Tag: foreclosure

Feel good story of the day: Florida couple forecloses on Bank of America

In an age when foreclosures are rapidly becoming the norm, a Florida couple has literally reversed the trend by foreclosing on a bank. And not just any bank, but Bank of America.

This may be our favorite story of the day. In an age when foreclosures are rapidly becoming the norm, a Florida couple has literally reversed the trend by foreclosing on a bank. And not just any bank, but Bank of America.

warren nyerges foreclosure
Feel good story of the day: Warren Nyerges foreclosed on Bank of America

WINK-TV has the story:

The foreclosure nightmare started when Warren and Maureen Nyerges paid cash for a home owned by Bank of America in the Golden Gate Estates. They never had a mortgage whatsoever. But, the bank fouled it up and wound up issuing a foreclosure through their attorney.

The couple took their case to court and after a year and a half nightmare the foreclosure was dropped. A Collier County judge said Bank of America has to pay the couple’s $2,534 legal fees for the error. After more than five months the bank still hadn’t paid up. So, the homeowners’ attorney did just what the bank would do to get their money, legally seize their assets.

“I instructed the deputy to go in and take desks, computers, copiers, filing cabinets, including cash in the drawers,” Attorney Todd Allen told WINK News….

Allen says the manager was visibly shaken, “Having two Sheriff’s deputies sitting across your desk, and a lawyer standing behind them, demanding whatever assets are in the bank can be intimidating. But, so is having your home foreclosed on when it wasn’t right.”

After about an hour the bank finally cut a check to satisfy the debt, and no furniture was taken….

Don’t you kind of wish you could have been there to see it all go down?

Source: WINK-TV

The foreclosure paperwork mess: Banks, regulators, customers all confused

One day Bank of America admits its paperwork is screwed up and cancels all foreclosures in 28 states. The next day it cancels them in the rest of the 57 states. And the day after that, President Obama says foreclosures should continue.

One day Bank of America admits its paperwork is screwed up and cancels all foreclosures in 28 states. The next day it cancels them in the rest of the 57 states. And the day after that, President Obama says foreclosures should continue.

Somebody get us a friggin’ scorecard, because it’s getting tough to tell who’s on which side of this fiasco.

foreclosure-sign
You may end up staying in your house just because the foreclosure paperwork is so screwed up

We’d like to say CNN.com has the latest details, but this story’s moving so fast that it’s tough to know what the latest details might be.

Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.

Members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency on Tuesday, requesting that they investigate the foreclosure processes of banks under their purview for “possible violations of law or regulations.”

In Texas, the Attorney General’s office sent “suspension notices” to 30 loan servicers in the state, asking them to halt foreclosures until they have completed a review of their procedures. The Attorney General in Massachusetts also urged financial institutions in the state to put a hold on all foreclosures.

The moves come after Ally Financial, JPMorgan and Bank of America all announced plans last week to freeze foreclosures in the 23 U.S. states where they must be approved by the courts.

Foreclosures continue in the remaining 27 states, including California and Texas, where they are not subject to judicial review. Two other major financial institutions, Wells Fargo and Citigroup, have yet to halt any foreclosures.

Our advice? If you can’t make your house payment, do what Barney Frank did – take in a renter who can run a gay prostitution ring out of your basement. Your cut might just be big enough to make your monthly payment.

Source: CNN.com

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