Bank of America (NYSE: BAC) Accidentally Forecloses on Wrong Home, For the Third Time
Bank of America Corp (NYSE: BAC) has accidentally foreclosed on a home that they had no legal right to do so, for the third time in less than a year.
This time, Bank of America tried to foreclose on the home of Nancy Willmes who paid cash for her home in Toulumne, CA in 2001. KRCA, a local radio station, first reported on this latest accidental foreclosure. Willmes received a notice of default on her property in February from Bank of America, even though she’s never had a loan with the Charlotte-based bank.
“I honestly felt like Bank of America was trying to steal my property,” Willmes said to KRCA.
Willmess said in the KRCA article that she tried to contact Bank of America Corp (NYSE: BAC) to see why they thought they had the right to foreclose on a property that she had purchased outright.
Willmess says that she has chain-of-ownership records showing that Bank of America Corp (NYSE: BAC) had sold the loan to Fannie Mae several years earlier. Fannie Mae foreclosed on the previous owner and Willmess purchased the property with cash from Fannie Mae.
According to Willmess, Bank of America Corp (NYSE: BAC) didn’t care about any documentation that she had. The bank proceeded with the foreclosure, including placing ads in the local paper and nailing a foreclosure notice on her door.
“I called the title company, the title company called B of A, and they refused to rescind it,” Willmes said.
After Willmess reported the foreclosure attempt to the press, Bank of America began returning her calls. The bank The bank then rescinded the notice of trustee sale, stopping the foreclosure.
Bank of America stated that the problem was a system error and that it has updated its record and cancelled the sale.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.