Bank of America Gets 'Foreclosed' On
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- Radical_Centrist
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Bank of America has little patience for homeowners who have fallen on hard times and behind on their mortgages. The lending giant is in the midst of foreclosure battles in every state as well as defending against allegations that they engaged in fraud and misrepresentation during the foreclosure process.
Given all the increased scrutiny you would think the bank would be extra diligent before pursuing homeowners in court. Think again.
First the mega-bank wrongfully foreclosed on a couple who had paid cash for their house (and thus not only did not have a mortgage with Bank of America but owned title to their property free and clear). Then, when the couple fought the mistaken foreclosure, Bank of America refused to back down, insisting they owned the home.
When Bank of America lost the foreclosure action they were ordered to pay the couple's attorney and court fees, since it was Bank of America's error that brought the action in the first place.
Instead of paying those fees promptly, Bank of America let the bill sit for over five months. Tired of banks getting away with actions that can throw an average citizen in jail these days, the couple and their attorney had a stroke of genius. They foreclosed upon the bank.
The action got the attention of the bank. After an hour of being locked out by bailiffs while their furniture, computers, and cash in the till was seized, the branch manager was able to get the couple and their attorney a check for the fees owed.
The actions of Bank of America says everything about the attitude permeating lending institutions in this country. They abuse customers and non-customers without so much as a second thought and ignore the rule of law at will. And while the "little guy" turned the tables here, you have to wonder just how many more stories like this are out there, only the homeowners were too scared, confused or just plain beat down to fight back.
http://www.youtube.com/watch?v=MBuCSTFJffY
http://www.theatlantic.com/business/archive/2011/06/bank-of-america-gets-foreclo...
Given all the increased scrutiny you would think the bank would be extra diligent before pursuing homeowners in court. Think again.
First the mega-bank wrongfully foreclosed on a couple who had paid cash for their house (and thus not only did not have a mortgage with Bank of America but owned title to their property free and clear). Then, when the couple fought the mistaken foreclosure, Bank of America refused to back down, insisting they owned the home.
When Bank of America lost the foreclosure action they were ordered to pay the couple's attorney and court fees, since it was Bank of America's error that brought the action in the first place.
Instead of paying those fees promptly, Bank of America let the bill sit for over five months. Tired of banks getting away with actions that can throw an average citizen in jail these days, the couple and their attorney had a stroke of genius. They foreclosed upon the bank.
The action got the attention of the bank. After an hour of being locked out by bailiffs while their furniture, computers, and cash in the till was seized, the branch manager was able to get the couple and their attorney a check for the fees owed.
The actions of Bank of America says everything about the attitude permeating lending institutions in this country. They abuse customers and non-customers without so much as a second thought and ignore the rule of law at will. And while the "little guy" turned the tables here, you have to wonder just how many more stories like this are out there, only the homeowners were too scared, confused or just plain beat down to fight back.
http://www.youtube.com/watch?v=MBuCSTFJffY
http://www.theatlantic.com/business/archive/2011/06/bank-of-america-gets-foreclo...
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