Etienne Syldor, an Orlando man, has often worked multiple jobs to keep his mortgage current, even overpaying and making payments early in a mortgage modification trial with Wells Fargo. The result: the bank stopped accepting his mortgage payments and started foreclosure proceedings.

If This isn’t a Mortgage Settlement Violation (by Wells Fargo), Then What is?

If This isn’t a Mortgage Settlement Violation (by Wells Fargo), Then What is?

If This isn't a Mortgage Settlement Violation (by Wells Fargo), Then What is?Etienne Syldor, an Orlando man, has often worked multiple jobs to keep his mortgage current, even overpaying and making payments early in a mortgage modification trial with Wells Fargo.

The result: the bank stopped accepting his mortgage payments and started foreclosure proceedings.

“When he came in and showed me all the documents, it was just unbelievable,” Lamya Henry, Syldor’s attorney, told the Orlando TV station, WFTV.  “Who get’s foreclosed on when you make all your payments on time?”

Apparently, many homeowners do, even those trying to get through mortgage reduction trials in good faith.

What happened to Syldor, who drives a bus at DisneyWorld and is trying to keep the home he shares with his wife and three children, could qualify as “dual-tracking” — the dreaded practice of moving forward with foreclosure as the homeowner is negotiating a reduction in monthly payments, or mortgage modification.

And that’s a violation of the National Mortgage Settlement reached with Wells Fargo, JPMorgan Chase, Bank of America, Citi and Ally early last year.

The monitor over the settlement, Joseph Smith, next month is expected to release his first detailed grading of how well the five banks have met more than 300 new servicing standards required under the deal with 49 states, including Florida.

Smith has already heard plenty of complaints from consumer advocates, housing counselors and state attorneys general from around the country about the lenders, more than one year after they settled charges of “robo-signing” and other wrongdoing in foreclosure cases nationwide.

The case of Orlando’s Etienne Syldor is even more baffling when Wells Fargo’s response is added to the mix.

Apparently, Syldor did not meet certain guidelines (fine print) in the mortgage modifications that were violated by overpaying or making multiple payments — that amounted to more than he owed.

Here is the response from Wells Fargo to the Orlando TV station:

For some loans, completing trial payments is a significant step toward a permanent modification; however, in this instance, 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.

“It don’t make any, any sense,” Syldor said.

See WFTV’s report below:

 

 

3 Comments
  1. I praise this lawyer for helping this man.. There are so many of us that have been illegally foreclosed on that can not get an attorneys help. My husband should have a cut and dry case as well. Active duty Foreclosed while serving overseas on orders by WF. Our case is with JAG, but our family, like so many others, need someone to help go against these big banks that think they can do whatever they want. Most of the lawyer we talked to are either scared or want tons of money. Seriously?? What more needs to be taken from us? WF stole our home while we were overseas without notification while we begged for assistance, I guess a crooked lawyer wants to finish us off by robbing us on a case they know they’ll win. Why not right? The government hasn’t done anything with these sleezebag bankers… I hope WF burns for what they are putting his family thru!!!

  2. I wrote 5 US Senators and 1 US House of Representative – Senators: Warren, Klobuchar, Franken, Nelsen, Rubio, and Representative Cummings.

    I sent 13 pages of the story, 5 pages of supporting documents (court cases involving me turning my company in for SOX and SEC violations, GM/Chase, etc).

    In return, I got a form letter.

    What did I lose?

    $250,000 in equity in my home.

    $10,000 my parents gave me to try and save the house when WF demanded a down payment to start the modification process

    $8000 I sent in addition to the $10,000 above for modification review

    and in the end, WF took my home valued on the market at $585,000 and sold it to a WF former employee for $225,000 (I purchased the home in 2000 for $335,000 with 20% down).

    Yep. Oh… but I did receive $500 from the scam of IFRB.

  3. Wells Fargo stole my equity also Julie. I even had a court ordered $15,000 homestead exemption on file with the court. They kept it.
    Next time,I hope government just lets banks fail.
    Would love to see state AG’s go after the banks attorneys now. Filing forged documents, not verifying information, violating bankrupsty orders.
    PS. $500 here too

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