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WELLS FARGO starts foreclosure on homeowner who paid his mortgage early each month

Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
WTF :hammer:

This is one reason why I don't deal with large national banks. I want to have someone's neck I can ring when things go bad.

This guy paid his monthly payment EVERY MONTH, he didn't pay late, and in fact he typically paid early. So his reward is a classic case of bank stupidity, they begin to foreclose on his home because he is not in compliance with their silly policy.

LINKY => http://www.wftv.com/news/news/local/wells-fargo-bank-foreclosing-orlando-man-who-paid-/nXsMr/

A man who made loan modification payments on time and early said Wells Fargo stopped taking payments and started foreclosing on his house.

Etienne Syldor said he's worked his whole life for a home in Orlando for his wife and three children.

Syldor is an immigrant from Haiti and a bus driver at Walt Disney World. At times, he said he has worked multiple jobs to make sure he never missed a mortgage payment.

Last year, Wells Fargo offered him mortgage modification, and he was told if he made four monthly payments during a trial period, the modification would be permanent.

Court records show Syldor not only made the payments on time, but paid early and more than he was required to.

"And you didn't miss any payments?" asked Eyewitness News' Kenneth Craig.

"I didn't miss any," Syldor said.

"And you overpaid," Craig said.

"I overpaid," Syldor said.

It's why Syldor said he was in disbelief when the bank suddenly stopped taking his payments and sent him a letter telling him Wells Fargo was starting foreclosure proceedings.

Syldor hired attorney LaMya Henry, who's now fighting to save his home.

"When he came in and showed me all of the documents, it was just unbelievable," Henry said. "Who gets foreclosed on when they've made all payments on time?"

Three days after Eyewitness News contacted Wells Fargo, bank representative Veronica Clemons sent a statement:

"For some loans, completing trial payments is a significant step toward a permanent modification; however, in this instance, the loan was part of a mortgage-backed security and in a protected pool, with specific payment guidelines. We are working with Mr. Syldor to explain the guidelines and explore options that may help."

The bank told Eyewitness News Syldor didn't follow the modification guidelines because he paid early and sometimes his payments were sent one on top of the other.

Syldor said it doesn't make any sense.

Wells Fargo went on to say since Eyewitness News called, it now plans to reach out to Syldor to help him.

Eyewitness News will be in touch with him to find out if he's able to save his home.
Click to expand...
 
I never had an issue with a bank of any sort till they started selling mortgages and merging into mega banks. A simple local bank I had dealt with since i was a kid selling papers was no longer approachable after 38 years. Paid those bastards off with savings and stock sales and never looked back. Until they break them up and local banks are able to compete it will never be right.
 
Wells Fargo went on to say since Eyewitness News called, it now plans to reach out to Syldor to help him.

Eyewitness News will be in touch with him to find out if he's able to save his home.
Click to expand...
Many times we criticize the media but I thank God that many TV news stations are willing to help people who have problems with big business.
 
I have not taken out a loan in over 20 years went to borrow some money a while back and was told I would have to rebuild my credit history with credit cards and such. I normally work out of pocket if I can't afford to pay cash i wont I can't afford to buy it. why would I want to pay credit charges if i'm paying every thing at the end of the month. the banks want it stretched out to make money off of you.
 
Fortunately for me I have enough money in my main bank I don't have charges. Another bank where I have a retirement IRA offered me a credit card. Only after I got it did I find out that they would charge me a monthly fee. Even though I had the IRA that wasn't considered a "real" account or some nonsense. I quickly canceled that card.
 
You know, I've never had a bank be "helpful" going all the way back to 1985 when I arrived in this country with no credit history. The first 6 months were a total pain as the only credit card I'd ever owned and used was Amex and it turns out that Amex is not regarded as a credit card because the balance is paid every month and that's not "CREDIT".

If a bank offers you a "deal" you can bet it's to their advantage and it's up to you to discover if their is any advantage to you. It would be nice if one of their offers were actually a win-win situation but I've never found one. Any benefit is heavily stacked in their favor.

No, banks are a necessary evil and I deal with them as little as humanly possible.
 
I deal with a small privately owned bank, one of the most solvent in my state. I know the owners and they know me. I know the Board of Directors personally as well. They have been good to me and I to them. So far the mega banks seem a long way away from here, even though Wells Fargo has a branch office across the street from my bank. I never set foot in there....

The bank I deal with made about 15 home loans in the last 10 years. All were done with no less than 30% cash down payment, same as they always required. Funny, they are not in any trouble. Imagine that, they held on to their old standards, used for generations, and they are still a very sound home town bank. Old school and I love it....

Regards, Kirk
 
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