Georgia Woman Battles Wells Fargo For 7 Years To Save Home
Posted on April 12th, 2011
The New York Times has posted an article that discusses one of the problems that may arise when homeowners fall behind on their mortgage payments: Who really owns the loan?
The article specifically mentions the case of Ms. Zella Mae Green from Georgia who had filed for bankruptcy back in 2004 to save her home from foreclosure. She and her lawyer needed to know two things that were very complicated to find out: Did she owe any back payments on her mortgage? And if so, to who? Those questions seem simple enough, but it took Wells Fargo until this year to answer them for her.
Ms. Green’s records showed that she was only behind 4 payments on her $40,250 mortgage due to being laid off and having to pay medical bills. However, Wells Fargo insisted that she owed 113 back payments, adding up to $48,000. But Wells Fargo wasn’t the only institution claiming to own her mortgage; two other institutions were claiming it as well… at the same time.
Howard Rothbloom, a foreclosure defense lawyer in Marietta, Ga., represents Ms. Green. “The point of this whole case is that inaccurate, incomplete and conflicting information has been provided to Ms. Green over the course of seven years,” he said. “Determining the balance due on her loan should not have to be so difficult.”
Mr. Rothbloom filed a suit in May 2006 with the intent to find out who actually owned Ms. Green’s loan. While in court, three Wells Fargo employees each gave different representations about where Ms. Green’s note was. Each story was very different. One said the note was lost, another said the note was never transferred to Wells Fargo and couldn’t possibly have been lost by them, and the last said that the company had found the note and it was on file in Maryland.
Regardless of the complications, it appears that Ms. Green has won her lawsuit after 7 years. She and Wells Fargo reached a confidential settlement in February of this year.
If you would like more information on foreclosures, please check out our articles The Three Stages Of Foreclosure In Alabama and Wrongful Foreclosures In Alabama.
Similar Posts:
- “Mortgage Apple Cakes” Save Woman’s Home
- Number Of Delinquent Loans Fall, But Foreclosure Sales Still Slow
- No Title Insurance Could Stall Sales of Foreclosed Homes
- Recent Interview On Fraud In Foreclosures — Robo-Signers
- How A Foreclosure Can Impact Your Taxes
Tags: Home
Filed under Financial Tips |