Wells Fargo Forecloses On Homeowner For Making Early Mortgage Payments

Etienne SyldorFire Dog Lake – by DSWright

As Occupy Our Homes demonstrates at the Department of Justice the fraudclosure crisis continues unabated.

A Florida family man who not only made his mortgage payments on time but made payments early faces foreclosure by Wells Fargo. The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank.  

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 far so good. Family man working multiple jobs to make sure he is paying his bills – personal responsibility and all that jazz. Court records confirm that Syldor made his payments.

Then something funny happened. Despite the payments Wells Fargo began foreclosure proceedings on Syldor. Not surprisingly this made no sense to Syldor who, thankfully, hired an attorney and contacted a news station.

Wells Fargo’s statement to the news station is one for the ages.

Wells Fargo, bank representative Veronica Clemons sent a statement:

“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 guidelinesbecause he paid early and sometimes his payments were sent one on top of the other

Oh the absurdist world of MBS. Because Wells Fargo sold Mr. Syldor one of these chopped up and reassembled frankenloans it didn’t matter that the bank was getting paid – usually the goal of loaning money – what mattered was that the arcane calculus of the derivative was not being complied with. And since Syldor was so happy to have a home for his family and was able to cobble together the cash from working multiple jobs he rushed to pay his mortgage to keep his home. His reward? Foreclosure proceedings that would have put him and his family on the street.

It’s 2013 and we are still dealing with this nonsense.


12 thoughts on “Wells Fargo Forecloses On Homeowner For Making Early Mortgage Payments

  1. The Wells Fargo Mortgage Department is probably filled with social promoted, borderline retarded individuals judging by the name of the spokesperson.

  2. I would love to see judges start making rulings that since it was the bank that failed to abide by the terms of the loan contract, the bank is in default, and issue clear title to the homeowner.

    Then I had another cup of cofee, and realized how absurd it would be to expect (most) judges to actually rule against a bank.

    1. Actually this had happened in the past. I had to go to court for a property dispute (non-foreclosure issue) and the case preceding mine was about a guy that had done everything to work something out with the bank to prevent foreclosure. This guy submitted tons of paperwork and evidence to the court and the bank (BOA) would not comply or giving other options to the guy. To make the story short the judge ruled on the guy’s favor giving him a clean title and a write-off of the 200K debt. I am sure BOA appealed the ruling.

    1. Unfortunately, so many would have been screwed before that happens. We’ll probably see martial law the way things are going.

      1. Here’s one for the suspiscious minded.

        The issuing banks or MERS, issues a blanket grant of access to federal agencies as the lein holder, bypassing the need for the agencies to get a warrant to enter your house. Once removed, the bank files to forclose as it considers the property “abandoned”.

        Since you are relocated and have not been served papers and/or can’t respond, the bank gets a default judgement.

        Must be the HFCS and GMO flour in these cookies making my imagination run wild.

        1. I didn’t know that, not that I would ever do business with Wells Fargo or Bank of America. But with this in mind, if this should ever happen to me, I would get a PO Box just so I can see if papers like that ever show up. The post office forwards your mail for six months to a new address. That can be the PO Box. I’ll pass the info. along amongst my friends so maybe they can pass it on to someone who may be in that situation. Thanks for the info. atouk.

          1. Not presented as fact, but as a “what if”.

            Just thinking things through in a worst case scenario. With the banks getting a pass on fradulent forclosures, and pick an ammendment Rights being ignored as an every day occurance, what happens if the current trends continue and merge.

  3. I don’t know all the facts, but I am sure there is a way to fight it and stop it, OR get it back if it is already foreclosed on. I have handled many of those and you are free to contact me.

  4. Use a second amendment remedy on the bankers. it would only take two or three incidents and the banks would shape up

  5. While people who have a mortgage with these thieves are pretty much stuck, if everyone else would boycott Wells Fargo and close out all of their
    accounts with them, like I did a few years ago when I first learned of their
    illegal drug money laundering, they would feel the pain.
    I went with a small local bank that knows how to treat people and takes good care of their customers and I’ve gotten others to close their Wells Fargo accounts, too.

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