The foreclosure crisis has victimized not only those who have fallen behind on their mortgage payments; but also those who haven't and especially those who have paid cash for their home. In a recent case involving a retired police officer and his wife who paid $165,000 in cash to Bank of America for a foreclosure property, the suffering seemed to go on for a nightmarish amount of time even after they proved that they in fact owned the home and had no mortgage.
Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle.
So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff's deputies who had a judge's permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88.
"The branch manager was visibly shaken," attorney Todd Allen said Monday, recalling the visit to the bank last week. "At that point I was willing to take the desk and the chair he was sitting in."
This incident will undoubtedly make many homeowners facing foreclosure chuckle. Finally a bank gets a taste of their own medicine. One of the more frustrating aspects of this foreclosure crisis is that many homeowners are facing illegal foreclosures and being forced to expend large amounts of cash and effort to fight for their properties. How many of those homeowners don't understand that the foreclosure is illegal and how many of them simply don't have the will, money or sophistication to fight back? It's unfortunate and unfair that some homeowners are losing their homes to illegal foreclosure simply because banks are overwhelmed and facing a backlog of housing with delinquent mortgages. But hopefully, the implementation of new rules governing foreclosures will have a positive impact on this crisis.
(source: KSL.com )