Wells Fargo forecloses on wrong home, couple loses everything - Page 2

Burglary, and vandalism.
Yeah, send Wells Fargo to jail for seven years or so - ALL of them ...

The subcontractors are thugs.  What they did makes no sense-- to destroy the home to take the belongings. It defies logic. Why didn't the people call the police when it was happening? They would have noticed the discrepancy on the foreclosure order at that time and that should have been enough to question the whole process! I'm sorry for the people this happened to, but they don't come across as the sharpest tacks in the package.

This is not how things happen here, I can tell you that much. The prevailing logic is banks do NOT want to be in the real estate and property liquidation businesses. Even if they did have the right house, if I were Wells Fargo, I would be suing the subcontractors for destroying the real asset.... the home. It also makes no sense to damage the lawn mowers, the golf cart, the camper, the doors, anything.

I've worked for a company while it was being liquidated, too. The liquidators get a percentage of what they sell, so they want to get the most money out of any assets. And vandalizing the product is not how to get top dollar. 

It is so off the wall I wonder if the subcontractors had a personal knowledge of this house, and its contents, and instigated "the simple mistake" for some unknown reason.  I wouldn't be surprised.

Usually it is the owners who vandalize the property once they know the bank will take it back, and never do they leave behind anything of value in the home.  

I agree, the amount offered is too low. Triple it, so it includes punitive damages. Wells Fargo will be more careful who they choose to hire, then. 

beetree, they weren't there at the time.  This is their retirement home and I don't think it's their primary residence.  Well, it sure isn't now, anyway!  As far as holdig the sub responsible, that was the address on their paperwork from the bank.  They obviously broke into the home, so there was nobody there to ask if they were in the right place.  The bank is ultimately responsible, the thugs were being directed by them.

That's the other curious thing! Around here, when it gets to the point of the bank actually taking the home in preparation of a foreclosure sale, a HUGE sign is placed in front of the property!  I'm also just saying, as it looked like a typewriter was used, that is so ... not ... making sense to me! It makes it seem there were no checks and balances in place and someone took advantage.

I agree the bank is ultimately responsible, I just think ... maybe it wasn't an accident! What was done looks malicious, not like what a liquidator who is trying to make some money would want to do. Why would a bank ever call them again, seeing how they destroyed the bank's very asset in the process!

Suprise beetree, the banks don't care about the properties, it's something I deal with at work, on a daily basis.  The houses are sitting and rotting, there are too many out there.  Every house that's vacant in the communities I service are missing the copper pipes, sold for drug money.  The vandals are not kind when they take the pipes and if the water is still on when they're taken, it runs until the utility company turns it off at the curb.  Have you ever seen a property that is water damaged?  It's pretty much time for demolition in most cases and there's no money for that either.  The poverty level has risen exponentially in the last couple of years.  The banks don't have the resources to keep up with the properties and most of them sit in limbo, rotting away.  So, what difference do you really think it makes that they're destroyed from the beginning?  The companies that are hired on know this and they can always blame it on vandals, stating the property was in good condition when they left.  I'm one of those who's left with trying to figure out how to make it a valuable part of the community once again and most times, it's a losing battle. placed on the long list of houses waiting to be demoed.

Travels, I am saying the banks don't want, and you are saying the banks don't care. And now I will say, we are actually saying the same thing. The bank wants to unload at the highest return. The subcontractor diminished that return with their handling. That will be the only concern of the bank. 

That is why this makes no sense.

In order to understand the massive housing repossession scandal, one must understan MERS and how Banks and lenders have been double-dipping.  Very, very few of the public even knows about this.  The major mass media has fuilly suppressed this huge RICO civil and criminal crime wave.

http://www.youtube.com/watch?v=lbp4eF0LnFI&feature=player_embedded 




http://occupysb.org/saveourhomes/












 

beetree, we're not talking about the same thing, you're saying the banks care that these homes retain their value, I'm say the don't care at all.  There are homes that were in perfect condition when ordered abandoned by the bank and it doesn't take long for deterioration to start, vandals to move in and take what they can.  Mother nature does the rest.  The banks DON'T CARE about the value, they write it off on their insurance and guess who ends up paying?  WE do! ...in more ways than you can count!

Since I actually bought my house after the bank had taken possession, I do know they want to unload asap, because the banks do want to recoup their losses as much as they are able. The bank did take minimal steps to protect their asset until it was sold, I can attest to that.

I will agree to disagree.

Yours was the exception to the rule, or possibly in a neighborhood where there weren't as many foreclosed homes and still people in the market for that neighborhood, along with the money to purchase.  I'm not totally disagreeing with you, they'll recoup losses where they can, but that's not the norm, especially in areas where there are many, many foreclosed homes.  What happens next is, slumlords buy up properties and turn them into Section 8 housing and the value of the surrounding properties plummets.  Take a look at Florida for example, middle income neighborhoods have been decimated, now well below the poverty level.  Thriving neighborhoods have become ghost towns and/or, pretty much ghettos. 

bee, when did you purchase your home?