You have to love it when the tables are turned and someone gives the banks a taste of their own tactics. Wells Fargo allegedly overcharged the homeowner for insurance on his house but they overvalued the property, triggering a much higher than expected annual premium. The homeowner fought back and thanks to the lack of response by the bank and some solid research, he has started proceedings against the bank to foreclose on one of their properties. According to the RESPA law, banks must respond to specific requests. Wells Fargo failed to respond.
Wells Fargo finally responded with two checks – $1,078 on Jan. 14 and $95 on Jan. 26 – but he said he still had not received a response to his letters.
So he turned to the Philadelphia sheriff's office to initiate a sale of the Wells Fargo Home Mortgage office in Philadelphia.
On Tuesday the court placed a temporary stay on the sale, and ordered a hearing on Feb. 23 to determine the final status.
Rodgers said he is now awaiting $50 from Wells Fargo for the cost of initiating that sale. He said the sheriff's sale can continue until then, barring an unfavorable judgment from the hearing, which he does not expect.
