Thursday, September 23, 2010

Banks are mishandling foreclosures and documents

The major banks are mishandling foreclosures.  It's not just GMAC/Ally bank and the robo-signer it's other banks.  BofA is now evicting people that currently owe nothing on their homes.

The bank recently foreclosed on a Florida property that doesn't even have a mortgage, the Sun Sentinel of Fort Lauderdale reported. The foreclosure was started in 2008 by Countrywide, the notorious subprime mill the bank acquired in a fire sale that year. It continued with the proceedings even after the current owner, Jason Grodensky, paid cash for the house last December.
In another 2009 case, the bank went a step further. Not satisfied simply to lock out a Pittsburgh-area homeowner, Angela Iannelli, who was current on her payments, the bank decided to shut off the utilities and take her pet parrot. She is suing the bank, which apologized for the "stress" its errors caused, though surely BofA was privately pleased with itself for at least having targeted someone with an actual mortgage.
Read it all

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