What happens when the bank forecloses on a home that’s not in arrears on the mortgage or one that’s owned outright? According to this ABC News report, it’s not a simple process for victims to get their homes or their possessions back. Homeowners in 4 states are accusing Bank of America of foreclosing on homes that were not in arrears. People in Florida, Kentucky, Texas and Pennsylvania have been affected so far, but there could be more victims out there.
A Massachusetts couple paid cash for a home in Florida, where they planned to retire. In this case, the bank was supposed to take a house down the street. Even after the bank’s own realtor spoke to the homeowners and recognized that the bank had the wrong home, Bank of America continued with the foreclosure process. The home was stripped of all contents, padlocked and listed for sale before the homeowners even knew what was going on. Contractors hired by Bank of America caused damage to the property. Eventually they got their home back but still have no idea where their belongings are or if they will ever get their property back.
There are lawsuits pending in the other cases, including a one by a Pittsburgh woman claiming the bank’s contractor damaged furniture and took her pet bird before padlocking the home. The woman states that her mortgage was not past due. According to WPXI News, the woman “eventually regained possession of the bird after repeated phone calls to the bank.”
Surely the banks have some mechanism in place to safeguard homeowners from such unimaginable abuse. It’s called common sense and if their employees or contractors don’t have any, they should be fired immediately and replaced with one of the millions of competent Americans currently looking for work.
No comments:
Post a Comment