PHILADELPHIA MAN SUES BANK OVER MORTGAGE, WINS !
AP Business Staff
PHILADELPHIA -- A Philadelphia man says he's getting "a little taste of justice" after settling a lawsuit against Wells Fargo & Co. over a mortgage dispute.
Music promoter Patrick Rodgers' lawsuit had prompted the scheduled sheriff's sale of a Wells Fargo branch.
But Rodgers says he'll instead get a $1,000 default judgment plus court costs.
Rodgers says he fought back when Wells Fargo demanded he quadruple his homeowner's coverage. He paid $180,000 for the home in 2002. Rodgers alleges that the bank, through his insurer, demanded replacement coverage for his six-bedroom Tudor in 2009. That appraisal topped $1 million.
Rodgers says many historic homes are worth only a fraction of the cost to rebuild them.
Wells Fargo says it never demanded $1 million worth of coverage. The settlement calls for $255,000 in coverage.
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