SF man says foreclosure stole his equity

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SF man says foreclosure stole his equity

SF man says foreclosure stole his equity

Something has to be done about this…this is beyond theft!

SFGATE-

Larry Faulks says his bank robbed him of over a quarter of a million dollars.

By selling Faulks’ San Francisco house at a foreclosure auction, Wells Fargo wiped out all his equity, he said. Unlike most struggling homeowners, Faulks, 59, was not underwater on the home his family bought in 1962; it was worth considerably more than he owed on it.

Wells Fargo says it tried to work with Faulks but couldn’t find a way to avoid foreclosure, as his income was too limited.

Outside legal experts who reviewed his case said it highlights how California law doesn’t safeguard the rare homeowners with equity in a foreclosure.

[SFGATE]

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