• 26
  • February
    2011

In an unusual twist to the usual headlines a man has initiated foreclosure proceedings on the local office of his bank, Wells Fargo. The man decided to fight back against the bank when he wasn't getting any answers to his questions about why the bank was forcing him to buy a seemingly exorbitant insurance policy for his house.

The man, Patrick Rodgers, lives in Philadelphia and purchased a beautiful Victorian house there for $180,000. The home's value had plummeted to that level because of the recession and general decrease in property values across the country. The bank, however, told Rodgers that he had to purchase a $1 million insurance policy for the home, which they say is its true replacement value. Rodgers wanted to know why he had to pay so much in insurance so he sent his local Wells Fargo letters asking questions.

He did some research and wrote formal letters under the Real Estate Settlement Procedures Act. The act requires mortgage companies to respond to a consumer's letters within 20 days. When his bank didn't reply he took them to court for violating the law. The bank was ordered to pay $1,173 to Rodgers.

When the bank failed to pay Rodgers, he began proceedings to seize their property to collect his judgment through a sheriff's sale. Rodgers has worked for over a decade as a music promoter and his PR experience led him to get the word out to the media about his unusual move against the bank. It took a lot of effort, but it is likely that Rodgers will start getting some answers.

Source:

Turning the Tables: Philadelphia Man Forecloses on Wells Fargo Office (TIME)