Posted on 11/03/2011 9:25:30 AM PDT by SeekAndFind
How do you foreclose on a home that doesn't exist?
That's the question KRPC-TV in Houston asked Texas homeowner Brad Gana, whose home was destroyed by Hurricane Ike in 2008 while he was overseas (via AGBeat).
Despite the the destruction, Gana continued to make mortgage payments on the property. Then, two days before Gana planned to sell the property, he learned the bank was foreclosing on it.
What happened?
Apparently, while Gana was making his regular payments, Bank of America had incorrectly placed a homeowner's policy on the non-existent property and additionally, increased his monthly mortage payments.
Bank of America says they notified Gana of the new insurance policy and changed mortgage, but as Gana points out, he didn't receive any of these notices because his mailbox was destroyed in the hurricane. Gana also says he provided BofA with a different email address and two phone numbers where he could be contacted, according to KPRC-TV. Gana explained:
"It wasn't until about 20 calls that someone said, 'We had a homeowner's policy on your home that you reside in, and your monthly payments have gone up.' But they never notified me that my monthly payments had gone up."
Although Gana's attorney was able to stop the proceedings after he learned of the foreclosure, the bank still showed up to remove Gana's personal items.
(Excerpt) Read more at businessinsider.com ...
...bank didn’t understand... I meant.
Well, I’m not outraged by simple mistakes. It doesn’t mean they’re not annoying. I doubt very much that the bank really wanted to foreclose as their best possible outcome.
Its totally incongruous name, Business Insider, should be a big red flag.
There is NO reason for them to STEAL from a house the judge just told them they CAN’T foreclose on.
NO REASON FOR THAT AT ALL.
There was the story about the doctor who amputated the wrong leg on a patient. Terrible thing that made the news; but it probably doesn't happen often!
The insurance has to cover the amount of the mortgage. Once the mortgage is paid the owner would want to insure the replacement value.
Not any more. They are closing their correspondent mortgage channel. That was half of their 16% market share.
BofA is falling fast as a force in the mortgage market.
Many other lenders are also getting out. The regulation and liability is driving many people out. Fees and rates will go up as a result of all of this.
Of course there’s a reason it happened. Most likely it’s because somebody neglected to call the cleanup contractor and cancel the job.
Do you really think the bank set this whole conspiracy in motion and took years to carefully plot out how to finally— finally!— get their hands on a truckload of household goods? Do you suppose it’s what they wanted all the time? Maybe they were after the stamp collection?
Seems a little absurd to me. They screwed up. It’s worth finding out if they’re willing to finally make it right. I don’t quite understand the mouth-foaming outrage. I see plenty of cause for frustration and exasperation with a bank that can’t seem to get the different parts to talk to each other. But sheesh... it’s just a paperwork foulup.
Sounds like a great deal for the insurance company to me.
Right... but the insurance doesn’t have to be the only collateral. Insurance only covers structures, and the land itself is collateral for the balance of the principal. Seems to me, anyway...
Move along now, nothing to see here, don’t trouble your minds over a fraud of a company that cn’at stop itself from stealing what isn’t theirs.
The growing corruption of this nation, the co-mingling of funds by MF Global, the $4 million dollar bonuses for running Freddie and Fannie into the ground and still needing 6 Billion more in funds.............
Yeah, just a little more thieving is nothing at all, eh?
So, why does this guy HAVE to go on TV, if it was just a mistake? Why weren’t his belongings returned ALREADY????
Story said:
“Gana also says he provided BofA with a different email address and two phone numbers where he could be contacted”
You said:
“I guess reading the story is just not important, eh? He gave them a new address, and two phone numbers.”
Who read the story? Do you know the difference between an address and an email address?
Do you know the law on legal notifications? It would be spelled out in the docs. There is a difference between what BoA’s legal requirement for notification is and what they should do. I’m not saying they met the law. I’m saying there is a potential case for both. It’s not spelled out because we don’t have the docs.
Relax fella.
Ah, so it’s just all those corporations... being all... corporationey, corporationing us all into their corporate evil... corporation stuff.
So which Occupy protest are you at?
SFL
I see you left out a response to this:
“So, why does this guy HAVE to go on TV, if it was just a mistake? Why weren’t his belongings returned ALREADY????”
foreclosure mills have no clue what they are doing since they just make up documents and fake chain of title. Most state bars, fl in particular, actualy CONDONE fraudent condunt.
spelling mistakes intentional and a service of BofA.
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