Breaking News Story (Wells Fargo sells worthless Mortgage Liens at Foreclosure Auction)

Nov. 4, 2010 - PRLog -- BREAKING NEWS STORY / PUBLIC SERVICE ANNOUNCMENT
I am writing to convey a consumer protection story I wish to share with consumers
across the United States as I presume this is happening everywhere. Toward the end of last year I wanted to buy a property for my sister (a single mom) who badly needed a place to stay and who planned on later getting her own mortgage and paying me back. With this objective in mind, I do what a lot of people do, I looked into foreclosure sales to see what types of properties were available.

I had saved up money from the time I began working in high school (a life savings
worth of work doing odds and end jobs). I had learned that a certain property in Sonoma
County, California (In Rohnert Park) became available and I noticed it was for sale by the
bank (Wells Fargo) who owned both the first and second mortgage on the property – the
previous owner had defaulted on the two loans.

On the day of the sale I arrived with a cashier's check in hand thinking Wells Fargo
was selling the property and the Trustee held the sale as if a property was being sold. After
being the successful bidder I was informed that I should have the locks changed to take
possession of the property. I had paid nearly $98,000 for the property.

After the sale, there was a gentleman who informed me that I did not actually purchase
the house, but rather, I purchased a worthless HELOC loan (junior lien). I was mortified. My
life savings was ripped away from me. The gentleman informed me “yep, this happens prettymuch once a week.”

“One thing that makes me angry is that the Trustee at the sale led me to believe the “property” was being sold and not a “worthless piece of paper in the form of a junior lien.”

This is like some crazy DON'T ASK DON'T TELL POLICY between Wells Fargo
and the Trustee NDEX, West, LLC that is not suitable for auctions where people are
bringing their hard earned money. I would not consider for a minute that Wells Fargo would
do this to people. After I bought the “lien,” took possession of the property and made valuable improvements, Wells Fargo then sent me a Notice of Sale on the first mortgage that it also held. If I didn't pay the first mortgage of over $393,000 they were going to foreclose on me. In fact, that is exactly what they did. They foreclosed on the house and took my life savings in the process.

Everyone needs to be aware across the United States, these are the types of things
that big Fortune 500 Companies are willing to do to raise money for their shareholders. I have filed, through my Attorney Steve Vondran, in Newport Beach, CA, a lawsuit alleging unjust enrichment, false and deceptive business practices (unfair competition under California Business & Professions Code Section 17200), fraud, false advertising causes of action in the hopes of vindicating my rights. Attorney Steve Vondran states: “it is truly despicable that a major retail lender like Wells Fargo Bank (who bought the World Savings / Wachovia loans) would do something like this to people, sure everybody wants to get a good deal at a foreclosure sale, or even a garage sale for that matter, but misleading people and then maliciously foreclosing on the first mortgage after valuable improvements were allowed to be made to the property really stinks of greed.” Vondran is investigating whether a class action lawsuit may be warranted.

Attorney Steve Vondran is seeking compensatory and punitive damages and attorney
fees against Wells Fargo Bank who has sought to remove the case to federal court. The case has been filed in Sonoma County Superior Court as case#SCV248058.

As of 10/14/10 the Defendants Wells Fargo and NDEX West have refused to offer up
so much as an apology or any offer of settlement even though in one case reported in the
New York Times, they did offer up a settlement.
SEE THIS LINK
http://www.nytimes.com/2010/10/16/your-money/mortgages/16....

VICKEE J. ADAMS, A WELLS FARGO SPOKESMAN, WAS QUOTED AS SAYING:
“Given the circumstances, we have decided to rescind the sale on the property and
return the funds to the buyers,” ACCORDING TO THE ARTICLE. Apparently the major
media has to take an interest in the story before anything can be done to help people.

CONCLUSION: This story is a very important story for me to tell because if nothing
else comes of it, I am sincerely hoping this story will prevent others from losing what could
very well be their entire life savings. It is truly a disgrace that major retail lenders like Wells
Fargo think this is an acceptable form of business practice and that they use their Trustee
business partners to help them in the furtherance of their “don't ask don't tell - sell worthless liens” scheme that in my case was perpetrated on the Courthouse steps.

THE PUBLIC MUST BE MADE AWARE OF THIS MALICIOUS FORECLOSURE TACTIC.
__________________________________________________________________________
FOR INFORMATION ABOUT AIRING THIS STORY IN A NEWSPAPER, RADIO,
TELEVISION, BLOG OR ONLINE MEDIA SHOW, PLEASE CONTACT:
The Law Offices of Steven C. Vondran, P.C.
MAIN PHONE: (877) 276-5084
___________________________________________________________________________________
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9701 Wilshire Blvd., Suite 1000, Los Angeles, CA 90212
NEWPORT BEACH
620 Newport Center Drive, Suite 1100, Newport Beach, CA 92660
PHOENIX
2415 E. Camelback Road, Suite 1100, Phoenix, AZ 85016
SAN FRANCISCO
101 California Street, Suite 2450, San Francisco, CA 94111

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Law Offices of Steven C. Vondran, Esq. Arizona and California Real Estate Attorney. Foreclosure Defense, Loss Mitigation, Real Estate, Business & Bankruptcy Law.

www.vondranlegal.com & www.vondranlaw.com

1 (877) 276-5084