I know, there are so many problems facing us right now, it gets a bit overwhelming. but, just in case you got distracted by some other worthy issues, here are a couple of reminders about how, for Big Banks, the risks... well, the risks usually belong to the little guy, who has very little recourse.
First, Wells Fargo Typo Victim Dies in Court Mr. Delassus, ahead six months on his taxes, received a letter demanding he pay two years' worth of back taxes. Wells Fargo had a typo on his parcel number and it was actually a neighboring condo that was behind on taxes. The bank, after some months of debate of this with Mr. Delassus, doubled his mortgage payments to cover the back taxes he disputed that he owed. The retiree, in poor health, was unable to pay that amount on his limited income and fell behind. By the time Wells Fargo's typo of two wrong digits on a parcel number was discovered and acknowledged as the culprit, Mr. Delassus was far behind. Wells Fargo offered, for a reinstatement fee, to allow him to being making payments again, but never did reveal to him just how much the reinstatement fee would be.
Mr. Delassus ultimately was told to pay his loan in full, $337,250.40, by the next day, or lose his home. Yes, he lost his home. This is heartbreaking and so worth your time to read the article. Mr. Delassus sued his bank, but tragically died in the courtroom as his attorney argued on his behalf.
And then, there's this gem Report: Lenders wrongfully foreclosed on over 700 service members "A review of foreclosure cases also turns up 20 homeowners who lost their home despite never missing a payment." Yes, reviews of the rushed and massive waves of foreclosures, many suspect, have been showing some fascinating, but not unsurprising, results.
Both these articles are worth taking the time to read. I urge you to do so. For now, my heartache and outrage meters have hit so high, I am just about speechless.