GRAHAM — A prominent social activist and member of the Burlington Housing Authority is suing Wells Fargo, accusing the bank of improperly foreclosing on and illegally trying to evict him from his home.
Michael Graves, leader of Concerned Citizens of Alamance County and a former Alamance County NAACP president, filed the suit last month through his attorney, Bryan Ray. The complaint alleges Wells Fargo was in the midst of renegotiating the terms of Graves’ loan when it directed a subtrustee to initiate foreclosure.
According to court documents, Graves secured a $450,000 home mortgage loan for the residence at 2012 Sunnybrook Drive, Burlington, part of the Shannon Valley Subdivision. According to documents filed by Wells Fargo, Graves defaulted on the loan in 2008, and the bank began foreclosure proceedings. Foreclosure sales were set but postponed five times from November 2009 to Jan. 14 of this year, when court documents show the home was sold for $244,236.14. Each time the sales were postponed, it was for “additional time for mortgagor to allow reinstatement, a modification or a payoff of a loan,” documents said.
The bank, through substitute trustees Brock and Scott, began eviction proceedings in late March, after the January sale.
Graves filed an injunction against eviction and the foreclosure April 11.