Bank Building

Homeowners Foreclosed On The Bank! | Justice Prevails

Well, it has occurred in Collier County Florida and involves a bank from North Carolina. Homeowners foreclosed on the bank!

Some time back the Bank of America filed foreclosure papers on the home of a couple, who didn’t owe a dime on their home. The couple said they paid cash for the house.

The homeowners were able to prove in court, they owned the home free and clear! Apparently, the homeowners never even had a mortgage on this home! As a result of the hearing, B of A was directed to pay the homeowners legal fees, because they wrongfully tried to foreclose on the home.

The reason the judge let the homeowners foreclose on the bank was because they ignored the judge’s ruling, ignored phone calls, letters and all forms of contact. For five months this continued until the attorney for the homeowners seized the banks assets and on behalf of the homeowners foreclosed on the bank!

The sheriff’s deputies, attorney for the homeowners and the movers went to the bank and removed the desks, filing cabinets and the case in the teller’s drawers. The bank employees were then locked out of the bank, but about an hour later the bank manager paid the amount due. Case finally closed!

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Matt Gregory and his team at the Gregory Real Estate Group are continually in contact with various lenders as we work our distressed properties files, here in Santa Clarita.

We’ve seen firsthand how damaging and costly bank errors can be for the homeowners. There’s just no reason for it and it really shouldn’t occur, but it does! You’d think a simple phone call or letter would clear up any misunderstandings or errors between a homeowner and a lender. Unfortunately, sometimes it just won’t work that way!

Some of these lenders are so huge, and there’s so much bureaucracy, sometimes common sense just goes out the window! In defense of the lenders, we’re sure they’ve heard every excuse in the books. We can see why they can be mistrusting, but that’s no excuse for what happened in the above case.

That’s why, when dealing with short sale transactions, we usually utilize the services of a professional short sale bank negotiator. Our negotiator has the training, background, experience, and understands the inner workings of the various lending institutions. Yes, we earn less commission, but we’re primarily interested in providing our Santa Clarita friends and clients with the best possible solution and outcome.

Please contact Matt Gregory of the Gregory Real Estate Group at 661-713-4799 today! Matt is a Certified Distressed Property Expert and Managing Broker with iRealty in Valencia, CA.

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