Protest Wells Fargo: Stop the Auction of Alberto Del Rio's Home

Alberto Del Rio is a Bernal Heights resident who grew up in his family home. He lives there with his wife and three children and wants them to continue to grow up there. But now, Wells Fargo is trying to take that away from him.

In an effort to make sure his mother could have a decent retirement, the Del Rio family took equity out of the home and refinanced. But their loan from World Savings was a Pick-a-Payment loan, which allows lending institutions to add interest to the loan balance. Lawsuits have found these sorts of loans to be predatory, as banks failed to disclose the potential for ballooning customer mortgage debt. In Alberto's case, his mother not only had to use the loan for maintaining payments, but also had to use her small retirement savings to stay afloat.

World Savings sold the loan to Wachovia, which was then acquired by Wells Fargo.

"Wells took advantage of me. Like they did so many other people" says Alberto. "They promised us the moon."

Alberto has been trying to get a loan modification since 2009, but the bank has continually lost his paperwork, and refused to negotiate in good faith. The bank even advised him to stop making payments in order to qualify for a loan modification, a step which triggered the foreclosure process.

Now, Wells Fargo is scheduled to auction his home on June 1. But we won't let them. Come protest at the auction as we seek to disrupt the sale of his home.

For more info, please call 415-483-9138 or email info [at] occupybernal.org.

ALSO keep the pressure on Wells Fargo. Email and call Wells Fargo representatives TODAY.

Here are three steps you can take to save Alberto’s home:

1) Send the following email right now to Wells Fargo’s CEO, Board Members, and other staff–
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To: john.g.stumpf [at] wellsfargo.com, alfredo.pedroza [at] wellsfargo.com, ruben.pulido [at] wellsfargo.com, boardcommunications [at] wellsfargo.com, jason.ohara [at] wellsfargo.com, eric.tang [at] wellsfargo.com
Cc: action [at] occupybernal.org

Subject: Postpone Auction of Alberto Del Rio's Home at 565 Banks St., San Francisco (Loan # 47339080)

Dear Wells Fargo staff,

Please take IMMEDIATE action to postpone the auction of Alberto Del Rio's home at 565 Banks St., San Francisco (Loan # 47339080).

Mr. Del Rio grew up in his family home and would like to remain there. He fell behind on his payments because of a predatory "pick-a-payment" loan, which your institution bought, and because your institution advised him to stop making payments. He has been working with Wells Fargo in good faith to obtain a loan modification.

After the role your institution played in causing him to fall behind on his payments, the least you could do is to cancel the auction of his home and grant him a loan modification with the principal reduction he needs to live in his home for the long haul.

Please act now to postpone the auction of Mr. Del Rio's home and offer him a fair loan modification that includes principal reduction.

Sincerely,

your name here
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2) Starting at 8:00am on May 28, call the following Wells Fargo representatives with the message below.

Contact:
Wells Fargo CEO John Stumpf at 866-878-5865
Wells Fargo Director of California Local Government Relations Alfredo Pedroza at 415-396-0829
Wells Fargo Communications Staff Ruben Pulido at 415-852-1279
Wells Fargo Branch Manager Eric Tang at 415-977-9357
Wells Fargo Branch Manager Jason O’Hara at 415-554-8820

Tell them (or leave a message):

“Please take IMMEDIATE action to postpone the auction of Alberto Del Rio's home at 565 Banks St., San Francisco (Loan # 47339080). Mr. Del Rio grew up in his family home and would like to remain there. He fell behind on his payments because of a predatory "pick-a-payment" loan, which your institution bought, and because your institution advised him to stop making payments. He has been working with Wells Fargo in good faith to obtain a loan modification. After the role your institution played in causing him to fall behind on his payments, the least you could do is to cancel the auction of his home and grant him a loan modification with the principal reduction he needs to live in his home for the long haul. Please act now to postpone the auction of Mr. Del Rio's home and offer him a fair loan modification that includes principal reduction.”

3.) Join us on the steps of City Hall (Van Ness side) on Friday, June 1, at 1:45 p.m. to stop the auction.