Photo: News 10
Today’s foreclosure horror story comes from Woodland, California.As described in The Daily Democrat, Alma Ponce was told by Wells Fargo to reapply for the Home Affordable Modification Program after an error was found in her paperwork. Ponce and her family thought that would be the end of it.
But out of the blue, they received a notice saying Wells Fargo had sold their deed to Residential Investments LLC.
Now Ponce fears she’ll lose her home, and that she, Heriberto, and their children will be put on the streets. If that happens, they’ll sleep in the car, she told News 10’s Dave Marquis.
It’s hard to tell who’s in the right, but one can easily imagine Ponce being a victim of dual-tracking mortgages, a modification practice that’s come under fire in recent months by activists and lawmakers. Typically, one arm of a lender works with a homeowner to modify their loan while another begins the foreclosure process—without the homeowner’s knowledge.
Ponce never saw as much as a proof of purchase when the deed was sold to Residential, and though the bank said it’ll look into the matter, the mother of three feels short on time and has turned to Occupy Sacramento for help.
“I may be the first one here in Woodland, but they did it to many people,” Ponce said. “I was the only person standing up for our rights.”
In an email, Wells Fargo offered this comment: “The loan was sold on November 22, 2010 to CarVal, with servicing performed by SLS. The new investor and servicer are responsible for ensuring compliance with modification programs and foreclosure process.”
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.