• September 1, 2011

David J. Scott got mortgage loans from World Savings Bank, which failed/was bought by Wachovia, which failed/was bought by Wells Fargo.

2009 was a rough year for Scott economically as for many of us and he defaulted on two mortgage loans that he had obtained and that he ultimately owed to Wells Fargo to pay back.

There then ensued several months of miscommunications between Scott and the bank, it seems, fleeting hopes of reprieve, and bitter disappointment of foreclosure.

Hightlighting the apparent disorder of the loan modification process (for example, being asked repeatedly to submit documentation, not being told from the start that Scott did not qualify for certain programs because the properties at issue were not owner-occupied, etc.), Scott sued Wells Fargo.

Chief Judge Michael J. Davis rejected Scott’s claims in their entirety granting summary judgment to Wells Fargo last week. ┬áThe upshot: the fact that Wells Fargo’s loan modification program may have been running somewhat inefficiently was not enough to give Cook a cause of action against the bank.

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