Show me an example of where the banks foreclosed on the wrong property?
I have actually seen this done, especially in rural areas with questionable addresses. A friend of mine had his home that he had paid reguarly on, never missed a payment, get foreclosed on because the SERVICER screwed up his payments. Couldn’t get the courts to stop the foreclosure.
Google is our friend:
Google is our friend:
http://www.foreclosurelistings.com/content/foreclosures/couple-from-new-bedford-filed-a-lawsuit-wrong-foreclosure.htm
http://www.lasvegassun.com/news/2010/jan/02/they-forclosed-wrong-house/
http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632
http://www.thelaw.com/forums/showthread.php?t=44109
There are many more examples. These banks, and their employees, deserve to be criminally prosecuted for their actions. It was their stupidity in lending money to people who could not pay it back that in part led to this mess, and now the same sloppiness plagues the foreclosure process. If the banks suffer more missing payments from deadbeat borrowers who should be foreclosed on because the banks insisted on foreclosing on the wrong properties... then oh well, they should get the process done right first.
No Mortgage, Still Foreclosed? Bank of America Sued for Seizing Wrong Homes
Story right here on FR:
Bank Forecloses on Wrong House [BoA keeps being "Stuck on Stupid"]