Wells Fargo received a taste of their own medicine from David Rodgers, a Philadelphia homeowner, and my pick for ‘Consumer Hero of the Week.’ Rodgers became embroiled in a dispute when Wells Fargo insisted that he insure the home he had purchased for $180 thousand, for the cost of building it from the ground up today – a million dollars, thus adding $500 per month to his payment.
Rodgers sued Wells Fargo under the Real Estate Settlement Procedures Act when the bank refused to answer his questions as required by law, also prompting the homeowner to take audacious and legal steps to resolve the problem by going so far as to obtain a sheriffs’ levy to order a sale of their property! After widespread media coverage the bank is now being cooperative, sadly we’re unlikely to see the sale of their corporate property.
"I think it’s important for people to know this law exists and if their mortgage company is doing something irregular or shady, you can send a letter," Rodgers says. "If they don’t acknowledge your request, they face damages or penalties."