Mike and Ellen Kahara knew times were tough. They'd run up about $30,000 in debt on their credit cards and had fallen about $8,000 behind on their mortgage payments.
But they didn't know how tough things had gotten until a stranger showed up at their Long Beach home last month to inform them that Wells Fargo had sold the house out from under them and that the new owner — a San Diego real estate investment firm — wanted them out as soon as possible.
"We were shocked," Ellen Kahara, 32, told me. "We'd been given no notice by the bank. Suddenly we were being told that we had no home."
Their shock was all the greater because they'd been told less than a week earlier that Wells Fargo had rejected their application for a loan modification. Within just a few days, the bank had turned around and sold the property — even though Wells had assured the couple in writing that it wouldn't do this.
"I have never seen it happen anywhere near this fast," said Laurence Clarke, a Los Angeles real estate attorney who has handled numerous foreclosure cases. "This is a particularly egregious situation."
Read on.
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