Banking News: Bank of America (NYSE: BAC) Forecloses On and Sells Home on Homeowner Who was Current on Mortgage
Bank of America (NYSE: BAC) has inadvertently foreclosed on and sold a home in Jackson County, Georgia, where the two homeowners were up-to-date on their mortgage payment, according to a report from Fox’s Atlanta Affiliate.
“On Tuesday, my husband was working on his truck. A guy came over to him, I think, and shook his hand and said, ‘Hi, I just bought this house.’ [My husband was] thinking to himself, ‘Yeah right, you’re joking,’” said Rani Achaibar, the homeowner whose house was auctioned off.
Without the knowledge of the Achaibars, Bank of America auctioned off their home at the Jackson County courthouse. The family said that their house, worth $500,000 somehow made it onto a foreclosure list.
“He had the paperwork in his hand and I said, ‘Oh my gosh!’ So sat down, got Bank of America on the phone right away, verified, not delinquent, but didn’t say there was a mistake,” recalled Achaibar.
The Achaibars’ mortgage statements showed that their monthly payments had been maid on time, but the Achaibars have said that they have had a difficult time getting answers from the bank.
“They sold my house overnight and they need to fix this fast,” said Achaibar.
A representative for Bank of America said, “It appears that a mistake has been made in this case. We are working diligently to research and rectify the situation as quickly as possible. We apologize to the Achaibar family for this unfortunate mistake.”
“Thank God it was a nice person who bought our house or he probably would have put us out,” said Achaibar.
Here’s the video from MyFox Atlanta:
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Great post but complicated to understand since I am from Faroe islands ;-) 
What would be your top three tips for anyone new to this topic?
I know and work with Bank of America. They lose payments, make errors, post payments late then charge you a fee, and if they send you into foreclosure—you will be dumb struck on this one but they don't notify you.
You will be missing your statement and inquire. They move forward quickly with sales dates. They could erroneously deem a foreclosure in January, there will be a a schedule sale date by March to occur in April.
The sale will go through despite whatever the homeowner does.
4/10/10
Have been waiting for an answer for a potential loan modification since 1/19/10. Kept calling Bank of America. They said they had to assign it a mortgage specialist. Never did. Called them back again 2 days ago and was told that nothing was done and nothing is going to be done and oops-sorry someone told you that. Now behind 2 payments. they want to foreclose.
4/10/10
Have been working with and trying to complete a loan modification for 12months with BofA. All i get is empty promises, Here is a bank i will never do buisness with again, if the economy doesn't bring them down their reputation will.
4/10/10
Have been working with and trying to complete a loan modification for 12months with BofA. All i get is empty promises, Here is a bank i will never do buisness with again, if the economy doesn't bring them down their reputation will.