Man Accuses Wells Fargo of Wrongful Foreclosure

by on Wells Fargo Foreclosures

Wells Fargo Bank Agency

Major lenders throughout the country, Wells Fargo included, have been accused of unethical actions including wrongful foreclosures over the last few years. Despite the foreclosure settlement agreements and compensation checks that were sent out to those who faced foreclosure throughout 2009 and 2010, there are many people who are still fed up with these major lenders getting insufficient punishment for the damages they caused.

In fact, New York Attorney General Eric Schneiderman is suing Wells Fargo and Bank of America for violating the agreement outlined by the foreclosure settlements. Schneiderman has collected over 339 violations of the agreement – 210 of which are being attributed to Wells Fargo and 129 are credited to Bank of America.

Amidst all of this, an Orlando man is accusing Wells Fargo of foreclosing on his property despite his early mortgage payments.

Is Wells Fargo Guilty of Another Wrongful Foreclosure?

A man from Orlando, Florida claims that he has made mortgage payments early and even went above and beyond, paying more than the required monthly mortgage payment. Despite these efforts, he is still facing foreclosure, which has been initiated by his lender – Wells Fargo.

Apparently this Orlando man, Etienne Syldor, applied for a loan modification and was told by the lender that the loan modification would be made permanent if he maintained the new payments during the trial period (which was four months).

Even after paying his payments early and paying more than required by the loan modification, Syldor is now facing foreclosure despite the agreement that he made with Wells Fargo.

Why, exactly, did Wells Fargo initiate foreclosure upon the property?

Apparently, Syldor’s early payments disqualified him. According to Wells Fargo, early payments do not follow the loan modification guidelines.

Yep, you heard correctly. This Orlando man is being foreclosed upon for paying his new modified mortgage payments early and is therefore facing foreclosure on his property.

Maybe this is a prime example of what Attorney General Schneiderman is talking about – these lenders continue to sabotage the agreements laid out by foreclosure settlements and are essentially caring more about making a profit than doing what is right.

In conclusion, lenders are clearly still engaging in wrongful foreclosure practices with this Wells Fargo situation being a prime example. Instead of helping a homeowner who is committed to trying to save his property and make his payments on time, Wells Fargo chooses to find a loophole to initiate foreclosure instead of granting a loan modification.

Image source: Jose Antonio Perez