Etienne Syldor (Credit: WFTV)
Etienne Syldor, an Orlando resident who works as a bus driver at Walt Disney World, says that
Wells Fargo has started foreclosing on his house. This is despite the fact that he not only made his payments on time, but even overpaid on them.
As local station WFTV
reported,
“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 that he went beyond
making the payments on time to pay early and more than was required. At
times he says he has worked multiple jobs to make sure he can make
mortgage payments.
But Wells Fargo recently stopped taking his payments and sent him a
letter telling him that it was starting foreclosure proceedings.
Banks have been
accused of similar shenanigans in the past, as many have lost track of paperwork,
illegally foreclosed on military members,
and refused to work with borrowers who scrounge up money on
modifications. Major banks have been widely reported to use a process
known as “dual tracking” in which they work with a borrower on a
modification while also pursuing foreclosure. Some instructed borrowers
to stop making payments to help enter the modification process only to
foreclose on them anyway.
But banks
were ordered to end dual tracking
and other abusive practices as part of the $25 billion fraud
settlement. They dragged their feet on ending this practice as
homeowners continued to face foreclosure. Banks were also ordered to
modify mortgages as part of the settlement but some have
been slow to dole out the
relief.
Frustration about the weak agreement, coupled with the slow trickle of settlement money,
sparked a protest at the Department of Justice on Monday, where activists and foreclosed homeowners marched and some were arrested.
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