Yes, you read that correctly. In a tale sure to warm the hearts of mortgage holders the world over, Philadelphia homeowner Patrick Rodgers, who sees himself as the Johnny Appleseed of these sorts of challenges, began foreclosure proceedings on a local Wells Fargo office. Wells Fargo had told him that he needed to take out a higher insurance policy on his house, and Rodgers vehemently disagreed. So he educated himself on the law, and here's where things got fun.
Rodgers sent a letter to Wells Fargo, asking for specific information about his mortgage. The company failed to acknowledge it had received the letter, even though it's required to do so within 20 days by federal law. So he sent two other letters reminding the company of its legal obligations. Naturally, there was no response.
Then Rodgers took them to small claims court and won a judgement, which the bank failed to pay. This led to his going to the Sheriff's office and beginning the process of initiating a public auction of the bank's possessions. At this point Wells Fargo only partially paid the judgement, so the process of foreclosure continued. Rodgers then sent notices to the media about the impending sale, and his story went viral. It was at this point that Wells Fargo contacted him and gave him a settlement that he "found quite acceptable".
Rodgers details how you too may be able to foreclose on your local bank here.
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