Yes, the title of this article is correct. After the North Carolina based Bank of America foreclosure procedure backfired, the homeowner was able to foreclose on the bank!
Bank Of America Foreclosure Gone Wrong
According to a story on Digtriad.com, the Bank Of America foreclosure was filed against the home of a couple who didn’t even have a mortgage. This is another reason why becoming a cosigner on a loan is so risky (lenders make terrible mistakes all the time)! They owned their home outright! The couple said they paid cash for the house:
The case went to court and the homeowners were able to prove they didn’t owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.
What I want to know, is what in the world make BOA believe that the couple owed them money on this home, when they never even had a mortgage (this is the reason why I am trying to pay off debt)! It’s really bad when buying a home with cash is as risky as investing in Brazil!
Since it was the bank that filed this wrongful foreclosure, they were ordered by the judge to pay the legal fees of the homeowners.
I guess you’re wondering how did it go from BOA owing them a few thousand dollars, to the homeowners being able to foreclose on the bank!
Bank Of America Foreclosure In Reverse
From this point on, the story looks identical to Bank of America foreclosure proceedings, except now the bank is the one who owes a debt:
After more than 5 months of the judge’s ruling, the bank still hadn’t paid the legal fees…”They’ve ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, ” attorney Todd Allen told CBS.
So, now the bank is the one who is late paying a debt, and refuses to even work with the homeowner! Well, what do you do when someone (or some company) legally owes you money, refuses to pay, refuses to speak to you, and owns property? You seize their assets!
Sheriff’s deputies, movers, and the Nyergers’ attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the teller’s drawers.
This had to be an amazing scene. Could you imagine seeing all of the bank’s cash (damaged money and all), furniture, equipment, and workers all sitting out on the lawn? Fortunately, it didn’t have to go that far; although, this should have been settled months ago!
The wrongful Bank of America foreclosure is what caused this mess in the first place, and now they don’t want to pay the homeowner what they rightfully deserve!
Here is how this hilarious situation ended:
After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.
I’m sure they have to deal with a lot of people who owe them hundreds of thousands of dollars, but still fight against the foreclosure process (as if they did nothing wrong); but that wasn’t the case here! They should have written out this check as soon as the judge ordered them to pay the homeowner’s legal fees!
photo by MoneyBlogNewz
Do you feel that the homeowners had a right to foreclose on the bank?
Are you as upset as I am about BOA failing to pay the money which they owed?
Am I the only one who wanted to see the bank’s property out on the lawn and sidewalk?
© 2011, KNS Financial, LLC. All rights reserved.