A Texas couple knew that foreclosure was imminent after they fell behind on their mortgage payments for several
months. What they didn’t expect, however, was when their foreclosure
notice came from a bank they had never done business with. After a lawyer
looked over their mortgage records, they came to the conclusion that neither
the bank (Wells Fargo) nor their mortgage loan servicer had any right
to foreclose, because neither had a legal right to the house.
The couple’s loan, which they originally obtained from another credit
union, became a part of the portfolio of both Wells Fargo and their new
servicer as part of a securitized trust, closed and sold three years prior.
All of the paperwork for this mortgage transfer was robo-signed.
The jury agreed that the bank violated a Texas law that prohibits fraudulent
real estate filings, awarding the couple $5.4 million in damages early
this month. Wells Fargo and the mortgage company have not yet indicated
whether or not they plan to appeal, and have both denied to comment on
the case. It is still unclear who is the actual legal owner of the house.
As a side note, Wells Fargo has been criticized in the past for its failure
to establish effective controls over the foreclosure process.
Read more about this current event via the
Facing Foreclosure in Dallas? Allmand Law Firm, PLLC Can Help
Facing foreclosure on your home can be a scary and overwhelming process.
Thankfully, a Dallas / Fort Worth bankruptcy attorney at Allmand Law Firm,
PLLC can help. When you choose to work with our firm, we may be able to
help you put a stop to your proceedings, end your mortgage on good terms,
and protect you from potential mortgage fraud. We have helped tens of
thousands of people over the past decade, and we can help you, too.
To speak with an attorney about your foreclosure questions and concerns,
please schedule a
case evaluation by calling (214) 884-4020.