Homeowners foreclose on Bank of America

Discussion in 'After Hours Lounge (Off Topic)' started by Adam Gregorich, Jun 4, 2011.

  1. Adam Gregorich

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    I am a believer in paying your debts. In this case BoA tried foreclosing on a couple who had paid cash for their home and never had a mortgage. When BoA never paid their legal costs as ordered by the court, the couple had deputies close a branch and seize the bank,s assets including computers, furniture and cash.



    Full article (with video worth watching): http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America
     
  2. Richard Travale

    Richard Travale Producer

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    I find the cash part of this story unbelievable. Furniture and stuff, yes...but the cash???
    What about mortgage paperwork held in the branch? Were these transferred to this couple as well?
     
  3. Adam Gregorich

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    They had a judgment against the bank that allowed them to seize assets. Cash is an asset. I doubt there was any mortgage paperwork in the branch (unless it was for loans in the process of being closed), and even so it would not have any value (used paper has no value). They were allowed to seize hard assets (cash, furniture, computers, etc).
     
  4. Patrick_S

    Patrick_S Producer
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    Thanks for posting the story.


    Hopefully we'll see more actions like this so corporations get the message that they to have to act responsibly.
     
  5. gene c

    gene c Producer

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    Corporations have become so large and impersonable that it's not surprising that a single customer can occasionally fall through the cracks and apparently get screwed "by the machine" but what happened in this case is hard to believe. Someone at BofA should have been able to correct this before it even got to court let alone foreclosure. Guess I should start paying more attention to my BofA bank statements from now on .
     
  6. Cees Alons

    Cees Alons Moderator
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    I think the bank will, uhm, foreclose on some of their employees!



    Cees
     
  7. Gregg Loewen

    Gregg Loewen Video Standards Instructor, THX Ltd.
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    LOL
     
  8. Chris Lockwood

    Chris Lockwood Producer

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    Something smells here- if they really never had a mortgage with that bank, what led the bank to think they did? Gotta be more to this story.
     
  9. Steve_Pannell

    Steve_Pannell Supporting Actor

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    That's the problem with institutions like Bank of America. They are such a large entity that there is no "someone" there anymore.
     
  10. Adam Gregorich

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    With all the fractional buying and selling of mortgages all it takes is a typo. Maybe they had a loan on 12345 Main Street, Anytown USA and it got entered into the computer somewhere along the way as 1234 Main Street. There is a house less than a quarter of a mile from me and the only difference in the address is I have the word "Old" in my street name and they don't. There are so many foreclosures that banks are just rubber stamping everything and not double and triple checking to make sure that everything is correct. They have decided its easier (cheaper) to deal with being wrong occasionally than pay for the extra steps to get it right the first time.


    I worked with someone who bought a house several years ago, and the title insurance company missed that there was a third mortgage on the property (he suspects foul play as it was a company the sellers wanted to use). Several months later after they moved in and started working on the house that company tried to initiate foreclosure on the property. They were served by the Sheriff and had prospective bidders tramping through their yard at all hours of the day, knocking on the door asking to see the inside and making their life miserable. It took them months, a couple of thousand dollars for an attorney and a lot of stress before it was all straitened out.
     
  11. Adam Gregorich

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    Time Magazine is now on the story with even more info. Here is an excerpt and the full story is worth a read (link below).

     
  12. Gregg Loewen

    Gregg Loewen Video Standards Instructor, THX Ltd.
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    hi guys


    I saw this posted on AOL.


    When the attorney and sherriff showed up to forclose and requested seizure of the furniture, computers, money, etc. The bank manager got busy and produced a check for the $5000 ish owing, so nothing was actually seized.


    Very cool stuff.
     
  13. Adam Gregorich

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    But its the thought that counts :)
     

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