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Couple forecloses on Bank of America
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Clinically Insane
Join Date: Dec 1999
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"…I contend that we are both atheists. I just believe in one fewer god than
you do. When you understand why you dismiss all the other possible gods,
you will understand why I dismiss yours." - Stephen F. Roberts
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Moderator
Join Date: Jan 2001
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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')
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Clinically Insane
Join Date: Jun 2001
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yeah, couldn't have happened to a nicer bank.
-t
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Mac Elite
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Emergency Medicine & Urgent Care.
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Mac Elite
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B of A deserves MUCH worse.
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Clinically Insane
Join Date: Oct 2000
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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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"The natural progress of things is for liberty to yield and government to gain ground." TJ
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Posting Junkie
Join Date: Jan 2006
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Originally Posted by Big Mac
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.
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Clinically Insane
Join Date: Oct 2000
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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.
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"The natural progress of things is for liberty to yield and government to gain ground." TJ
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Addicted to MacNN
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That's a prime example of why you need to read the fine print.
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Posting Junkie
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Originally Posted by Big Mac
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.
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Mac Elite
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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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Administrator
Join Date: Apr 2001
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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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Glenn -----OTR/L, MOT, Tx
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Clinically Insane
Join Date: Jul 2005
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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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Been inclined to wander... off the beaten track.
That's where there's thunder... and the wind shouts back.
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Professional Poster
Join Date: Jan 2003
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Originally Posted by ghporter
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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AT&T iPhone 5S and 6; 13" MBP; MDD G4.
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Addicted to MacNN
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Originally Posted by SSharon
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.
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Professional Poster
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Originally Posted by mattyb
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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Clinically Insane
Join Date: Jul 2005
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Originally Posted by SSharon
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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Been inclined to wander... off the beaten track.
That's where there's thunder... and the wind shouts back.
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Clinically Insane
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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
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Mac Elite
Join Date: Jul 2002
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Originally Posted by Doofy
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.
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Registered User
Join Date: Mar 2000
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Originally Posted by Phileas
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.
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Clinically Insane
Join Date: Jun 2001
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Well, ultimately, it will *always* be the people's fault. If for nothing else than electing those greedy bastards to office.
-t
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Administrator
Join Date: Apr 2001
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Originally Posted by SSharon
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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Glenn -----OTR/L, MOT, Tx
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