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Wells Fargo Forecloses On Homeowner For Paying Too Much

An ambitious homeowner made extra payments on his principal so he could pay off his home sooner. Wells Fargo Bank responded by foreclosing on him.

[h/t FireDogLake]

Gee, Wells Fargo Bank. A guy does what he's supposed to do and not only makes his regular payments but extra ones too and you decide to foreclose on him?

Damned if he does, damned if he doesn't.

Orlando news station WFTV has the details:

A man who made loan modification payments on time and early said Wells Fargo stopped taking payments and started foreclosing on his house.

Etienne Syldor said he's worked his whole life for a home in Orlando for his wife and three children.

Syldor is an immigrant from Haiti and a bus driver at Walt Disney World. At times, he said he has worked multiple jobs to make sure he never missed a mortgage payment.

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.

So he made those payments and he made them on time, along with extra payments on the principal. What did he get for his trouble? Foreclosure. Wells Fargo's excuse? Not much of one.

"For some loans, completing trial payments is a significant step toward a permanent modification; however, in this instance, the loan was part of a mortgage-backed security and in a protected pool, with specific payment guidelines. We are working with Mr. Syldor to explain the guidelines and explore options that may help."

The bank told Eyewitness News Syldor didn't follow the modification guidelines because he paid early and sometimes his payments were sent one on top of the other.

Oh, you mean the billionaires playing potsie with CDOs might actually make a penny less interest and so this man has to lose his house?


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