Man bites bank, again
A while back, the same thing happened to Wells Fargo. Now it has happened to Bank of America. Youd think the banks would learn.
Bank of America foreclosed on someone who didnt have a Bank of America mortgage. The owners say they had no mortgage at all. The judge charged the legal costs to Bank of America and the Bank commenced ignoring their debt. Whoever was in charge of paying this court bill did exactly what a lot of homeowners in trouble have been doing: He or she didnt answer letters, didnt answer phone calls, and generally ignored the problem. When a bill is delinquent, the last thing you should do is ignore the person you owe. Ignore it and it only gets worse. Doesnt BOA know that after chasing delinquent homeowners for the past four years?
Foreclosure is no laughing matter for homeowners who cant pay their mortgages. Help and advice are available. The worst thing you can do is to act like the person in charge of paying the court fees at Bank of America. Go to the next page for some serious information about foreclosure.
This information was provided by Melissa McWhinney of Community Action Agency of Somerville, an anti-poverty agency working with low income residents of Somerville.
Foreclosure is a process with several steps:
At that point, the bank owns the place or a new owner has closed on it. It is not mandatory that the foreclosed owners must leave. The foreclosed owners can become tenants and pay rent, if they can and choose to and the new owner agrees. In most cases, the foreclosed owner will be evicted. Tenants in foreclosed houses are frequently caught in the middle of this, even if they are fully paid up in their rent.
To start eviction proceedings, the new owner must present a
Only a judge can order the which has a move-out deadline. So the foreclosed owner has a day in court. Defenses against eviction includes: Bankruptcy, disability, foreclosure title issues, poor property condition that dates to the time of the new ownership. The alternative to court-ordered eviction is cash for keys. This occurs if the new owner or lender pays the foreclosed owners or their tenants to leave without eviction. The typical amount that someone can negotiate is about $5000 at the present time. This is about the amount of first month, last month, and security deposit costs for someone to settle into another home.
For more information, contact a Massachusetts Community Action Agency in your area.
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