Wells Fargo Forecloses On Homeowner For Making Early Mortgage Payments
AsĀ Occupy Our Homes demonstrates at the Department of JusticeĀ the fraudclosure crisis continues unabated.
A Florida family man who not only made hismortgageĀ payments on time but made payments early facesĀ foreclosure by Wells Fargo.Ā The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank.
Etienne Syldor said heās worked his whole life for aĀ homeĀ 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 amortgageĀ payment.
Last year, Wells Fargo offered himĀ mortgageĀ modification, and he was told if he made four monthly payments during a trial period, the modification would be permanent.
So far so good. Family man working multiple jobs to make sure he is paying his bills ā personal responsibility and all thatĀ jazz.Ā Court recordsĀ confirm that Syldor made his payments.
Then something funny happened. Despite the payments Wells Fargo began foreclosure proceedings on Syldor. Not surprisingly this made no sense to Syldor who, thankfully, hired an attorney and contacted a news station.
Wells Fargoās statement toĀ the newsĀ station is one for the ages.
Wells Fargo,Ā bankĀ representative Veronica Clemons sent a statement:
āFor someĀ loans, completing trial payments is a significant step toward a permanent modification; however, in this instance, theĀ loanĀ was part of aĀ mortgage-backedĀ securityĀ and in a protected pool, with specific payment guidelines.Ā We are working with Mr. Syldor to explain the guidelines and explore options that may help.ā
TheĀ bankĀ told Eyewitness News Syldor didnāt follow the modification guidelinesbecause he paid early and sometimes his payments were sent one on top of the other
Oh the absurdist world of MBS. Because Wells Fargo sold Mr. Syldor one of these chopped up and reassembled frankenloans it didnāt matter that theĀ bankĀ was getting paid ā usually the goal of loaning money ā what mattered was that the arcane calculus ofĀ the derivativeĀ was not being complied with. And since Syldor was so happy to have ahomeĀ for his family and was able to cobble together the cash from working multiple jobs he rushed to pay hisĀ mortgageĀ to keep hisĀ home. His reward? Foreclosure proceedings that would have put him and his family on the street.
Itās 2013 and we are still dealing with this nonsense.