Foreclosure case could change NM homeowner protections
ALBUQUERQUE, N.M. – The foreclosure of Fernando Nava’s house has the potential to change protections for homeowners across New Mexico.
In 2013, Nava’s Rio Rancho home was foreclosed on by Wells Fargo. Since then, he has had to get rid of his dogs and has lived in six different places around the city.
Nava claims that Wells Fargo used “bad faith, unfair trade practices and fraud” to get him out of his house and eventually buy it back through a third party for a fraction of the price.
Court documents show that Wells Fargo claims Nava is an “admitted serially-delinquent borrower.”
Nava’s case against Wells Fargo is going to the New Mexico Supreme Court. Nava’s attorney, Kenneth Stalter, says that the ruling could give more protection to homeowners in New Mexico, especially those foreclosed on.
“Wells Fargo has said once there’s been a foreclosure, that homeowner cannot bring up any other concerns that they had about violations of law. And the district court, unfortunately, agreed with that position. We don’t think that’s right, under the law,” Stalter said.
It is still up to the Supreme Court to make the final decision. Nava hopes this fight will help him return to his Rio Rancho house.
“You have to hope for tomorrow that something good will happen out of this – and I get my home back,” Nava said.
If the New Mexico Supreme Court rules in favor of Nava, he will still have to make his argument back in district court in order to return to his home. His attorney says that could take years.
Wells Fargo did not respond to requests for comment.