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Old 06.06.2011, 20:17
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couple foreclose on Bank of America

I was quite happy to read this. Maybe it'll make the banks more carefull before they try to foreclose on people again. BTW how does a bank make that big a mistake, there were never any papers in the bank stating that the couple had a mortgage with them so how could they ever try to foreclose. In any case a good story..

couple foreclose on Bank of America
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Old 06.06.2011, 20:28
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Re: couple foreclose on Bank of America

NICE!!!
It's about time the karma kicks in on these banks!

I've also heard stories about the wrong homes being foreclosed upon. For example, somehow coming home and finding their entire house emptied out, with a notice from a bank on their door... only to find out that the bank had the wrong address. Unbelievable!
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Old 06.06.2011, 21:00
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Re: couple foreclose on Bank of America

Thinking about this even more... It is really incredible that the bank was able to do this. Surely the bank manager had to have initiated the foreclosure but how was he able to do this? If no mortgage ever existed on said property how was it that the bank manager came to the conclusion that the couple were defaulting so much on a non existent mortgage that he initiated it?

Also (i don't know american law) I would have thought that for a foreclosure to be initiated the Banks lawyers would somehow be involved. If this is the case then it is even worse that the lawyers didn't check that everything was in order before they went ahead with proceedings against the couple.
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Old 06.06.2011, 21:03
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Re: couple foreclose on Bank of America

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Thinking about this even more... It is really incredible that the bank was able to do this. Surely the bank manager had to have initiated the foreclosure but how was he able to do this? If no mortgage ever existed on said property how was it that the bank manager came to the conclusion that the couple were defaulting so much on a non existent mortgage that he initiated it?

Also (i don't know american law) I would have thought that for a foreclosure to be initiated the Banks lawyers would somehow be involved. If this is the case then it is even worse that the lawyers didn't check that everything was in order before they went ahead with proceedings against the couple.
I think that in many cases there was a mortgage but banks have sold on their mortgages so often and banks have been overtaken by other banks that things went a bit too quickly and many documents were either lost or not brought up to date or if they were brought up to date some error was made rendering the document without value, or the way in which the home owner was informed may have had some error. And if the bank cannot produce a valid document to prove before the court that the mortgage existed then the mortgage can be considered not to exist. I have heard of several cases of that happening.

In fact quite a lot of people are today paying for mortgages that they needn't be paying for, and often they don't find out until they default and the court gets to look into it.
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Old 06.06.2011, 21:07
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Re: couple foreclose on Bank of America

i know someone who did this to a council in the UK over an incorrectly issued parking ticket, council owed him about 600 but didnt pay up so he went in with the police and started taking servers
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