It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
ALBUQUERQUE, N.M. (AP) — A New Mexico judge has issued a $3.2 million judgment against Wells Fargo for foreclosing on a man's home after his death, even though he had purchased an insurance policy through the bank that would have paid the remaining balance on his mortgage.
Dollens had purchased an accidental death mortgage insurance policy for his Rio Rancho home that was marketed by Wells Fargo and issued by Minnesota Life.
However, Brickhouse said Wells Fargo disregarded the terms of the insurance policy before moving to foreclose.
That, the judge said, was a breach of the covenant of good faith and fair dealing. She said the bank's "unwillingness and failure" to hold off on the foreclosure even when requested to do so by the insurance company was "shocking."
His death was reported immediately to Minnesota Life and to Wells Fargo to make a claim under the policy. But instead of seeking funds from the insurance policy, Wells Fargo sent notices about the loan being in default and referred the loan for foreclosure in December 2010.
The foreclosure proceeded despite requests from representatives of the estate to hold off pending the insurance payout.
reply to post by stirling
Wells fargo.werent they involved in huge money laundering for the cartels too? Forget the damages....what about the criminal prosecution of these people? Naw....never happen... - See more at: www.abovetopsecret.com...
WeRpeons
reply to post by stirling
Wells fargo.werent they involved in huge money laundering for the cartels too? Forget the damages....what about the criminal prosecution of these people? Naw....never happen... - See more at: www.abovetopsecret.com...
What's 3.2 million when it comes to a bank whose earnings are in the billions of dollars a year! Criminal prosecution should be applied to this case. This is no different than criminals who are scamming people out of their life savings.
It will take a number of these large cases to change the way banks conduct foreclosures.