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Man Forecloses On Bank - And Wins

Update 2:  We are reposting this story from a few months ago in light of a similar story that hit the wires over the weekend.  Here's the most recent story if you haven't seen it:


Original Update:  See this story from Crooks & Liars

Video - How to beat your bank and stop foreclosure - Feb. 21, 2011

A Philadelphia resident foreclosed on Wells Fargo's local lending office and won.

Yes, we said 'foreclosed.'  How did he do it?

He utilized a RESPA letter, which we have included below.

A RESPA letter - This letter is also referred to as a "Qualified Written Request, Dispute of Debt, Validation of Debt, TILA letter." The RESPA letter is a specific demand from the borrower to the mortgage lender or mortgage servicing company to produce evidence of the validity of the debt, and is very detailed and specific. Under the Real Estate Settlement Procedures Act (RESPA), the Truth In Lending Act (TILA), Regulation X, and the Gramm Leach Belley Act, the lender must acknowledge the receipt of the letter within 20 days, and must correct or provide clarification regarding the disputed debt, within 60 days of receiving the letter from the consumer. During the 60 days, the mortgage lender may not report any overdue payment amounts to consumer reporting agencies.


There are a myriad of web resources to help get you started...

More information on RESPA letters



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Reader Comments (13)

Feb 22, 2011 at 11:57 AM | Registered CommenterDailyBail
When I got away from home, my first social circle of any note were the children of the diplomatic, political and legal culture of Washington D.C. That’s the first time I saw what it was like to be surrounded by money. I’d find myself being taken on a tour of Virginia Graham’s house, when she wasn’t home; sixty or seventy rooms of furniture with plastic on them like nobody lived there and nobody did. The Gore’s of Senator the Elder’s fame were next door to my best friend. The junkie son and nymphomaniac daughter of the Kraft food fortune and assorted wastrels were all around, being jaded and junked like it was an avocation. The heir to an MGM fortune got his hands tied behind his back with a coat hanger and shot in the head for thinking that certain privileges extended into social circles where, in fact, they did not.

Feb 22, 2011 at 11:59 AM | Registered CommenterDailyBail
6 of the biggest mortgage lenders say N.J. high court overstepped its boundaries

Feb 22, 2011 at 12:12 PM | Registered CommenterDailyBail
In foreclosure suit, two counts against GMAC thrown out

A single count remains in the Maine class action accusing the mortgage company of fraudulent paperwork.

Feb 22, 2011 at 12:25 PM | Registered CommenterDailyBail
Barclays Branches Targeted in Protests Against Tax Avoidance

UK Uncut mounts direct action against 50 branches as Barclays admits it paid 1% corporation tax in 2009

Feb 22, 2011 at 12:29 PM | Registered CommenterDailyBail
Feb 22, 2011 at 1:29 PM | Registered CommenterDailyBail
Philadelphia Man Moves to Foreclose on Wells Fargo Over Mortgage

Homeowner Says Mortgage Company Failed to Respond to His Questions, So He Took Them to Court

Feb 22, 2011 at 1:30 PM | Registered CommenterDailyBail
The way to fight back and WIN is to SUE!!!

KNOW your rights, and Sue for them and take back what is yours.

Knowledge is indeed power and there is enough info out there to get started..

What in the Hell are you waiting for people? End the FED, End Fractional reserve banking, and end the corruption in our monetary systems.

Mortgage = Death Pledge
Mort= Death Gage = Pledge
Feb 22, 2011 at 1:30 PM | Unregistered CommenterBILL
What's with the teeth? He's a vampire!
Feb 22, 2011 at 11:20 PM | Unregistered Commentersmokinlama
lucky man! very glad for him! smbody has to win!
Feb 26, 2011 at 10:35 AM | Unregistered Commenterterry
RESPA offers no protection to Vampires.
Feb 28, 2011 at 5:05 PM | Unregistered CommenterWarren
But what do ya do when yr back is up agnist the wall and you just dont have the money to hire a lawyer, to save your house.......? If this happens to us, were screw'ed. Were max'ed out becouse in 4 years we are just breaking evan, whAre we had 2-3 hundred left over to put in the bank. Then 2008 hit.........................!
Mar 20, 2011 at 12:16 PM | Unregistered CommenterTexas Dar
Good for that dude for suing BofA, but he totally looks like the love child of Anton LaVey and David Blaine.
Jun 6, 2011 at 12:20 PM | Unregistered Commenterpaul krugman's raging ulcer

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