Roach

During this foreclosure crisis, we've seen a lot stories about incompetence and missteps by banks and loan servicers. Just this week, the federal government announced that homeowners who may have suffered improper foreclosures could ask to have their cases reviewed.



But it won't take a review to reveal this error: Bank of America tried to foreclose on a home that doesn't exist.

Not only that, but the owner also had never missed a payment. Even after Hurricane Ike destroyed the Seabrook, Texas, home in 2008, Brad Gana continued to make all his payments on time.



But apparently he failed to insure his nonexistent home. So Bank of America, as lenders often do in this situation, bought a very expensive insurance policy and raised his monthly payments.




The notices mailed to the nonexistent mailbox at the house that wasn't there never reached the homeowner, who said he had provided current phone numbers and an email address to the bank.



"I was shocked when they said they were foreclosing on it," Gana said to Amy Davis of Click 2 News in Houston. "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."



Gana told the TV station that he didn't learn of the foreclosure until two days before the sale. After he hired a lawyer, the sale was stopped, but the bank has not returned the personal property it took from the site.

Should you sue your lender?
Once the story hit the news, Bank of America admitted its error and said it would look again at Gana's account. It told the TV station by email:

"There were a number of factors that contributed to the issues that resulted in the actions that we took on Mr. Gana’s mortgage and property. We continue to research the incidents. We have contacted Mr. Gana and we will work with him directly to address his concerns."
It's hard to say how many errors will be uncovered by the new audit process announced by the comptroller of the currency this week. The 14 largest U.S. mortgage servicers are sending letters to eligible homeowners asking if they would like their foreclosure cases reviewed.

Homeowners have until April 30 to request the reviews, which are available only for primary residences. Those who are found to have suffered financial harm from the actions will be eligible for compensation.


...and yet some here will argue that banks need less regulation

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deadhead94

The fact that there isn't a building there shouldn't mean much. The mortgage is for the property. The land is still there. But the fact that they sent mail to an empty lot is absurd.

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The Rev

By creating the housing bubble, and subsequent bust, the banking industry managed to get a shitload of taxpayer money to save them, and they got everyone's house. Ingenious.



The Rev

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Roach

That's not how the article reads. He may well have owned the property and the mortgage was only on the house.

In either case, I would think The insurance he did have when the home existed would have paid it off. And the bank should have been aware of both an insurance settlement, and the fact that the financed house no longer existed.

But greed overcomes common sense...depending on your viewpoint.

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Roach

homeowners should be more like this kid...

AIKEN, S.C. — South Carolina officials say a 10-year-old trick-or-treater pulled a 9mm handgun on a woman who joked that she'd steal his Halloween candy.

The Augusta Chronicle reported Tuesday that a 28-year-old woman told authorities she recognized some youngsters Monday evening and she joked she'd take their candy.

Aiken Public Safety Lt. David Turno says a 10-year-old in the group said "no" and pointed the handgun at her.

Turno says the gun wasn't loaded but the boy had a clip of ammunition. He was taken to the police station and was turned over to his parents.

Turno said the boy's brother, who is also 10, told officials he also had a gun and both weapons were recovered by police. Turno says the boys got them from their grandfather without his permission.

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deadhead94

that is fucking awesome.


and its called a magazine, not a clip.

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Terry

You're a fucking idiot. What was the point of that post?

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I don't know but I've been told,
If you never die you'll never grow old

deadhead94

that the title of a bank foreclosing on an imaginary house isn't as asinine as it sounds.

any idiot could see that.

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Terry

I hope you die horribly.

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I don't know but I've been told,
If you never die you'll never grow old

deadhead94

I hope you get leprosy from a ugandan hooker.

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Terry

Too late!

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I don't know but I've been told,
If you never die you'll never grow old