Wells Fargo Forecloses on Man’s Home for Paying off his home in Full

Filed under Around the Web, Economic News  
Date posted: May 30, 2013

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A Florida man got the surprise of his life after paying off his home early, and in full – THE BANK FORECLOSED ON HIS HOME.

In a sickening display of how much power bankers really have in this country, Etienne Syldor of Orlando, Florida may lose his home because Wells Fargo claims he paid of his home “to quick.”

Syldor, a Haitian immigrant who works as a bus driver, faithfully paid his mortgage on time, always sending even more than he owed every month. But apparently, those over payments got him in trouble with the bank.

The sick bastards at Wells Fargo, using a technicality in Syldor’s mortgage papers, have decided to foreclose on his home. I guess getting their money back wasn’t enough for the greedy bastards at the bank.

In a statement Wells Fargo said:

The loan was part of a mortgage-backed security and in a protected pool, with specific payment guidelines. We are working with Mr. Syldor to explain the guidelines and explore options that may help.”

These banks are truly evil. Here is a man who paid everything he owed, who may now find himself homeless because a bank wanted to profit even more off his debt.

Comments

17 Responses to " Wells Fargo Forecloses on Man’s Home for Paying off his home in Full "

  1. FatMatt says:

    These banks need to be shut the fuck down.

  2. tiggs says:

    This is crazy. This surely cannot be allowed to happen.

  3. Scotty says:

    Wells Fargo is one of the largest investors in the two largest Private Prison enslavers in the world. Nothing they do should surprise anyone but yet, people keep their bank accounts open with them.

  4. Rich says:

    let’s see how long it takes for America to fly off the handle without grabbing all the facts. Just food for thought, I have a loan with Wells, and it clearly points out the consequences for breech of contract, such as paying too early. If receiving a penalty for paying off a loan too fast is news to you, I suggest you read more often. But as usual..if it sounds bad…thats all the facts we need, lol

    • Alastair says:

      An adjustment of the interest rate in force, after explaining to the guy when he makes his first overpayment would be a logical reaction from a bank Rich. If you ever get stiffed by some disproportionately greedy contract, I hope someone shows you the same sympathy…..

    • Herb says:

      The penalty doesn’t include foreclosure on the house. The penalty comes in the form of a fee. Also, if you sign a mortgage with early pass off penalties, you are not very smart. There are plenty of mortgages available with no penalty for early payment.

  5. Kyla says:

    They cannot foreclose on a house already paid for. They don’t own it once paid off. He can go to any lawyer and they will fight for him. A couple owl roved this when BofA tried something similar.

  6. kim says:

    that is the most rediculous thing i have heard—wells fargo is a crooked bank and they are trying to do this to the poor man because they want to make the interest from his loan. I hope the man sues them to the max. Dont they get it that people are tired of being “slaves” to banks and such? If the man was able to pay off his home in full then kudos to him. May the bank be closed down for such tactics. Fine print or no fine print. I am on the mans side 100%.

  7. Jeanette says:

    Rich,you are locked into the Matrix,snap the hell out of it man…banksters=gangsters=USURY….

  8. Boyd says:

    Rules are rules, what good are contracts if ppl just do what they what and don’t follow them. His contact with the bank that he signed says that the bank is guaranteed x amount of dollars for funding his home. In other words if I tell you I will buy you a house but you have to give me the amount of the house plus the interest and you agree than the bank is within their rights to collect any outstanding interest still owed. It’s this man’s own stupidity to not have realized this when he decided to pay earlie, he could have changed the contact or entered in a new contract with another bank without this type of contact.

    • Brandon says:

      Interest can only be collected on debt still owed and is calculated on a daily basis. Secondly paying off the house early is not a breach of contract, he payed back the agreed amount.

      • Luke says:

        Apparently there was more to the agreement and just paying back an amount of money. Guess he should have read all those papers he signed. I have a mortgage with wells fargo as well. I did not read all the fine print and signed the papers. Wouldnt surprise me if this could happen to me as well but I SIGNED THE PAPERS. I AGREED TO IT, AND WOULD HAVE NOONE TO BLAME BUT MYSELF.

        • tyler says:

          Ever read an entire mortgage closing contract? better have a week or so. Super long and complicated. The lender should have made the terms clear instead of just saying “sign here” with a grin! Fuck the contract. Right is right and wrong is wrong.

  9. Luke says:

    As much as I despise the banks and banking system, I agree completely with Rich. This guy was responsible enough to not blow all his money and have the cash to pay off his loan early, but not responsible enough to pay attention to the details of the agreement he made. A deal is a deal. Lesson here is don’t deal with the devil. And READ

    • Eduardo says:

      “A deal is a deal. Lesson here is don’t deal with the devil.”

      Dude, a deal is not a deal when it is wrong. What, not recognizing the devil the first time around means you lose the ability to rectify??

      What you and Rich need to reflect on is the fact that, when a wrong is dressed in contractual clothes, there are no clothes. The ‘emperor’ has no clothes! You do not still bow down, suck the SOB’s you-know-what, and call it the privilege of monarchy! You run the SOB out of town!

      Despite Freud, discontent is not obligatory. There are ideals to strive for. To rectify is to cultivate the higher notion of civilization.

  10. cuthean says:

    He should walk into his wells fargo with a 50 capacity uzi and shoot everyone inside

  11. fed up says:

    If it was me I would sit on my front porch rifle in hand and drop they first agent that tried to rob me of my home. Illegal contact should have no right in america. Loan paid in full early should be a right not a contractual agreement to be waivedwithout really knowing it. Most would expect pay off early would be aacceptable to any lender.