Homeowner forecloses on Wells Fargo office, becomes folk hero

Anyone else think that nearly the entire financial industry is ready to be replaced with a lot of very short shell scripts?<p>It seems to me that their value add is negligible compared to how they're rewarded.

I'm actually more impressed that the courts, even locally, didn't try to stop him from pressing buttons and ruffling feathers. Bravo to the entire town.

Wait.. I am new to all this US legal stuff. So because bank did not response to his letter, sheriff put bank building on sale? or I misunderstood article?

If your house is being foreclosed upon, look into filing a Lis Pends, foreclosurefish.com has brilliant information on the process, Filing that prevents most buyers from making bids on the house while you sort out your case. Always save all of the paperwork you get from your mortgage company, Hire a lawyer, don't file for Bankruptcy, Bankruptcy lawyers will tell you that's your only option because they want your business, but that will put you in financial jail for years! A lawyer can work wonders if they know what they're doing, and they can also get your legal fees back. Its rough to get laid off, but if you take hold of the situation, work on being marketable for a job, and educate yourself about foreclosure, you'll recover.

What does "forecloses on [an] office" actually mean? The article didn't explain that to me.<p>From what I read, it sounds like the guy just won a court claim in local court against WF, and got the Sheriff's office to concur that the company was somehow in the wrong. I thought foreclosure was repossession of a house when the borrower is in default?

There's a bit more info, including more photos and a scan of the poster over at the consumerist: <a href="http://consumerist.com/2011/02/how-this-philly-homeowner-foreclosed-on-wells-fargo.html" rel="nofollow">http://consumerist.com/2011/02/how-this-philly-homeowner-for...</a>

This is a matter of statistics for Wells Fargo. Of all their clients, maybe 1% do protest. The other 99% just go to the bank and pay the fees.<p>Maybe the other 99% doesn't even read the statements and just go and pay.<p>For them, it's all profits. Even paying this man and their attorneys to get to a settlement doesn't make a dent to the revenue they're receiving of the other 99%.

RESPA ftw?<p>--snip-- He learned about RESPA which allows a Qualified Written Request (QWR), a letter that a loan holder can send to their mortgage servicer who is legally obligated to acknowledge within 20 days and take action within 60 --snip--

I think I don't quite get how the mortgage system works in the USA. In Australia it is fairly easy to go to a competing bank or other financial institution if you're unhappy with you current lender, discuss the terms and maybe get a better deal, get a loan from the new lender and pay out the outstanding loan with the previous lender. You may have to pay some fee for paying out your mortgage too early, but it's usually not that huge.<p>Is this not possible in the USA?

So what can we do to help the situation?

ok thats hilarious, well done sir

I think the moral of the story is: don't get an adjustable rate mortgage.

I can't resist it. I know pedantry is to be discouraged here, and I apologise in advance. But... "a century old 6 bedroom 3 bath Tudor home" grates against the part of my mammalian hind-brain responsible for breathing, basic motor control and throttling estate agents. Downvotes will be sadly accepted.