Wells Fargo Bank is foreclosing on a borrower because he overpaid his mortgage and he made his payment earlier than when they were due. An Orlando, Florida television station reported that Etienne Syldor, received a loan modification from Wells Fargo Bank, and he showed undisputed proof that he made all of his payments early, and in an amount slightly higher than was due.
Wells Fargo Bank stopped accepting his payments because, as they explained, the loan was part of a mortgage-backed security and in a protected pool, with specific payment guidelines. The overpayments and early payments put Mr. Syldor in default, despite the fact that he pair early and more than was due. Wells Fargo Bank has offered to look into the matter, but the foreclosure process will continue unless the bank stops it.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “it is shameful that Wells Fargo Bank cannot or will not stop a foreclosure when it is obvious that the homeowner is not in default. “
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud