Homeowner forecloses on his bank

[ReynardMuldrake]

This guy is my hero.

The saga began in 2009, when Patrick Rodgers first wrote to Wells Fargo, requesting itemized information about the mortgage on his home in Philadelphia. The bank was forcing him to take out a $1 million homeowners policy on his home, which he maintains is worth far less than that.

Over the next year he sent at least four letters to Wells Fargo from June to September and got exactly no replies.

Rodgers did some research and learned that the Real Estate Settlement Procedures Act, or RESPA, passed in 1974, requires that a mortgage company acknowledge written requests within 20 business days, or face damages or penalties.

So he went to court, citing the law, and received a $1,173 judgment against Wells Fargo. The bank did not respond to his action and he won a default judgment. Then Rodgers placed a sheriff's levy against Wells Fargo's local mortgage office for the judgment, plus interest.

"I think it's important for people to know this RESPA law exists and if their mortgage company is doing something irregular or shady, you can send a letter," said Rodgers, who said he did not hire a lawyer. "And if they don't acknowledge your request, they face damages or penalties."

He said he was surprised that Wells Fargo has still not responded despite media attention about his story, as first reported in the Philadelphia Inquirer.

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.

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.

http://abcnews.go.com/Business/phila...2932362&page=1