Tue 9 Mar 2010
Posted by David under Uncategorized
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At least it was a different house this time. However, they did take a parrot hostage and hold it in an remote/unspecified location over 3 hours away.
Like most of these events, Band of America trashed her house and didn’t want to make things right. However, in unprecedented irony for a shady bill collector, BofA asked the *victim* to stop calling them and told her that “they were tired of hearing from her.”
Bank of America Forecloses on Wrong House; Holds Parrot Hostage
Tue 9 Mar 2010
Posted by David under Uncategorized
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Bank of America entered a Floridian couples house, changed the locks and took out a lot of their possessions. They also caused substantial damage to the property and significant monetary loss. To make matters worse, the owners had paid cash for the home. There wasn’t even a lien on it.
We’d like to be able to give you advice on how to avoid erroneous foreclosure, but we’re not sure even the savviest consumer can combat errors of this magnitude. We’ll only suggest that when you’re dealing with banks on major issues, be sure to get the name of everyone you talk to, keep notes and then follow up your complaints in writing to create a paper trail.
Bank of America Forecloses on Wrong House
Sun 21 Feb 2010
Posted by David under Uncategorized
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Don’t try this at home. Apparently some genius who was getting foreclosed on thought they’d one-up the bank by bulldozing the house that the bank was trying to take back. Obviously this falls into the “insanely stupid” category and it’s probably criminal as well.
His plan was to “teach the bank a lesson” but he seemed to miss out on a couple of minor issues related to foreclosures. Namely, you still owe the entire amount of the loan even if the home is foreclosed on. So, if you owe $300k and the house sells for $250k in foreclosure, you still owe the remaining $50k. By destroying the house, he is now liable for the entire amount since there’s no collateral to offset the debt.
Furthermore, if the house actually sold for ($350k) MORE than the mortgage balance ($160k) as he claimed, the excess proceeds would be returned to him less legal fees, etc. So, this guy ends up destroying about $150k-$200k of his own personal money.
There’s no cure for “stupid” any the only thing dumber than this guy is the number of posters in the comment section who think this guy is hero/genius.
Owner Bulldozes Home Prior to Foreclosure