Wells ruling an affront to 'good faith'

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Wells ruling an affront to ‘good faith’

Wells ruling an affront to ‘good faith’

Case is here:US BANK NATIONAL ASSOCIATION v SARMIENTO | NY Appellate Div, 2nd Dept. – we hold that the Supreme Court properly concluded that the plaintiff failed to negotiate in good faith and that the Supreme Court had the authority to sanction the plaintiff for that failure


NYPOST –

In a decision that will have enormous ripple effects through local foreclosure cases, a powerful New York court hit Wells Fargo for failing to negotiate in good faith with Brooklyn borrower José Sarmiento.

The smackdown came as the court affirmed an earlier ruling on the issue, and upheld sanctions preventing Wells from collecting interest and fees on the loan since December 2009 and legal fees in this action — a total of roughly $300,000, according to estimates by Sarmiento’s attorney, David Fuster.

Sarmiento endured 18 rounds of settlement negotiations with Wells, which “delayed and prevented resolution of the action,” according to the decision.

[NEW YORK POST]

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