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| Patrick Rodgers (center) |
Today, my friend (we'll call "Dallas Fan") posted "Another reason not to mess with a Vampire. . ." with a link that read: "Vampire Man Forecloses on Bank". Of course, I had to click on it. It turns out that a man named Patrick Rodgers (left, taken from his Facebook page) turned the tables on Wells Fargo and collected money from them due to a legal loophole in Philadelphia law.
According to ABC News, Wells Fargo forced him to take out a $1 million insurance policy (costs about $2,400 a year), though Rodgers says he only bought his home for $180k in 2002. So, how did this vampire man respond? ABC reported that "Rodgers did some research and learned that the Real Estate Settlement Procedures Act, or RESPA, passed in 1974, requires that a mortgage company acknowledge written requests within 20 business days, or face damages or penalties".
(They call him Vampire Man due to his gothic dress and wearing fangs in a TV interview, below).
From this video, it seems that after 60 days, they are in big trouble -- and Rodgers proved that:
To hear the story from Patrick Rodgers, try this Consumerist article called This Is How I "Foreclosed" On Wells Fargo. I expect that his personal FB profile will zoom end up being a fan page full of "likes" now that he's gained immortality as a financial hero.
GoBankingRates said he made a huge accomplishment in this business, considering "he housing market is still suffering terribly–underwater mortgages in the U.S. have reached 27 percent of all home loans as property values continue to fall, and about 5 million borrowers are currently at least two months behind on mortgage payments. Yet the financial institutions that were given a combined total of over$200 million in bailout money have done little to compromise with their customers and help the little guy out." CNN Money, for example, reported that Wells Fargo got $25,000,000,000 in 2008, yet they were still trying to screw this guy over?
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