Bank of America forcloses on house without a mortgage

BofA sends forclosure notice to homeowner who paid cash for house and never had mortgage. so Owners padlocks bank branch

http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America

That's awesome.

Unfortunately, it's a huge steaming pile of E36 M3 that it had to come to that.

Our mortgage was bought by BOA,

Grtechguy wrote: BofA sends forclosure notice to homeowner who paid cash for house and never had mortgage. so Owners padlocks bank branch http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America

Oh, dang! That is sweet!

z31maniac wrote: That's awesome. Unfortunately, it's a huge steaming pile of E36 M3 that it had to come to that. Our mortgage was bought by BOA,

You'll be okay. We had a mortgage with B of A and no problems. You only have to worry if you own a house, and DON'T have a mortgage with B of A, because they'll figure they own your house anyway.

Haha that's awesome. I like when the little guy prevails.

Love that. This isn't the the first time something like this has happened to BofA. Can't find the link, but I think it was late last year.

Our mortgage is with BofA. It's been a decent enough experience. Really, how 'great' can such things be? We wanted to go with our local credit union but they wouldn't even talk to us. Seriously rude. OTOH, BofA did just add an annual fee to my credit card. I hate that companies can just change terms like that. Not like we consumers can do the same thing, aside from closing accounts.

I know it affects your credit rating if you dump a credit card... but since you already have your mortgage would it in fact hurt you... ?

usually the threat of dumping the card will get the issuer to resend the changes ...

can't hurt to call the # on the back of the card and complain... I've had charges (even late charges dropped using this method)

That is awesome!

I would have loved to have seen that in person.

That's awesome!

Wonderful!

I don't get crap like this.

My next door neighbor "signed over" her house to a bogus church (not that she knew that) in what was supposed to be a sort of reverse mortgage deal. The "church" pays her "bills" (I'm assuming property taxes) and she gets to stay as long as she lives (she is 89 years old). Well, the "church" didn't keep up the payments on what was owed and my neighbor got evicted from her home of nearly 40 years. It's been empty for 2 years now, and no one seems to know who owns it. She says it also appears to be infested with termites to the point that she would be afraid to move back in if she was give the option.

A little old lady gets screwed, and we have no idea who to go after/to "thank".

This just proves there IS some justice in the world after all. Very little justice, but some.

There have been others in the same predicament as these homeowners. BofA isn't the best place to have a mortgage from. Actually none of the Too Big To Fails are a good place to have a mortgage. They are so used the adage of he who has the gold makes the rules.

Perhaps I am missing something, but was the lawyer the only one to come out ahead?

In reply to MitchellC:

It does seem that way. The homeowners seemed to be in it to be restored to their old status, not compensated. They won, but weren't given their settlement. It looks like the lawyer decided to seek out payment on his own with the blessing of the homeowners. Either way, I think the lawyer is a masterful troll.

I don't understand how it was even allowed to get as far as court. I'd be hopping mad if I was the owner - they clearly didn't owe the bank a cent.

Now, I think they should be owed more than court costs. I'm not one for people being able to file a lawsuit for anything but, sometimes the big guy just has to pay to get the message.

You are surprised that only the lawyer came out ahead? And yes there has to be a way for the little guy to do more than give a ceremonial black eye.

The fact that this is true is why so few little people stand up for their rights against giants like BofA.

They kept the cancelled check from when they bought the house. Amazing. Being a pack rat pays.

Thats why i always pay cash for all of my houses.

(and if you believe that...)

Lesley wrote: I don't understand how it was even allowed to get as far as court. I'd be hopping mad if I was the owner - they clearly didn't owe the bank a cent.

Remember all those cases here where people were able to take out mortgages on properties they didn't own, and the courts made the real owners responsible? Some were even evicted from houses they owned outright. Sometimes the legal system looks after the wrong interests.

Banks are generally trusted entities in the legal system thus their abiltity to sue anyone on the basis of an affidavit as a creditor. If you or I have to sue anyone, we have to have living and breathing witnesses present to prove our case. It is now standard practice to make the creditor to produce records of ownership and account balance and it does level the playing field somewhat but not every judge will accept the idea that the bank could be wrong.
I filed suit in one case to set aside a foreclosure because the creditor had failed to comply with the terms of the deed of trust(mortgage or security instrument in some states) which is the contract between the parties. The Judge ruled that there was no need for hyper compliance with the documents and let the foreclosure stand. Unfortunately the second mortgage holder didnt have the funds to appeal