Inquiring minds are smiling about this ‘man bites dog’ story where a Philadelphia man foreclosed on Wells Fargo:
Frustrated by a dispute with Wells Fargo Home Mortgage and by his inability to get answers to questions, the West Philadelphia homeowner took the mortgage company to court last fall.
When Wells Fargo still didn’t respond, Rodgers got a $1,000 default judgment against it for failing to answer his formal questions, as required by a federal law called the Real Estate Settlement Procedures Act.
And when the mortgage company didn’t pay – does something sound familiar? – Rodgers turned to Philadelphia’s sheriff.
And what did he win? Well, at least momentarily, he won a great deal:
The result: At least for the moment, the contents of Wells Fargo Home Mortgage, 1341 N. Delaware Ave., are scheduled for sheriff’s sale on March 4 to satisfy the judgment and pay about $200 for court and sheriff’s costs.
Rodgers has even written his own headline: “Philadelphia homeowner ‘forecloses’ on Wells Fargo.”
Has he really? Not quite. But Rodgers, who lives in the city’s Wynnefield Heights section, won at least a momentary upper hand in a fight with Wells Fargo that began nearly two years ago.
Mr. Rodgers is no deadbeat. He own’s his own company and his house is not in distress or even underwater. The dispute is because Wells Fargo is wanting him to over-insure his home:
Actually, it was the value of Rodgers’ home that apparently sparked the dispute – not what he paid, or what it would fetch if he wanted to move, but what it would cost to fully restore the house if, say, it was struck by a meteorite and burned to the ground.
Rodgers owns a three-story, six-bedroom Tudor on a beautiful street not far from City Avenue. He paid about $180,000 for it in 2002, and for years handled his mortgage without dispute.
But in mid-2009, his insurer delivered troubling news: His homeowners premium would more than double, because Wells Fargo was insisting that he insure the home’s full replacement value – about $1 million worth of coverage, the insurer told him.
Let’s hope that Mr. Rodgers wins this battle. Wouldn’t you like to see video of Wells Fargo having to move quickly because of Sheriff’s deputies are forcing them out of the building?
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