Brian and Holly Barnhart of Cape Coral - who were sold a house by Wells Fargo Bank even though the bank didn't own the property - have filed a lawsuit alleging fraud and negligence.
The Barnharts, who emptied their life savings to buy the house for $153,000 cash and renovate it for another $80,000, bought the house in November.
But it turned out Wells Fargo had given the house back to its original owner, Richard Riccobono, for a mortgage he had on the house. The bank won a foreclosure suit and took back possession of the house, but moved July 30, 2009, to set aside its ownership.
As a result, Wells Fargo sold the house to Barnhart even though by then it belonged to Riccobono.
A spokeswoman for Wells Fargo said the company has not yet been notified of the Barnhart lawsuit.
The Barnharts are suing Wells Fargo along with American Home Mortgage Servicing Inc., Powerlink Settlement Services and Option One Mortgage Loan Trust 2007-CPI Asset Backed Certificates Series 2007-CP-1.
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