What happened was this: The couple purchased the house and received financing through Bank of America. After the sale was complete, Esquire Title was supposed to transfer the house title from Wells Fargo over to Bank of America. That transfer never happened because Esquire filed for bankruptcy and went out of business. So technically, Wells Fargo still owns the couple's house. Somehow, all those payments the Pyrons have made to Bank of America never reached Wells Fargo, so where did the money go?
Brian Pyron told reporters that he and his family have tried to work out a solution to this problem with Wells Fargo for several months, but the bank won't budge. They have said that either they'll foreclose unless the couple purchases the house for $170,000 -- a $40,000 increase over what they originally bought the home for.
The worst part about this whole situation is the fact that the Pyrons were told nothing of this problem for two years until they were hit with the foreclosure suddenly. He said, "We did everything we were supposed to do. All this had been going on for two years. Nobody has communicated with us, notified us. We had been paying our mortgage and everything."
Wells Fargo acknowledges this is a difficult situation, but they obviously aren't trying to work out a solution if they're trying to fleece the couple out of $40,000 more than they originally agreed to pay. This is just the kind of power that banks shouldn't have. They've got the power to foreclose on people who had no control or knowledge of a situation, due to someone else's mistake.
Why weren't the Pyrons notified by Bank of America? Why didn't someone at one of the banking institutions try to figure out what was going on? It seems as though the major banks are looking for reasons to foreclose on people, simply to make a quick buck. And this is precisely what the Occupy Wall Street movement is about. The stealing of homes, the illegal activities, the failure of one company to do its job to the detriment of innocent folks who are doing the right things.
Banks have too much power, and it's time Washington D.C. wakes up and takes notice.
Â©2011 Reno Berkeley for Gather News.