Wells Fargo facing allegation of wrongful foreclosure in Aptos home sale

After working in real estate for 15 years, Ron Ward is in the fight of his life, suing his lender, Wells Fargo Home Mortgage, for wrongful foreclosure to get back the dream house he built in Aptos. Full Story
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Nuff

Watsonville, CA

#1 Dec 1, 2010
Wells Fargo sucks and for more reasons than this.
Graystash

San Dimas, CA

#2 Dec 1, 2010
Shame on Wells Fargo!! They are the WORST !!!! There Ads talk a good game about how community friendly they are but they will turn there back on you in a nano second. I have heard and seen just how friendly they are on SEVERAL occ.
DUMP WELLS FARGO MOVE YOUR MONEY TO A CREDIT UNION
Graystash
disabuser

Palm Springs, CA

#3 Dec 1, 2010
What legal effect do loan modification agreements have on pending foreclosures? Is there contract language in them that prevents lenders from choosing to go ahead?
laughable

Salinas, CA

#4 Dec 1, 2010
I am no friend of the banksters but this couple is irresponsible as hell. Nice leveraging up on that initial purchase price to fund... What? A remodel and then what? Fancy lifestyle? Other property investments? Exactly how does initial loan of around 200k go to final balance of 900k with just a remodel in between?

I actually read this story of foreclosure as a good thing, at the least certainly not a bad thing. The idiots whose irresponsibility helps create mayhem in unbalancing the economy lose their assets and thus their future ability to destabilize things. Good. Go be renters until you grow up. This foreclosure episode in your lives is proper and just, so quit whining to the sentinel and move on.

“Take that !”

Since: Feb 08

capitola CA.

#5 Dec 1, 2010
anyone stupid enough to do businiess with well fargo deserves what they get!!!
wildman

Santa Cruz, CA

#6 Dec 1, 2010
He may be a Realtor, but his home is worth, at most, 800K. Like most in his situation, it's the banks fault. Too foolish and irresponsible to admit he is primarily to blame. The government made a major mistake in allowing purchasers rights beyond those to which they agreed when they made their initial purchase. The government has only prolonged the situation.
Fire

San Francisco, CA

#7 Dec 1, 2010
Wellfargo probably got mad when they set fire to the house. At least that is what it looks like? Might fly in Arizona, but not here. Is this the same guy that drove around in Range Rovers and a Viper? Not too sympathetic.
cholo

Santa Cruz, CA

#8 Dec 1, 2010
Banks or the Taliban, who is the greatest threat to the American people?
Ray in Santa Cruz

United States

#9 Dec 1, 2010
A rather one sided, shallow report on what looks like a grab from the bank.

The owners said they did not pay their monthly obligation so they could qualify for a loan modification, where did their mortgage payment money go?

Another little bit of fact left out of this article is that the homeowners had a thirty year loan with interest only for five years. That equals their $4,189 monthly payment cited in the article. Once the five year period was up, the monthly rate jumped to $5,398, which explains how their in arrears payments after three months jumped to $19,136. It looks to me that they owed three months at $4,189 and one month at $5,389 plus penalty.

There are only two types of people who would take out a thirty year loan with the first five years interest only. One is a stupid investor, which I do not believe they were. The other is an investor who planned on flipping the house.

In my opinion, their plan was just that. Upgrade the home, then sell it in a rising market.

Well they got caught in the crash.

To bad for them.

Now the money that would have gone to the mortgage is going to the the attorneys.
npg

Danville, CA

#10 Dec 1, 2010
the essential issue to remember in this story is not Wells' administrative incompetence(which is evident), but rather the fact that a borrower agreed by contract to pay back a loan made to him, and he breached his contractual agreement and defaulted....case closed...
Viper or Lambo

Dublin, CA

#11 Dec 1, 2010
Yes, these are the same people who drive a Benz, a Range Rover, and I think a Lambourghini.

Boo freaking hoo.

They signed on the dotted line.
Move on

Felton, CA

#12 Dec 1, 2010
laughable wrote:
I am no friend of the banksters but this couple is irresponsible as hell. Nice leveraging up on that initial purchase price to fund... What? A remodel and then what? Fancy lifestyle? Other property investments? Exactly how does initial loan of around 200k go to final balance of 900k with just a remodel in between?
I actually read this story of foreclosure as a good thing, at the least certainly not a bad thing. The idiots whose irresponsibility helps create mayhem in unbalancing the economy lose their assets and thus their future ability to destabilize things. Good. Go be renters until you grow up. This foreclosure episode in your lives is proper and just, so quit whining to the sentinel and move on.
Obviously,they bought a lot and as stated in the story,they built the house. There was no remodel. The initial loan was to purchase the lot and the other to build the house. The mistake they made was not having anything in writing from the bank agreeing not to foreclose and not keeping in constant communication with the bank and the trustee company that foreclosed on the home. They were in default for over a year before they foreclosed on the house. It takes a lot of work and constant communication to get a loan modification. I think they are wasting their time and money trying to go after the bank. Move on and let it go. Also, there is no way that house is worth 1.5!!!

“Oh well, been called worse ”

Since: Sep 09

Santa Cruz

#13 Dec 1, 2010
Wells Fargo is in my opinion the worst bank for personal use :( Not surprised here at all . At one time wells fargo actually put 5 grand into my account that wasnt mine , and then argued that they dont make mistakes like that . Bad form on their part .
Mark Winshel

Concord, CA

#14 Dec 1, 2010
Most likely everything Wells Fargo did was looked at and approved by their lawyers, and I am sure that their lawyers would not engage in deceit, deception, or fraud or lie and/or try to pull anything sleazy.
Robert

San Jose, CA

#15 Dec 1, 2010
Live within your means people...

Obviously these are shallow people who define themselves by the clothes they wear and the cars they drive. Too bad the Range Rover will be parked next to a cardboard box soon!
Reality

Novato, CA

#16 Dec 1, 2010
Why does the Sentinel print this garbage? This guy and his wife got in over their heads because they were greedy. Nothing news worthy there.
Duh

Las Vegas, NV

#17 Dec 1, 2010
But of course Ward's home is worth $1.5 MILLION because he said it is! Sounds like Ward is attempting to scam the system!
"...Late in 2005, he and his wife got an $837,900 mortgage from Wells Fargo at 6 percent interest and an initial monthly payment of $4,189. In three years, the housing market had crashed and Ward's wife was out of a job.""
This my friends is the root of this problem! They borrowed way more than they could have reasonably expected to pay back under the terms of the loan had theyconsidered one faily member losing their income! Typical of the attitudes which unfortunately precluded and contributed to the real estate boom and bust! This my friends is a prime example of fiscal irresponsibility! I wouldn't ever consider using Ward as a real estate agent! NBot a chance in hell! He's part of the problem! Plain and simple!
wildman

Santa Cruz, CA

#18 Dec 1, 2010
jimi doss wrote:
Wells Fargo is in my opinion the worst bank for personal use :( Not surprised here at all . At one time wells fargo actually put 5 grand into my account that wasnt mine , and then argued that they dont make mistakes like that . Bad form on their part .
The banks are all the same, and any and everything they do is sanctioned by our government. The government pushed the banks to loan money to people who could not pay it back. Then, when the market quit rising and people could not pay, the government haulted foreclosures, and started with the mortgage modification program. Silly
Brigid

Santa Cruz, CA

#19 Dec 1, 2010
What the Wards have gone through is identical in form to what at least 3 of my friends -- whose mortgage payments were WAY less - have gone through with Wells Fargo.

Please trashcan all personal judgments about the Wards and their lifestyle and LOOK at the general outlines of what the banks are doing with regard to these mortgage modifications; this could happen to anyone:

1) They ignore your request for a modification until you've stopped paying your mortgage.
Sometimes they even tell you to stop paying.

2) When they start the modification process they drag it out for as long as possible -- continually losing documents, requesting resubmissions, kicking you off the list if you don't contact them every month to see what's going on, or passing you off to different people who know nothing and make you start all over.

3)They simultaneously start foreclosure proceedings because you've stopped paying your mortgage.

4)Then, in some cases, they will finally get back to you with a modification offer, telling you there's a 3 mo probation period.

5)You dutifully pay your for 3 months, then hear nothing from them. When you contact them about it they tell you they will soon be making a final decision about you. You are confused because you thought that paying your reduced payments dutifully meant you were "in."

6)At this point they will do one of three things, or sometimes a combination of them:
**Demand payment of all that is in arrears and threaten to foreclose if you don't.
**Offer you a permanent modification, send you the paperwork but never send you back a copy they've signed.
**Foreclose anyhow (with the help of robo-signers) and sell your property without notifying you to some scammy little newly formed company that buys up & resells foreclosures.

Many of these foreclosure cases are not about living within ones means (of course some are!). Banks are getting away with criminal behavior. THAT is what you should be paying attention to and demand Congress to do something about.
aphr

Santa Cruz, CA

#20 Dec 1, 2010
Move on wrote:
<quoted text>
Obviously,they bought a lot and as stated in the story,they built the house. There was no remodel. The initial loan was to purchase the lot and the other to build the house. The mistake they made was not having anything in writing from the bank agreeing not to foreclose and not keeping in constant communication with the bank and the trustee company that foreclosed on the home. They were in default for over a year before they foreclosed on the house. It takes a lot of work and constant communication to get a loan modification. I think they are wasting their time and money trying to go after the bank. Move on and let it go. Also, there is no way that house is worth 1.5!!!
As long as the property is in litigation ( could take years), they are effectives living rent free. I know of someone who is still in their homes after 3 years of not paying their mortgage.
The bigger issue is not about the lifestyles of this couple, but how the banks(s) are violating disclosure law in these foreclosure sales.

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