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Bank forecloses on paid off house

By Ben Curry

Real Estate Agent

March 02, 2010 12:48 AM

If you think you're safe because your house is paid off, then think again. A Massachusetts couple owned a paid off house. Bank of America still foreclosed on it. At least that's the story according to the St Petersburg Times. A couple bought a home in Spring Hill, Florida and paid cash. They thought it was safe from the banks. Apparently not.

Bank of America, thru a fluke in their system, foreclosed on their house. Can we trust these banks to do a good job with anything?

Read the story below: http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632

Submit your Bank Failure Examples by e-mailing me at bankfailblog@gmail.com

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Ben & Chris Curry - The Short Sale Agent's Advocate

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Shanna Hall

Real Estate Solutions - Kirkwood, MO

I love selling houses!!!St. Louis, MO 314-703-1311

I am readng about this more and more... I just had a client ready to go to close and they were told they were in foreclosure- we were sellling the house for $50,000 more than they owed and they were refusing to give us a payoff... It all worked out but my clients have to go after he bank to get the attorney's fees back since they had not missed a payment and had proof of it... They paid it so they could close on the house...

Mar 02, 2010 12:52 AM

David Obbee

Obbee.com - Agoura Hills, CA

Ben: Thank you for sharing. I am glad the poor people hired an attorney- I doubt they will ever receive the apology they are seeking, though. Accountability at Bank of America runs very low, it seems (pun intended).

Mar 02, 2010 01:03 AM

Diane Osowiecki

Diane O and Friends - Benchmark Realty - Franklin, TN

Greater Nashville Real Estate

Bank of America must not have provide one of those lofty bonus packages to those in charge of the foreclosure department. As we all know Reading is Fundamental.

Mar 02, 2010 01:09 AM

Bill Dean

Haggerty Team St. Louis, Mo. - Fenton, MO

William Dean - Broker, Salesperson

Unreal, Thaks for sharing but how did they get that home for $139K in2005? I signed up for your SS advocate tips as well. We should get that petition out to all the Rainers RE; BOA

Mar 02, 2010 10:37 AM

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