A homeowner in Orlando is confused, and with good reason. He says he not only made his mortgage payments on time to Wells Fargo, but that he sometimes paid early and sometimes paid more than he was supposed to. And yet, the bank decided to foreclose on his home.

The homeowner tells WFTV in Orlando that Wells Fargo offered him a loan modification last year and told him that if he made four monthly payments on time, the reduced rate would be made permanent.

“I didn’t miss any [payments],” the man tells WFTV. “I overpaid.”

Then he says the bank stopped accepting his payments and started the foreclosure process. Not wanting to lose his home, he got a lawyer.

“When he came in and showed me all of the documents, it was just unbelievable,” says the homeowner’s attorney. “Who gets foreclosed on when they’ve made all payments on time?”

Wells Fargo provided the following statement to WFTV:

“For some loans, completing trial payments is a significant step toward a permanent modification; however, in this instance, the loan was part of a mortgage-backed security and in a protected pool, with specific payment guidelines. We are working with [the homeowner] to explain the guidelines and explore options that may help.”

Apparently those guidelines require that the borrower pay exactly the amount owed and exactly when it is supposed to be paid, as the bank tells WFTV his early payments violated the guidelines of the modification.

This all seems a bit off to us, so we’ve reached out to our own contacts at Wells Fargo to see if there is any further explanation.

In a statement to Consumerist, Wells Fargo writes:

“We always work with customers to find programs that can help them maintain homeownership. In fact, 7 customers out of ten may have options, even when the first ones don’t pan out. We will keep working with [the homeowner] to review his options.”

Thanks to Lisa for the tip!

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