This Is How I "Foreclosed" On Wells Fargo

[Vette73]

This Is How I "Foreclosed" On Wells Fargo

http://consumerist.com/2011/03/patr...e-foreclosed-on-wells-fargo-step-by-step.html


This is the guy that was in the news for suing and then "foreclosing" on wells fargo.

Long read but very good and also shows how he did what he did and how you can to if your bank will not respond to even basic questions or request.

 

[Patranus]

So the guy decided to waste a ton of time to find a look hole and scam Wells Fargo out of $1,000.

Isn't America wonderful.


This guy should be locked in jail for wasting the court systems time with his frivolous claims.

 

[Gooberlx2]

This is that vampire guy? Sweet, I was hoping to see more of the ordeal. The news interview I saw didn't really go into some details, like was the home a foreclosure purchase, how did they determine the insurance valuations, etc...

I love that the bank got fucked by doing what they do best: ignoring their customers.

 

[vi edit]

So the guy decided to waste a ton of time to find a look hole and scam Wells Fargo out of $1,000.

Hope all of the Wells Fargo account holders here enjoy this story because you know where the money comes from, right?

Isn't America wonderful.

Eh. All they had to do was answer his question and it never would have got even remotely close to that. I bet they take those letters a little more seriously now.

 

[Patranus]

Eh. All they had to do was answer his question and it never would have got even remotely close to that. I bet they take those letters a little more seriously now.

If he was asking real questions then maybe yes, but the questions he asked were frivolous.

What was his end game? They are in some warehouse and cannot describe their physical location so he stops paying because the bank can't "prove" they own his (really the banks) house?

Its people like this who try and scam the system that ruins it and drives up costs for everyone else.

 

[TuxDave]

So the guy decided to waste a ton of time to find a look hole and scam Wells Fargo out of $1,000.

Isn't America wonderful.


This guy should be locked in jail for wasting the court systems time with his frivolous claims.

$1000 + undisclosed amount

"As you probably already know, my story blew up. I was interviewed on CNN and FOX and countless local channels, USA Today and others picked up my story, and it went viral online. Wells Fargo finally did call me and we settled out of court. I can't discuss it, but let's just say with all the publicity and leverage on my side of the table, we reached terms that I found quite acceptable."

 

[Howard]

If he was asking real questions then maybe yes, but the questions he asked were frivolous.

What was his end game? They are in some warehouse and cannot describe their physical location so he stops paying because the bank can't "prove" he owns his house?

Its people like this who try and scam the system that ruins it and drives up costs for everyone else.

By law, they can't ignore a request like that. No matter how you want to play it, the bank was at fault.

 

[Vette73]

If he was asking real questions then maybe yes, but the questions he asked were frivolous.

What was his end game? They are in some warehouse and cannot describe their physical location so he stops paying because the bank can't "prove" they own his (really the banks) house?

Its people like this who try and scam the system that ruins it and drives up costs for everyone else.

Did you even read it?

His insurance went up and he had questions about that and wanted real answers not the scripted BS "flooding in..." or "people in your area..." type answer.

" I had questions about my home insurance premiums being jacked up."

Wells fargo broke the rules and he followed them.

 

[dabuddha]

If he was asking real questions then maybe yes, but the questions he asked were frivolous.

What was his end game? They are in some warehouse and cannot describe their physical location so he stops paying because the bank can't "prove" they own his (really the banks) house?

Its people like this who try and scam the system that ruins it and drives up costs for everyone else.

I think he was trying to find out why his home owners insurance premiums went up

 

[Patranus]

Did you even read it?

His insurance went up and he had questions about that and wanted real answers not the scripted BS "flooding in..." or "people in your area..." type answer.

" I had questions about my home insurance premiums being jacked up."

Wells fargo broke the rules and he followed them.

These

Where is the original promissory note or mortgage I signed located? Please describe its physical location and anyone holding this note as a custodian or trustee if applicable.

Where is the original deed of trust I signed located? Please describe its physical location and anyone holding this note as a custodian or trustee if applicable

Are not real questions.


The guy found a loophole and was able to scam the bank out of money.

 

[waggy]

If he was asking real questions then maybe yes, but the questions he asked were frivolous.

What was his end game? They are in some warehouse and cannot describe their physical location so he stops paying because the bank can't "prove" they own his (really the banks) house?

Its people like this who try and scam the system that ruins it and drives up costs for everyone else.

frivolous? he has a right to those questions. he asked. they ignored he did what he should have done.

 

[Gooberlx2]

I think he was trying to find out why his home owners insurance premiums went up

Specifically why, after 7 years of mortgage payments, they suddenly force wrote his insurance policy to cover replacement value at historical building standards, as opposed to market value; a difference of hundreds of thousands of dollars. Also twice charged him inspection fees on his mortgage statement when he'd never met or seen an inspector.

 

[Engineer]

These


Are not real questions.


The guy found a loophole and was able to scam the bank out of money.

Looks like the court thought that they were real questions.

 

[Tweak155]

These


Are not real questions.


The guy found a loophole and was able to scam the bank out of money.

Rest well feeling millions of trees are about to be slaughtered.

 

[KLin]

These


Are not real questions.


The guy found a loophole and was able to scam the bank out of money.

Those weren't the only questions he asked in his QWR letter. He didn't scam the bank.

 

[Vette73]

These


Are not real questions.


The guy found a loophole and was able to scam the bank out of money.

If you kept up with any real news you would know many banks have been losing paper work and causing issues for many. Asking where the signed paperwork is at is a real question.

All WF had to do is say all paperwork, including your deed, is stored in XYZ and handled by our team ABC. Simple and done.

 

[blackdogdeek]

loophole not found. the law is clearly stated and the bank clearly disobeyed that law.

if the situation were reversed, you can bet the banks would have leveraged all their resources to recoup any money or actions owed to them.

 

[mcmilljb]

Those weren't the only questions he asked in his QWR letter. He didn't scam the bank.

Asking him to read the letter at the end of the article is too much. The answers didn't need too much detail. Had someone just called him, he could have worked out the original problem much quicker. However, he was within his right to get all information he needed to ensure his mortgage was being processed correctly. Maybe Wells Fargo needs to hire some Indians to answer their phones so people can get information?

 

[Genx87]

This is awesome!

 

[vi edit]

And in an effort of fairness to Wells, I really think this could have easily been solved by simply going into your local mortgage branch of Wells and asking to speak with a representative there and let them run point on it for you.

Forget letters and the passive aggressive approach like he took waiting for them to slip. If I wanted something answered I simply would have gone to a bank and asked until it was answered.

 

[Vette73]

And in an effort of fairness to Wells, I really think this could have easily been solved by simply going into your local mortgage branch of Wells and asking to speak with a representative there and let them run point on it for you.

Forget letters and the passive aggressive approach like he took waiting for them to slip. If I wanted something answered I simply would have gone to a bank and asked until it was answered.

He contacted them 4 times before he sent this request...

"June 23 2010, April 11 2010, September 11 2009 and July 24 2009."


People have tried that and most timse the person at the bank gives the BS answer Rates have gone up, people reported more, etc... that are just made up. Then when you get someone that wants to help they call the main corp number and get put on hold or told the person needs to contact them, Corp, direct.

My Brother is a VP at a major bank (there are a lot of VPs so its not as fancy as it sounds) and one person was so pissed off they just started randomly dialing extensions and some how got him. He passed them to someoen else that might have helped but even he admits most arms have no idea what the other one is doing.

 

[Macamus Prime]

So Wells Fargo gave up on securing $1,000.

Instead, it went back to focusing on pulling in millions.

Why is everyone cheering this asshat on??

 

[Gooberlx2]

And in an effort of fairness to Wells, I really think this could have easily been solved by simply going into your local mortgage branch of Wells and asking to speak with a representative there and let them run point on it for you.

Honestly, I can't fathom he didn't try before going through all that trouble.

 

[Texashiker]

TheseAre not real questions.

The guy found a loophole and was able to scam the bank out of money.

Considering how many times banks and finance companies sale mortgages, the questions sound reasonable to me.

Stories are starting to surface of banks taking peoples homes, when the bank did not even own the title.

So yea, I think the questions were legit

 

[Gooberlx2]

So Wells Fargo gave up on securing $1,000.

Instead, it went back to focusing on pulling in millions.

Why is everyone cheering this asshat on??

Uh no, WF probably also gave up on requiring him to insure replacement value at late-1800s/early-1900s building standards which are several times more expensive than market rates at current building standards/methods (though we can't know the details of the actual settlement).

It might not be a big deal to you, but that premium increase might have been the difference of being able to afford the mortgage to the guy. It's also provides an unofficial guide for others to follow if they find themselves in the same situation. And, as another poster mentioned, it's very relevant to current events with lenders and banks being audited on their loan paperwork...and often found lacking.