Homeowner FORECLOSES on Bank of America

Bliss · Jun 7, 2011

One in a million! And you can bet this dish was served ICE cold. lol.

Homeowner Foreclosures on Bank of America (Yes, You Heard That Right)

Time.com

By TARA-NICHOLLE NELSON

In a modern-day evocation of David's slingshot triumph over Goliath, a couple of foreclosed homeowners in Naples, Florida reportedly foreclosed on a Bank of America branch last week, their attorney actually having moving trucks pull up in front of a Naples branch to execute a foreclosure judgment against the bank.

What must have seemed to observers like a scene out of a parallel universe - you can see some video here - was actually the fair and logical conclusion to a situation which, the court had ruled, had an unfair and illogical start. In 2009, retired police officer Warren Nyerges and his wife, Maureen Collier, paid $165,000 cash for their 2,700 square foot home in the Golden Gate Estates subdivision, and never took a mortgage out on it. So imagine their surprise when, in Februrary of 2010, Bank of America initiated foreclosure proceedings against them. The Nyerges hired an attorney, Todd Allen, to defend them against the wrongful foreclosure, and the Bank eventually abandoned the matter.

But not before the Nyerges incurred $2,534 in attorney's fees, which they requested informally from Bank of America multiple times before resorting to the courts, which ordered the bank to make the couple whole. When B of A still had not paid the judgment after five months of phone calls and letter writing by Allen and the Nyerges to the bank insisting that the court order be obeyed, Allen took the next step in the legal collection process, obtaining an order of foreclosure against the bank. (See The Best Blogs of 2011)

"They've ignored our calls, ignored our letters, legally this is the next step to get my clients compensated," Allen stated during an interview with CBS News.

Allen then reported to a local branch of the bank with sheriff's deputies, who he instructed to remove cash from the tellers' drawers, furniture, computers and other property. Approximately one hour later, the Naples News reports, the bank manager produced a check for $5,772.88 to satisfy Allen's fees and additional costs.

"We apologize to Mr. Nyerges that there was a delay in receiving the funds," read the bank's written statement to the Naples News. "The original request went to an outside attorney who is no longer in business."

Some might say all's well that ends well in this scenario, seeing as the Nyerges got their home, Allen got his fees and the bank got its come-uppance. But there are deeper implications to every one of these foreclosure foul-up horror stories we read about, and even those we don't. The finger-pointing to outside attorneys seems reminiscent of the banks' excuse for the robo-signing scandal that broke last fall, and just as flimsy: the fact that a bank has lots of foreclosures to process and hires an overworked, underqualified or otherwise not-up-to-the-job professional to do it does not justify the nonchalance with which documents and properties of such gravitas were treated. The similarity didn't escape Allen, who told CBS News "this is a symptom of a larger problem." (Foreclosure Watch: It's Not as Bad as You Think)

Further, these excuses also doesn't stand up to snuff: I've pointed out before that in transactions with far less monetary significance than foreclosure (and far greater frequency), banks get it right, almost every single time. Just think: when was the last time you got an extra $20 bill at the ATM? I've never yet met someone who could remember such a time. Similarly, while one or even several of the Nyerges' efforts to get B of A to pay the court judgment might have gone to the defunct lawyer's office, the Nyerges say they actually submitted their pleas directly to the bank, multiple times, to no avail: "I talked to branch managers, I called anyone who would listen to me," the couple told the Naples News. "And I wrote a certified letter to the president (of the bank). No response, nothing."...
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For more...

http://news.yahoo.com/s/time/201106...ricayesyouheardthatrightxidrssfullnationyahoo

4north1side2 · Jun 7, 2011

NICE!

Bliss · Jun 7, 2011

Eech, I hope this comment left on there isn't true..

"Bank of America gets more money for letting a house foreclose because they get complete re-imbursement for the loans that go to foreclosure. These houses are purchased through a bank that the government setup on the backs of the taxpayers to buy the distressed properties. If the house is sold for a loss, then our taxes pay the difference. If they make a profit, then the two banks share the profit. Basically, we are paying for the bad loans that banks made with our tax money. If Americans only knew that they they are paying taxes on the homes that have been taken from them, wow..."
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I always thought if they made a profit, the have to divy it up with the foreclosed homeowner, as that money doesn't belong to the bank.

It's all a scam.

FRESH · Jun 7, 2011

Kunoichi said: ↑

Eech, I hope this comment left on there isn't true..

I always thought if they made a profit, the have to divy it up with the foreclosed homeowner, as that money doesn't belong to the bank.

It's all a scam.
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When you sit on the outside, it's called a scam, from the inside it's business as usual.

Oh, that must have felt good to go in there and take shit.

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Homeowner FORECLOSES on Bank of America

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