eventually Wells got around to cutting Rodgers two checks to satisfy the judgment—but still didn't respond in writing, as required by law.
So Rodgers, at this point plainly annoyed, "turned to the Philadelphia sheriff's office to initiate a sale of the Wells Fargo Home Mortgage office in Philadelphia."
As a consequence of the action, Wells owed him another 50 dollars—for the cost of initiating the sale.
Rodger was quoted as saying:
"Why Wells Faro doesn't pay $50 is beyond me, but you never know what's going on in the mind of these big companies,"
And so—improbably enough—the foreclosure and the sheriff's sale continues.
[...]
:cool:
You read the headline correctly: A homeowner has begun foreclosure proceedings on a local Wells Fargo office in Pennsylvania.
This is how it happened. A Philadelphia homeowner named Patrick Rodgers, who mortgage banks with Wells Fargo, was told by Wells that he needed to take out a $1 million homeowner's policy on his house. Rodgers bristled at the demand: Because the market value of his house was far below a million bucks—he'd purchased it for $180,000 in 2002—and because the insurance policy cost $2,400. (Wells wanted the house insured for its replacement value—and the 100 year old Victorian would cost a fortune to recreate; hence, the difference in valuation.)
Here's where the stories gets fun, as Susanna Kim reported for ABC News.
To get some answers and to plead his case, Rodgers wrote to Well Fargo—who, it seems, ignored his letter altogether.
As it turns out, mortgage companies are required by law to respond to written requests within a certain time frame, which Wells failed to do.
So Rodgers took Wells Fargo [WFC 32.64 -0.31 (-0.94%) ] to court: And won a judgment of $1,173.
According to the ABC News account, Wells Fargo failed to pay up.
So Rodgers placed a sheriff's levy against the one of the bank's local offices.
Despite all the attention—including coverage in the Philadelphia Inquirer—Wells still didn't respond to his letter.
Eventually Wells got around to cutting Rodgers two checks to satisfy the judgment—but still didn't respond in writing, as required by law.
So Rodgers, at this point plainly annoyed, "turned to the Philadelphia sheriff's office to initiate a sale of the Wells Fargo Home Mortgage office in Philadelphia."
As a consequence of the action, Wells owed him another 50 dollars—for the cost of initiating the sale.
Rodger was quoted as saying:
"Why Wells Faro doesn't pay $50 is beyond me, but you never know what's going on in the mind of these big companies,"
And so—improbably enough—the foreclosure and the sheriff's sale continues.
[...]
:cool: