Due to unforeseen circumstances I have been holed up at home in Oswego, IL for the last few days. It's really cold and we have had some light snow so I don't feel like I am missing that much.
I have been cleaning house, and doing my weekend chores but have also been doing some organizing on my computer and catching up with some of the newsletter's that I subscribe to.
This article really caught my eye. Apparently in NJ an elderly woman missed her last payment on her 30 year mortgage because she was in the hospital sick. The bank started foreclosure activities and sent her attorney a bill for $5,800 ...are you ready for how much her last payment was...$432!
Her attorney's are fighting this and trying for class action status. The banks involved...LaSalle Bank which was purchased by Bank of America and another smaller bank.
You can read the complete article here which was posted on Yahoo Finance on January 14, 2011.
They overcharged her on several items that apparently violated both state and federal laws plus the Federal Debt Collection Practices Act.
I for one hope that they are given class action status and sue the banks for as much as possible under the law. Until more consumers take action against how banks are handling loan modifications, short sales, foreclosures and credit card collections they will continue to take advantage of the current situation.
No one is safe, not even your grandmother!
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