The Continuing Saga of Bank of America and Foreclosures

Be careful.

Bank of America May Try to Take Your Home

even if they don’t have the mortgage on it.  Ridiculous you say.  There’s no way that can happen. You are absolutely right.  It shouldn’t but Bank of America has tried.

The Case of the Couple and Their Florida Retirement Home

In February I read about this couple from Massachusetts.  Back in 2005 they purchased a home in Florida.  They figured that one day this would be their retirement home.  They paid cash for it.  They had no mortgage.

Here is What Bank of America Did

Last year Bank of America foreclosed on it even though there was no mortgage on the home.  They did it even though they had no right to.  In July their representatives showed up and changed the locks on the home.  At the time the home had been rented.  As you can imagine, Bank of America’s action scared the renters and they moved out.  So the owners lost rent.

The Bank of America representatives also took family photos, power tools and some other things the couple had at the home. They had the utilities disconnected.  This caused the pipes to freeze.  Water damage occurred.

The real estate agent representing Bank of America in this area knew they had the wrong home.  The home they meant to foreclose on was on the other side of the street from this one and about 10 homes away from it.  They were told they had the wrong home.  Yet Bank of America forged ahead.

The owners, an unemployed construction worker, and his disabled wife didn’t have the money to make the trip from Massachusetts to Florida.  It was until this January when the owner had the ability to make a trip to Florida to prove that this was his house and to get it back.

Do you know what?  The house they were supposed to foreclose on.  Bank of America actually did foreclose on that other home last September.

Can You Imagine the Settlement Bank of America Will Have to Pay?

The Massachusetts couple did hire a lawyer and is suing Bank of America.  I can just see the amount that Bank of America will have to pay.  Let’s see

  • Expenses for the trip to Florida and to show that the property was not the bank’s,
  • Lost rent because the renter was frightened and moved out,
  • New locks on all the doors(You never know who Bank of America gave the keys to),
  • The charges to repair the damage caused by the burst water pipes, and, of course,
  • Punitive damages because of the anguish and grief caused the couple.

The Sad Thing Here Is

The cost of this will not come out of the salaries and bonuses of Bank of America executives.  It will be passed along to the share holders.  If you own any Bank of America stock, dump it quickly.  Is this a company that you really want to be involved with?

Bank of America Is Guilty of Doing the Same Thing Elsewhere

There have been at least two other instances where Bank of America has tried to foreclose on home where they did not hold the mortgage.

A couple owns a vacation home in Galveston.  They had a rude awakening when they went to spend some time there last October.  They found the locks changed and a foreclosure notice on the door. When they were able to get in, they had another surprise.  Bank of America had the utilities turned off. The couple had fish in the freezer which thawed out and spoiled because the power was off.  Can you imagine how overpowering the stench of the rotten fish was?

There also was a home in Kentucky where Bank of America tried to do the same thing.

The owners of both of these homes have sued Bank of America.

Don’t Trust Bank of America

If you are facing foreclosure and Bank of America has your mortgage, be extra careful that they don’t zap you.  If they try to take homes that are not theirs, do you really think that they will help people facing foreclosure save their homes.  Make sure to get a lawyer or an expert in loan modifications to help you.  You need to make sure that your interests are protected.

Regardless of who your mortgage company is, watch out that they don’t pull any fast ones on you.  What’s the best way to do that?  Make sure that you know as much about the foreclosure process and the steps you can take to save your home.  You want to be at the point where you know more about the foreclosure process and what you can do to save your home than any people you deal with.  It’s not difficult.  You might want to check out my EBook.  There is a lot of information which I am sure you will find valuable in it.  You can find out about it by clicking Stop Foreclosure.

Much Success,

Mark Elkins

One comment

  1. I’m impressed, I have to admit. Rarely do I come across a blog that’s both educative and engaging, and without a doubt, you’ve hit the nail on the head. The problem is something not enough men and women are speaking intelligently about. Now i’m very happy that I found this in my hunt for something concerning this.

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