An old couple in California may never have a peaceful retirement because of Wells Fargo.
The subcontractors used by Wells Fargo destroyed doors, broke windows and took valuable items in Alvin Tjosaas’ vacation home while they were mistakenly foreclosing on the property. Tjosaas started building the house for his parents in 1961 when he was 14-years old.
The bank released a statement saying it is moving fast to resolve the situation. Wells Fargo also apologized for the personal things that the family lost resulting from the mistake of the subcontractors in securing and entering their home. They were supposed to secure a different property nearby.
The fact is the experience of Tjosaa with a subcontractor of the bank could be rampant. More than 50 lawsuits have been filed by homeowners against subcontractors, which have been hired by major banks to secure properties that have been abandoned. Sometimes they destroy properties that are still occupied.
The destroyed property of the Tjosaas is not the only proof of the bank’s failures in its foreclosure procedures. In July, Wells Fargo allegedly threatened to foreclose the home of a dying cancer patient who was not able to pay her mortgage because of high medical bills. Also, a foreclosure victim took his life during a legal battle with the bank in May.
Wells Fargo has originated one third of all U.S. home mortgages, which is the largest in the country. It holds three times the share of JPMorgan Chase, according to Bloomberg. Wells Fargo is one of the major banks that resolved allegations of mortgage fraud by agreeing to pay a $25 billion settlement.
Bank subcontractors are not the only ones who are wrecking properties. In April, the evicted homeowners of a mansion in Jacksonville, Florida destroyed light fixtures and cabinets.
- A mortgage lender can legally seek a deficiency judgment against a borrower. If you are facing foreclosure, it could help a lot to save your home if you immediately talk to an experienced Real Estate Attorney San Antonio.