The recent foreclosure crisis has resulted in numerous disclosures of illegal and unethical actions by banks, loan servicing companies and many lawyers representing these companies that would have been hard to believe years ago but now seems to be more the rule than the exception. Read About the Recent Nationwide Foreclosure Settlement.
As a result of these practices Strange But True Foreclosure Stories continue to pop up. In the most common example, how would you feel if your bank’s mistake resulted in the loss of your home and then a second bank sues you after your lost your home?? In an all too common foreclosure story you’d think there was protection from the second foreclosure lawsuit but you may be wrong! Be sure to read our discussion on Who Owns Your Mortgage and Why Care.
In many other cases former owners have been sued more than 15 years after selling their homes and paying off the mortgage. Elizabeth Bolinger, who currently lives in a retirement home in Port St. Lucie, Florida was shocked and traumatized when she was served with a foreclosure lawsuit for property she sold in 1996. The bank’s only explanation was that mistakes were made by the law firm handling the case but no apology was forthcoming. Defending Foreclosure Lawsuits.
In a similar case, Cathy Hammers was abruptly awakened on the Saturday night following Thanksgiving when she was served with a foreclosure lawsuit for a home she sold in 1994. When Hammers tried to contact the law firm handling the case she was rudely told to hire a lawyer and then disconnected.
In yet another twist resulting from the broad scope of foreclosure mistakes, one home was sold twice in one week. Real estate investor Marjorie Oster was driving by the home she had just purchased in a short sale when she saw someone cleaning the pool, a lawn service cutting the grass and a pest company setting up a tent for termites none of which she had asked for or authorized. Turns out that the work was done by the “other new owner” who bought the property a week earlier. Once again the bank blamed the law firm but did nothing to fix the problem. Tips to Get Your Short Sale Approved.
Finally, in the most bizarre story to date, a homeowner who bought his home for cash and never had a mortgage on the property was sued in foreclosure for a mortgage that didn’t exist. Jason Grodensky didn’t receive an explanation or an apology, but how could the bank ever explain or justify suing someone who wasn’t even in their records!? Blame the Banks – Foreclosure is Not Your Fault.
All true, all strange and unfortunately much more to follow. Stay tuned and we’ll have lots more stories for our blog followers.
Do You Have Your Own Foreclosure Horror Story? Share your story with our readers by offering your own post and you”ll probably find that other homeowners have the same or similar experiences!