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Couple's paid-off home foreclosed mistakenly
local10.com ^ | 3/17/14 | Roger Lohse

Posted on 03/18/2014 9:47:29 PM PDT by Kartographer

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To: jdege

And private contractors won’t shoot your dog.


41 posted on 03/19/2014 3:28:06 AM PDT by rfreedom4u (Your feelings don't trump my free speech!)
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To: VerySadAmerican

There are still lots of homes out there that nobody knows who the owners are. That’s probably the case here. The bank thought they owned it.


In my state (and I suspect MANY) when the loan is paid off and title reverts to the home’s owner, the change has to be logged by the (usually county) registry of deeds.Usually the mortgage holder does that but not always. I discovered that fact when trying to open an equity line.


42 posted on 03/19/2014 3:34:09 AM PDT by Peet (Oderint dum metuant)
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To: Kartographer

RICO charges should be filed against the bank and the company that did this.


43 posted on 03/19/2014 3:37:33 AM PDT by savedbygrace (But God!)
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To: Kartographer
I'd shoot first, (while in house @ night) and then
ask questions/call local (torpid) donut-eaters

"Sorry, L.E.Officer; honestly, they were in my house.
I feared for my life/family...properties.
Why are you asking about the dog/parakeet?
I have no drugs, put down the guns.."

44 posted on 03/19/2014 4:12:13 AM PDT by skinkinthegrass (The end move in politics is always to pick up a gun..0'Caligula / 0'Reid / 0'Pelosi)
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To: skinkinthegrass

Having worked in the industry, unfortunately this is not uncommon. Sometimes it is just the contractor not reading the right address. Other times, bad data on the part of the bank (bad legal description, bad address in the file, etc). Joe Schmoe at the bank gets file across the desk, no diligence, just get it done.

Here in DFW we have had homes torn down by contractors acting on behalf of cities, torn down because the contractor had the wrong address.

The bank will face civil liability. The contractor will probably face civil liability, but the contractor often has minimal assets. Homeowner will file insurance claim, sue both.


45 posted on 03/19/2014 5:02:38 AM PDT by rstrahan
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To: Kartographer

I don’t know, I think really it’s good that people challenge others conclusions and assumptions.

Do you want to be a member of a mutual admiration society or a member of group that challenges you to keep all your facts straight and relevant and your conclusions reasonable?


46 posted on 03/19/2014 5:38:02 AM PDT by Usagi_yo (Standardization is an Evolutionary dead end.)
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To: arthurus

The word should have been ‘respected’. I should post these threads as it gets me almost as mad as talking about Obama.


47 posted on 03/19/2014 5:38:55 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Usagi_yo
Well for me I prefer people who do not support, abet and/or excuse criminal activity, but then that's just me.
48 posted on 03/19/2014 5:46:07 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: HiTech RedNeck
"But the restitution process doesn’t happen overnight and can throw a person into bankruptcy."

There's been any number of these cases and unless the person has deep pockets the Bank has them and they can delay the process as long as they wish to make sure the settlement is equitable to them. The other thing in common is almost all of these settlements are sealed to keep them quite.
49 posted on 03/19/2014 5:54:47 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: rstrahan
true; nonetheless, proofreading/logic/effort is Fundamental...
(in engineering; everything is checked 3x sop, then checked again by P.E., his responsibility)

I'd take everything (esp.) the bank/contractor owned, every splinter/¢, w/
little/no negotiations..90%.
due diligence is necessary.

50 posted on 03/19/2014 6:49:45 AM PDT by skinkinthegrass (The end move in politics is always to pick up a gun..0'Caligula / 0'Reid / 0'Pelosi)
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To: Kartographer

The homeowners blew it by not insisting the promissory note be returned to them as their property when the loan was paid off.

Depending on year loan was taken out, it was converted to an asset as a mortgage backed security. When the loan was paid early, the bank kept paying the MBS because it had destroyed the original note in the conversion process. And /or it sold it into multiple security trusts, and the closing of one of the multiples triggered a false ‘foreclosure’.

Read Matt Tiabbi in Rolling Stone to get a real account of what’s going on behind the scenes.


51 posted on 03/19/2014 7:48:40 AM PDT by RideForever
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To: rstrahan

I wanted to thank you for your honesty having worked in the business. Most FReepers who do work in Banking claim that this NEVER happens.


52 posted on 03/19/2014 9:24:03 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

Ultimately, does “the bank” (actually the high muckety mucks) want to be an ass about it.

In the long term it will still bite them.


53 posted on 03/19/2014 11:09:33 AM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: HiTech RedNeck
It never cost them. They consider it just the cost of doing business especially as long as it doesn’t hurt their bonuses and it never does. Even bankrupt companies still give bonuses no days.
54 posted on 03/19/2014 12:18:23 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

I don’t wish this mistake on anyone. However, I hope they can look on the bright side. These folks have hit the Lotto.


55 posted on 03/19/2014 12:21:56 PM PDT by old and tired
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