Patrick paid 100 months!
Patrick Grove paid the mortgage on his condo for exactly one hundred months. $1145/month, like clockwork, never missed, never late. It’s easy therefore to calculate his total payments: $114,500.
The condo Patrick lives in at 385 Ralph McGill is currently worth around $60,000. Patrick paid double what his condo is worth.
What is Wells Fargo’s (his lender) position on this? It’s simple. Get out!
Patrick lost his job in May of 2011, and was unable to make payments. June was the first payment he had ever missed. Wells Fargo? They foreclosed in January, and served Patrick with eviction (disposessory papers) in February. Occupy Atlanta members caught up with Patrick at disposessory court. He’d been given three weeks. He had no idea he could fight for his house, or even that he could appeal the writ of possession.
Patrick’s not leaving, he paid double the value for the home, it’s his. When I informed the bank’s lawyer Alridge Connors –a notorious foreclosure mill firm– of this, there was silence. I asked the lawyer what he was going to do. His reply “I’ll note in the file that you’re displeased”
Wow, right?
Let’s let Alridge Connors know that we’re more than displeased. The building Patrick is in has been hit by a plague of foreclosures. Online listings show 22 foreclosures in the building in the last year.
Call Alridge Connors and tell them, we’re with Patrick and he’s not leaving!
Alridge Connors 404-944-7400
Case #12ED563910
Patrick C. Grove
385 Ralph McGill
Apt. K
Atlanta, GA 30308
You may have to follow the prompts through their voicemail system to reach someone.
Patrick Grove originally purchased this condo in 2003 for the price of $176,900. By signing a mortgage document grove agreed to a schedule a payments to pay for his condo over time instead of paying cash for it upfront. The bank paid the previous owner of the condo the $176,900 for which Grove agreed to repay. When the loan paperwork was signed Grove agreed to repay the amount of the loan plus interest charges; Why should Wells Fargo have to absorb the loss when Grove agreed in a contract to repay the full amount plus interest? The condo is now worth $60,000 and Occupy Atlanta contends that Grove should have claim to the title of the home because the total of his payments were more than the current market value of the condo. If the condo had increased in value should Wells Fargo had been able to demand payments more payments in exchange for the title due to the change in value of the collateral. I would contend you would disagree with that scenario. The truth is Grove took a risk when he signed the loan for this property and the positive gains as well as the negative losses were his responsibility. It is absurd to believe that Wells Fargo should absorb the losses for the risks taken by Grove.
that depends. why are we paying inflated values in the first place? people i know bought houses back in areas like inman park when it was a run-down, drug-addled neighborhood. they bought the trash for under 100 grand, worked hard to fix them up, and now because of that most are paying property taxes on them as if they were valued at a million plus, because one or two houses in the neighborhood sold for such. it’s rather unfair, especially considering the ridiculous housing bubble we just came out of. people bought places because they were given low loans which banks then shot up to ridiculous interest rates. is that fair as well? how much money has wells fargo made off such tactics? what was the a more ACCURATE value of the house when banks and speculators weren’t busy manipulating market prices?
screw wells fargo. they should take hits. they’ve been stealing from all of us for decades. they’re a huge bank, one of only a handful left from ridiculous buyouts and mergers. they deserve to take a hit. they wouldn’t exist if it weren’t for us. so screw them. let them give people a break for a change. they got bailout money, so where’ s the people’s bailout?
The inflated bubble then crash of the housing market, and the resulting crash of the economy, is ABSOLUTELY AND IRREFUTABLY the banks’ fault. They are the ones who gambled our economy with credit default swaps. They are the ones who flooded deed registries with fraudulent robo-signed documents. They are the ones scrambling to foreclose before the fraud catches up to them, so they can cook the books and paper over their crimes some more.
They should all be in JAIL, and you have the gall to ask why they should absorb the costs? To hell with that.
Robert, no one forced Grove or any of your friends to purchase homes at “inflated” prices. It would seem that your friends living in Inman Park benefited from the increase in housing values in the run up to the financial crisis. If they truly owned their house since Inman park was a drug infested neighborhood they surely would have the equity in their homes to move if they wanted. In your reply above you contend that “Wells Fargo has been stealing from us for decades.” How has Wells Fargo stolen From Grove? The math would indicate that Grove stole from Wells Fargo as he signed a contract promising to pay For the cost of the house, but now is unable to pay and is unwilling to return the collateral. Perhaps it is Grove who is “stealing” from the shareholders of Wells Fargo. Your lack of thought in your response shows your disconnect from reality and exposes your belief that one should not be responsible for their own circumstances…