Wells Fargo sues to foreclose a homeowner -- and itself, also

The attorneys at the Tampa, Florida law firm of Kass, Shuler, Solomon, Spector, Foyle & Singer must have scratched their heads when Wells Fargo Bank engaged their firm to defend the bank in a foreclosure.  Wells Fargo held the second mortgage on a condominium; the first mortgage had gone into foreclosure, and the owner of the first mortgage had filed suit against the property owner and the junior lenders and judgment creditors to foreclose its mortgage.  Wells Fargo wanted Kass, Shuler to defend the bank against the foreclosure and protect its second mortgage.

One of the cardinal rules governing lawyers and law firms is that they are not allowed to represent opposing parties in the same lawsuit.  So "who's the plaintiff?" is one of the first questions that a lawyer has to ask a prospective client who's being sued.  In this case, the plaintiff trying to foreclose the first mortgage -- and the cause of the head-scratching  -- was not some other lender, but Wells Fargo Bank itself, ably represented by the Tampa law firm of Florida Default Law Group.  Here's the Fox Business story.

That's right: Wells Fargo Bank hired a law firm to sue itself, and then hired another law firm to defend the bank from its own lawsuit.  I've known people who have told a bank to go and carry out a reflexive-verb action on itself, but I've never known a bank that actually went and did it.

Comments

[Real Estate System]

Foreclosure investments can be lucrative but, they are not for “new” investors or the faint of heart. You really need to be a seasoned traditional investor before you attempt Pre-foreclosure or auction foreclosure investing because the decisions are made quickly usually with limited information. If you are starting to invest in foreclosures it would be best to start with “foreclosures.”

[John Beck]

In order to invest in foreclosure property investments you need to learn trends to invest in traditional investment . Foreclosed property should be in favor of lenders and creditors .

[Tax Foreclosures]

Different techniques are used to see the value of foreclosed property , hence the property should bring returns on investment.