Philadelphia Man Moves to Foreclose on Wells Fargo Over Mortgage

[Roland99]

Philadelphia Man Moves to Foreclose on Wells Fargo Over Mortgage
Homeowner Says Mortgage Company Failed to Respond to His Questions, So He Took Them to Court

http://abcnews.go.com/Business/philadelphia-man-forecloses-wells-fargo-mortgage/story?id=12932362&page=1

When a Philadelphia man became fed up with his bank for failing to respond to his mortgage questions, he took them to court and won. In a twist that will warm the hearts of millions with underwater loans, he moved to foreclose on Wells Fargo's local office.

...

But Rodgers said the market value of the home is not $1 million because his neighborhood is "not too far from the wrong side of the tracks" in West Philadelphia. He bought his 3-story Victorian home for $180,000 in 2002.

Rodgers did some research and learned that the Real Estate Settlement Procedures Act, or RESPA, passed in 1974, requires that a mortgage company acknowledge written requests within 20 business days, or face damages or penalties.

So he went to court, citing the law, and received a $1,173 judgment against Wells Fargo. The bank did not respond to his action and he won a default judgment. Then Rodgers placed a sheriff's levy against Wells Fargo's local mortgage office for the judgment, plus interest.

More at link.


I love it!!

[rfranklin]

1. That's how the law is supposed to work...punishing scofflaws and deadbeats...

like the banksters.

[Roland99]

2. "supposed to work"

but reality is a bit different

[Poboy]

3. excellent.

[Statistical]

4. Aweseome.

[plumbob]

5. Absolutely great!

More like this, please