Turn about fair play

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How this Philly homeowner foreclosed on Wells Fargo


Excerpt:

"All Patrick [Rodgers] ... wanted was for someone from Wells Fargo to talk to him.  ... he wanted someone to explain why they were doubling his premiums and requiring him to insure his century-old house for its full replacement value instead of the market value. Wells Fargo wanted him to take out almost a million dollars worth of insurance in the event his house, a 6-bedroom, 3 bath Tudor he paid $180,000 for in 2002, was reduced to rubble and needed to be rebuilt stone by stone to standards from over a hundred years ago. Though he's diligently paid his mortgage on time for the past seven years, he couldn't afford the jack-up in premiums, nor did he see a reason why he should have to accept them.

Besides the increase in premiums, Wells Fargo was also tossing extra and inexplicable fees on his account. For instance, they charged him for two home inspections in one month, even though no inspectors had come out to house. ..."

When Wells Fargo failed to answer Rodgers' questions as required by a law called the Real Estate Settlement Procedures Act (RESPA), he turned the tables on the bank and sued them.  When they failed to appear at the court hearing, the judge ruled in his favor, levying a judgment against the bank.  Wells Fargo eventually paid the judgment, but they never answered his original questions, triggering his right under RESPA to foreclose on it!  Once the notices of a sheriff's sale were posted, Wells Fargo finally decided they needed to talk with him, and that's where things stand as of Friday, February 18th.

Followup story

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