August 15, 2016 – Wedgewood issued the following statement today in response to the Alliance for Californians for Community Empowerment (ACCE) desire for media attention over helping a San Bernardino County couple save their home.
Wedgewood is enormously disappointed that despite the company’s sincere good-faith efforts, ACCE, a group representing the Caamal family has unilaterally decided to pursue its own agenda to the detriment of the Caamal’s, thereby denying them the ability to again assume ownership of the home.
The issues with ownership of the home began in 2015 when Wells Fargo foreclosed on the Caamal’s property for failing to make more than $140,000 in mortgage payments over a three-year period of time. Wedgewood then legally purchased the home at auction and remodeled and upgraded the property.
Since then, Wedgewood and the Caamals have discussed reasonable ways for the Caamals to keep their property and recently agreed to a purchase price of $375,000 which is $75,000 less than their original purchase price, $80,000 under market price, and $215,000 less than what the Caamals owed when Wells Fargo foreclosed on their property. This generous agreement was rejected by ACCE over a “non-disparagement” clause, which would have restricted all parties, including Wedgewood, from taking any action that negatively impacted the reputation of any of the other parties. Clauses such as these are routine in settlements of this type.
The rejection of the agreement makes it abundantly clear that for ACCE, making headlines and political gain, far outweighs helping the Caamals return to their home.
Wedgewood possesses great compassion for families who have fallen on hard times and are no longer able to keep their homes. This is why the company seeks to conduct its operations according to the highest legal and ethical standards. In most cases, they are able to successfully work with the vast majority of families to provide relocation funds and other housing solutions for them.
Unfortunately, there are some unreasonable organizations and individuals who are only interested in taking advantage of the system, and creating headlines in pursuit of their own agendas.
The facts speak for themselves regarding the Caamal case:
• Purchased the Property for $450,000. The Caamal’s purchase was 100% financed with no cash down payment with a first trust deed in the amount of $360,000 and a second trust deed for $90,000;
• Defaulted on $140,000 in mortgage loan payments over three years, during which time they lived in the home essentially for free;
• Refused services and funds offered by Wedgewood to pay for the family’s transition to a new living arrangement;
• Lost a court battle in which a jury unanimously determined Wedgewood is the rightful owner of the property in question and entitled to immediate possession (Case No. UDFS1508000 Superior Court of California, County of San Bernadino, Fontana District);
• Failed to submit a purchase agreement or acquire loan approval that would have allowed them to take advantage of Wedgewood’s multiple offers for the Caamal family to re-purchase their home at a significant discount; and
• Ignored Wedgewood’s repeated good-faith attempts to accommodate the Cammal family even though the company had no legal obligation to do so.
Instead of working constructively with Wedgewood, ACCE has continued to portray the Caamal family as victims, while exploiting a very emotional issue without any serious attempt on its part to resolve the situation. Instead, ACCE has chosen to take very specific steps to further its own agenda, to the detriment of the Camaals, thereby thwarting a resolution that would have resulted in the Camaal’s repurchasing the home before the end of the summer. Regrettably, Wedgewood has exhausted all possible remedies and now considers this matter closed. Wedgewood is moving forward to sell the property to a responsible owner.
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