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Wednesday, January 19, 2011

San Francisco Woman Granted Restraining Order Against Wells Fargo

Posted By on Wed, Jan 19, 2011 at 5:37 PM

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A San Francisco judge has temporarily blocked Wells Fargo Bank from kicking another resident out of her home.

Court documents show that Keng Hee Paik, a San Francisco resident, filed a restraining order against Wells Fargo after the bank started foreclosure proceedings on her Sutro Heights home. Paik had a $750,000 loan through Wells Fargo, and claims she regularly made payments until her salary was cut.

The bank then started the foreclosure process, without giving her the option to give Wells Fargo a notice of default -- which it is legally required to do.

Judge William Alsup sided with Paik, saying it appears likely that the bank did not comply with its legal obligation to contact Paik prior to moving ahead with the foreclosure of her home. The judge ruled that this failure must be resolved before the bank can continue the foreclosure process.

If the foreclosure went through, Paik would be homeless, Alsup wrote.

"This would not be the first time that a bank shirked its legal

responsibilities to aid a struggling borrower trying to pay back her

loan," he said.  "It is in the public interest to allow such borrowers a full and

fair opportunity to show that they were not given all the benefits that

the law afforded when they make a preliminary showing that something was

amiss."

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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert was the Online News Editor for SF Weekly from 2010 to 2015. She's a Texas native and has a closet full of cowboy boots to prove it.

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