Wells Fargo Sold This Woman’s House in Foreclosure Even Though She Paid Up

June 13, 2013
Think Progress  
mortgage lending news

Florida resident Jo-An Seipp says Wells Fargo sold her house in foreclosure, even though she was current on her mortgage. She fell behind on the payments in 2011 due to business difficulties, and the home went into foreclosure the following year. In the final judgment, however, the judge gave her 60 days to pay what she owed; and she remitted the full amount that the bank quoted: $141,441.81. The bank reinstated her loan and said that it had vacated the final motion to foreclose, meaning that she should have been the rightful owner of her house again, with no danger of a foreclosure sale. In reality, the bank had failed to stop the sale and the property was purchased by real estate investment firm Crimson Ibis, LLC. Seipp claims that she received no notice of the sale. In a recent hearing, a judge confirmed that the title belongs to Crimson Ibis and that Seipp's only recourse is to sue the bank for damages. The next step is appeal, which may take years and, Seipp fears, could end in her family's eviction. Banks in recent years have been accused of widespread fraud and misconduct with regard to housing foreclosures. Banks have been ordered to end the practice of dual tracking, though the practice still continues, and have been found guilty of “robo-signing” mortgages and may have illegally foreclosed on thousands of members of the military.
Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`