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Couple forecloses on Bank of America
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olePigeon
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Jun 12, 2011, 12:15 PM
 
Couple almost forecloses on Bank of America - CBS News

This gave me a good chuckle. Bank of America attempted to foreclose on a couple's home, even though they didn't owe anything on the house.
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Cold Warrior
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Jun 12, 2011, 12:24 PM
 
That's awesome and BoA completely deserved it. Makes me wonder how many other people it has victimized because of its incompetence. I've been a customer for many years but all of their issues in the press have me fed up and I'm waiting on a good time to jump ship.
( Last edited by Cold Warrior; Jun 12, 2011 at 01:55 PM. Reason: Fixed iPad's 'autocorrect')
     
turtle777
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Jun 12, 2011, 01:41 PM
 
yeah, couldn't have happened to a nicer bank.

-t
     
bstone
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Jun 12, 2011, 03:25 PM
 
Epic win.
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iMOTOR
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Jun 12, 2011, 07:04 PM
 
B of A deserves MUCH worse.
     
Big Mac
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Jun 12, 2011, 07:32 PM
 
I wonder how much the couple had to spend on legal fees to fight the false foreclosure. That's a seriously despicable thing for a bank to do.

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imitchellg5
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Jun 12, 2011, 07:34 PM
 
Originally Posted by Big Mac View Post
I wonder how much the couple had to spend on legal fees to fight the false foreclosure. That's a seriously despicable thing for a bank to do.
Reading the article helps.

A Collier County judge said Bank of America had to pay the couple's $2,534 legal fees, since it had made the mistake.
     
Big Mac
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Jun 12, 2011, 08:22 PM
 
Thank you. I saw the $2500 figure when skimming the article and thought it was too low to cover the legal fees I'd assumed such a case would require.

"The natural progress of things is for liberty to yield and government to gain ground." TJ
     
brassplayersrock²
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Jun 12, 2011, 09:23 PM
 
That's a prime example of why you need to read the fine print.
     
imitchellg5
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Jun 12, 2011, 11:22 PM
 
Originally Posted by Big Mac View Post
Thank you. I saw the $2500 figure when skimming the article and thought it was too low to cover the legal fees I'd assumed such a case would require.
It does seem low, but the case was likely closed as soon as proof of payment for the house was provided, which, given that the defendant was a attorney, probably meant they were somewhere on his desk.
     
el chupacabra
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Jun 13, 2011, 12:11 AM
 
good thing the guy was a cop. Other wise they would have never forclosed on the bank. This is quite common in some other countries... when a business doesn't pay up you just go to the police and have them pay a little visit to the business. In the US they have the same capability but are too lazy. Ive done it in other countries before, but was never able to get the US law enforcement to cooperate with me when it happens here.
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ghporter
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Jun 13, 2011, 06:41 AM
 
What is sad about the whole thing is that BoA is probably the most egregious violator of mortgage borrowers' rights. They are apparently the worst in "cooperating with" the mortgage relief program (conveniently "losing" documentation and having no set protocol or accountability in this program) as well. And it does not look like their top level management has "gotten it" yet.

Sadly, BoA managed to wind up with all of Countrywide's mortgages, and Countrywide had held a large majority of all private mortgages up until they had to close shop. So now BoA can screw up millions of loans that they acquired, and can blame their problems on other people. Sort of looks like the whole model needs reworking, at least at the bank's end, doesn't it?

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Doofy
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Jun 13, 2011, 07:29 AM
 
Hang on a minute.
Article says the peeps paid cash for their house, so this isn't about BoA getting their sums wrong - it's about getting it completely wrong.

Doof recommends the "big red crayon" approach. Someone sends you a demand you know you don't owe, write "NO" on it in big red crayon and send it back to them. When the court case pops up, simply show the judge the proof.
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SSharon
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Jun 13, 2011, 10:29 AM
 
Originally Posted by ghporter View Post
What is sad about the whole thing is that BoA is probably the most egregious violator of mortgage borrowers' rights. They are apparently the worst in "cooperating with" the mortgage relief program (conveniently "losing" documentation and having no set protocol or accountability in this program) as well. And it does not look like their top level management has "gotten it" yet.

Sadly, BoA managed to wind up with all of Countrywide's mortgages, and Countrywide had held a large majority of all private mortgages up until they had to close shop. So now BoA can screw up millions of loans that they acquired, and can blame their problems on other people. Sort of looks like the whole model needs reworking, at least at the bank's end, doesn't it?
Be careful about what you hear about and read in the media. I worked for a plaintiff's foreclosure law firm and my perception of the mortgage crisis changed drastically after actually dealing with the paperwork on a large scale (hundreds if not thousands of cases). The banks we represented bent over backwards to work with the homeowners who clearly didn't pay their mortgages, but had nice cars, etc.
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mattyb
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Jun 13, 2011, 02:29 PM
 
Originally Posted by SSharon View Post
Be careful about what you hear about and read in the media. I worked for a plaintiff's foreclosure law firm and my perception of the mortgage crisis changed drastically after actually dealing with the paperwork on a large scale (hundreds if not thousands of cases). The banks we represented bent over backwards to work with the homeowners who clearly didn't pay their mortgages, but had nice cars, etc.
I'll bet that the nice cars were also on credit.
     
SSharon
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Jun 14, 2011, 09:12 AM
 
Originally Posted by mattyb View Post
I'll bet that the nice cars were also on credit.
For the ones that I was thinking about when I posted, yes they were. $650 per lease for two cars actually. But that just reinforces my point which is that I discovered that a lot of homeowners were to blame and bought things they couldn't afford. I don't want to play the blame game and get this moved to the PL, but my experience was that the banks weren't just out to get them.
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Doofy
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Jun 14, 2011, 09:55 AM
 
Originally Posted by SSharon View Post
For the ones that I was thinking about when I posted, yes they were. $650 per lease for two cars actually. But that just reinforces my point which is that I discovered that a lot of homeowners were to blame and bought things they couldn't afford. I don't want to play the blame game and get this moved to the PL, but my experience was that the banks weren't just out to get them.
To further the "banks aren't really to blame" thing, at the moment banks here are getting two simultaneous major moans:

1) Don't lend recklessly!
2) You're not lending enough!

Damned if they do, damned if they don't. We all know where the real blame lies.
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turtle777
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Jun 14, 2011, 10:08 AM
 
Nah, the banks *ARE* to blame.

I know what you're hinting at, Uncle Doof: those damn politicians in DC.
However, given that Washington is completely in the pockets of the big banking cartell in the US, the blame goes back to Goldfein & Co. Washington and the TBTF banks are so intertwined, you need to nuke them both to restart the system.

-t
     
Phileas
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Jun 14, 2011, 11:24 AM
 
Originally Posted by Doofy View Post
We all know where the real blame lies.
With all the idiots who believed, and still believe, that you can beat the system, somehow.

At the end of the day, there's always a bill. It's just that the people who were running up the tab are rarely the people who end up paying it.
     
finboy
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Jun 14, 2011, 11:29 AM
 
Originally Posted by Phileas View Post
With all the idiots who believed, and still believe, that you can beat the system, somehow.

At the end of the day, there's always a bill. It's just that the people who were running up the tab are rarely the people who end up paying it.
In this case, the whole thing began with Congress and presidents telling the market that it had to sell houses to people who couldn't afford them. Sure, other folks overbought, but that came later, after the system for giving anyone a house was in place and made it easier for them to do so.
     
turtle777
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Jun 14, 2011, 12:59 PM
 
Well, ultimately, it will *always* be the people's fault. If for nothing else than electing those greedy bastards to office.

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ghporter
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Jun 14, 2011, 09:49 PM
 
Originally Posted by SSharon View Post
But that just reinforces my point which is that I discovered that a lot of homeowners were to blame and bought things they couldn't afford. I don't want to play the blame game and get this moved to the PL, but my experience was that the banks weren't just out to get them.
Banks in general were out to make money, and there is nothing wrong with that on it's face. But people don't just go out and say "let's get ourselves WAY too far into debt we know we cannot repay." In a lot of cases, it wasn't the people or the bank, but the "mortgage brokers" who "qualified" people for mortgage companies and banks - and pocketed a nice fee for their trouble - that oversold people without the means to repay, often concealing the customers' means or just plain lying about them to the banks.

Banks got their part of blame when they bought loans. Wachovia bought into subprime loans after they'd peaked and while their problems were surfacing, but they went ahead with buying into them anyway. BoA is often singled out for handling their mortgages poorly, but I believe that the majority of those loans did not originate with BoA - so they get the blame for simply not knowing what they own and what they don't own. The subject of this thread is a case in point. They tried to foreclose on a previous owner because they didn't accurately document the sale (for cash) to the people they tried to foreclose on. Evil? No. Stupid? You betcha!

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