MHProNews.com has learned from asburyparknews.com in New Jersey, Wells Fargo Home Mortgage told a family displaced from their home by Hurricane Sandy in Oct., 2012 they could not use their insurance check to purchase a modular home. It would cost $300,000 to repair the home in Brick, NJ, and they found a modular home for $125,000, plus hook-ups, that they could afford with the $170,000 insurance money, but the property loss department refused to endorse the check. The bank allegedly said there was no information indicating the home was damaged, contrary to what the couple said. Additionally, although they were put on a 12-month mortgage payment moratorium, the bank threatened foreclosure on the Federal Housing Administration (FHA)-backed loan. Displaced since the storm, the family sought help from consumer advocate Press on Your Side and have not only received permission to site a modular home, but also part of their insurance proceeds through Wells Fargo.
(Photo credit: Spencer Platt/Getty Images–Hurricane Sandy aftermath)