Wells Fargo Seeks to Reverse Foreclosure Jury Verdict that Favored Homeowners

by San Antonio Attorney

Wells Fargo Bank and its mortgage servicer are seeking to reverse a jury verdict in favor of a couple whose home is slated to be foreclosed, and to also allow a sheriff’s sale of the property.

David and Mary Ellen Wolf from West University were awarded $5.4 million by the jury last November.  This was done after jurors concluded that neither Wells Fargo nor the mortgage servicer, Carrington Mortgage Services, provided any sufficient evidence to supplement the legal claim on the house or the right to foreclose.

In 2011, the Wolfs filed a lawsuit in order the stop the bank from foreclosing the house due to their late payments for several months.

Wells Fargo served as a trustee to the Carrington Mortgage Loan Trust.

The bank’s stand against the plaintiff s was that the lawsuit had no basis since they were not part of “pooling and servicing” agreement.

The jury still failed to determine who truly owns the vintage house on Buffalo Speedway legally.

The house is rumored to have a market cost of $850,000.

The mortgage note does not belong to Carrington or Wells Fargo.  In the trial, it was also discovered that the Wolfs have a $655,000 due on the note.

David Wolf and his wife had stopped making mortgage payments in 2010.  They applied for federal mortgage assistance, but were served with a foreclosure notice.

Mr. and Mrs. Wolf offered an amicable settlement to both parties last 2012.  The couple offered to pay their $2,500 monthly mortgage into an escrow account until the ownership case would be settled.

The couple claimed that Wells Fargo did not respond to their plea.

Another hearing was scheduled on Jan. 1, 2016.

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