Wells Fargo sells home it didn’t own
September 7, 2011 by daves1997
Filed under Fort Myers Area Foreclosure News - Includes Florida and National News
How low will banks go?
Brian and Holly Barnhart of Cape Coral – who were sold a house by Wells Fargo Bank even though the bank didn’t own the property – have filed a lawsuit alleging fraud and negligence.
The Barnharts, who emptied their life savings to buy the house for $153,000 cash and renovate it for another $80,000, bought the house in November.
But it turned out Wells Fargo had given the house back to its original owner, Richard Riccobono, for a mortgage he had on the house. The bank won a foreclosure suit and took back possession of the house, but moved July 30, 2009, to set aside its ownership.
As a result, Wells Fargo sold the house to Barnhart even though by then it belonged to Riccobono.
A spokeswoman for Wells Fargo said the company has not yet been notified of the Barnhart lawsuit.
The Barnharts are suing Wells Fargo along with American Home Mortgage Servicing Inc., Powerlink Settlement Services and Option One Mortgage Loan Trust 2007-CPI Asset Backed Certificates Series 2007-CP-1.
American Home handled the Riccobono loans and the foreclosure. Option One is the real estate investment trust that actually owns that mortgage, for which Wells Fargo provides accounting services.
In the lawsuit, filed Aug. 15 by Jack Pankow, the Barnharts allege fraud, negligent misrepresentation, civil theft, conspiracy, breach of contract, breach of warranty and negligence.
American Home and Powerlink could not be reached for comment. Article courtesy Fort Myers News-Press.
Fantastic submit. I’m dealing with several these difficulties.
It is and has been fraud on all levels and not too many folks get it.We need to take a stand,I am in the process of disputing my mortgage with wells fargo for many reasons and they dont feel the need to answer anything you ask them. As a lender of so called loans though they never lend there own money, they have a obligation to answer a borrowers questions.I think if there CEO John Stumpf[not sure on the spelling and don't care]was facing a very lengthy prison term we maybe would get some answers.Until then greed and corruption are king.
David i also am have many problems with Wells Fargo Bank, and the fact you cant get a straight ansure or any one who wants to help you fix the problem caused by the banks error. Is there any help out there????? I have almost used up all the fight I have in me.
I let my attorney do the fighting.