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WELLS FARGO ATTEMPTS TO COLLECTOR FROM CONSUMER WHO DID A SHORT SALE - Consumer Rights Article

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In a lawsuit pending in Tampa, Florida Untied States District Court, Plaintiffs, Steven G. Genevish and Beverly H. Genevish, were the owners of certain real property commonly described as 860 Peachtree Street NE, Unit 1018, Atlanta, Georgia 30308. This real estate served as the collateral for two mortgages with Wells Fargo. The Plaintiffs obtained approval from Wells Fargo to short sale their property. Pursuant to the July 19, 2010 short sale approval letter issued by Wells Fargo on the first mortgage, Wells Fargo stated that upon receipt of the sale proceeds and all settlement documentation, they would notify the credit bureau to reflect "agreed settlement short of full payment.” 

Pursuant to the August 19, 2010 short sale final approval letter issued by Wells Fargo on the second mortgage, Wells Fargo stated that "upon satisfaction of all of the conditions other than borrower’s payment of the shortfall amount, Wells Fargo will Release its mortgage or deed of trust (the release is not contingent upon satisfaction of shortfall amount; Accurately report the short sale transaction regarding your account to the credit bureaus to whom Wells Fargo reports consumer account information to." 

The short sale closed on August 26, 2010. 

On September 10, 2010, Wells Fargo Servicing Center sent Plaintiffs a letter stating that due to the severe delinquency of their account, that it has been charged off and the entire balance has been accelerated. In addition, Wells Fargo stated that it reported the account as charged off to the credit reporting agencies to which they report. According to Steven G. Genevish’s credit report issued by Equifax on February 8, 2011, the Wells Fargo first mortgage account was reported as "over 120 days past Due." - And, according to Beverly Genevish’s credit report issued by TransUnion on February 1, 2011, the Wells Fargo Line of Creditor Account was reflected as "Charged off as bad debt. $39.091 past due.” In addition, the Wells Fargo first mortgage was reported as "Foreclosure, collateral sold" and maximum delinquency of 90+ days having occurred in 11/2010. 

On March 18, 2011, Beverly Genevish received correspondence from TransUnion indicating that their investigation of the d1spute was complete and that the information regarding the second mortgage was "verified, no change." The information regarding the first mortgage was corrected. 

According to the same credit report, the Wells Fargo second mortgage account was reflected as "Charge off'' and late for the months of 11/2010 and 10/2010. 

According to Steven Genevish's credit report issued by TransUnion on January 7, 2011, the Wells Fargo first mortgage account was reported as "120 days past due" and “foreclosure, collateral sold." It was also reported that the max1mum delinquency of 90+ days occurred in 11/2010. 

On February 16, 2011, the Plaintiffs received letters from Wells Fargo stating that their dispute regarding the accuracy of information reported by Wells Fargo on the first mortgage to the credit-reporting agency had been investigated and that the result of the investigation was that the mfonnat10n they reported was accurate. 

On March 4, 2011, the Plaintiffs received correspondence from Wells Fargo stating that their dispute regarding the accuracy of information reported by Wells Fargo on the second mortgage to the credit-reporting agency had been investigated and that the result of the investigation was that the information they reported was accurate. 

On April 13, 2011, Beverly Genevish received correspondence from Wells Fargo stating that their dispute regard mg the accuracy of information reported by Wells Fargo on the second mortgage had been investigated and that the result of the investigation was that the information they reported was accurate. 

On July 7, 2011, Plaintiffs sent a dispute letter to Wells Fargo disputing how Wells Fargo was reporting the status of the two mortgage accounts to the three credit bureaus. On July 8, 2011, Plaintiffs, through counsel, sent a dispute letter to Wells Fargo Home Equity disputing how Wells Fargo was reporting the status of the second mortgage to the three credit bureaus. 

On July 20, 2011, Plaintiffs received correspondence from Wells Fargo stating that their dispute regarding the accuracy of information reported by Wells Fargo on the second mortgage had been investigated and that the result of the investigation was that the information they reported was accurate. 

On October 3, 2011, Plaintiffs received correspondence from Wells Fargo stating that their dispute regarding the accuracy of information reported by Wells Fargo on the second mortgage had been investigated and that the result of the investigation was that the information they reported was accurate.“ 

On April 26, 2012, Plaintiffs, through counsel, sent a dispute letter to Wells Fargo Bank, N A. Corporate Offices regarding how the second mortgage account was being reported to the three Credit Bureaus. 

Plaintiffs received a confirmation letter from Wells Fargo dated May 3, 2012 stating that the inquiry was being reviewed and that the findings of the inquiry would be made by May 16, 2012. 

On May 4, 2012, the Plaintiffs received correspondence from Wells Fargo stating that then dispute regarding the accuracy of information reported by Wells Fargo on the second mortgage had been investigated and that the result of the investigation was that the information they reported was accurate. 

According to Beverly H. Genevish's credit report issued by TransUnion on June 11, 2012, the Wells Fargo first mortgage account was reported as “account 120 days past due,” and “maximum delinquency of 120 days occurred m 08/2010.” The second mortgage account was reported as “account paid in full; was a charge off.” 

On December 27, 2011, Plaintiffs, through counsel, sent dispute letters to Experian, TransUnion and Equifax Credit seeking to correct the manner in which the Wells Fargo Home Equity Line of Credit was reflected on the Plaintiffs’ credit reports. 

On January 23, 2012, Plaintiffs received correspondence from TransUnion that their mvestigat1on was complete and that information was changed on the second mortgage to reflect "Line of Credit Account" "Last payment 3/17/2011” and “Account paid in Full; was a Charge-off.” The first mortgage information was changed to reflect "Pay Status: Account 120 days past due• 

On June 29, 2012, Plaintiffs received correspondence from TransUnion stating that their investigation was complete and that new information on the first mortgage was being reflected as "Pay Status. Account 120 days past due". 

The lawsuit alleges violation of the Fair Credit Reporting Act, defamation and negligence.

 

Contact Consumer Rights Lawyer, N. James Turner at The Debt Relief Law Center by Calling Toll Free 1.888.877.5103 to Schedule a Confidential and FREE Legal Consultation.

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