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
Reader Questions
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, Khaleef Crumbley. All rights reserved.
Related Posts:
Related Websites- Bank of America Responds...Far Too Late Last month, Peter over at Bible Money Matters wrote about his horrendous experience with closing...
- Bank of America overdraft fee gouging A Chaos magician chooses power, and that means accepting responsibility. To be responsible for your...
- Bank of America Withdrawal and Investment Simplification Yesterday and today I continued the process of disengaging from our relationship with Bank of...
- Getting A Loan: New Credit Score Rules For 2011 If you thought getting a loan in this ongoing recession was hard, just wait; it’s...
- Bank of America Investment Accounts I just saw an ad for Bank of America. They now offer $7 stock commissions....
{ 6 comments… read them below or add one }
This story makes me happy. How dare BofA go after someone who never even HAD a mortgage? Serves them right! Man, I would’ve paid money to see a bank get foreclosed on. Shady banks, I tell ya!
Yeah, I wonder how they mixed up the paperwork to the point of going after someone who never had a mortgage! Then they refused to pay what they owed…I really hope they get a black eye for that one.
Haha, I remember reading about this.. pretty hilarious.. it serves them right.
After the banks ignore the homeowners request for help, they finally have what’s coming to them!
I wish it would have went as far as putting their furniture out on the lawn!
The homeowners had every right to foreclose on the bank, and I’m very pleased that they took it this far. It’s upsetting that the bank took so long to cut a check that, more than likely, affected them very little. I hope they charged interest, and a fine for the late payment! This couple sounds like they’re very wise investors, and very financially responsible. Good for them! Can you imagine being another customer at BOA that day and watching all of this take place?
I agree with you! They should be required to pay penalties and interest for refusing to pay the fine, or even answer they lawyer! I wonder if the bank lost any customers over this.
{ 3 trackbacks }