6/5/11

Florida Couple Forecloses on Bank of America

A Florida couple bought a house with cash. They didn't take out a mortgage or any other loans secured by the property. That didn't stop Bank of America (BAC) from trying to foreclose on their home.

The couple was lucky in not getting a "robo-judge" assigned to their case. The judge found in their favor and ruled that Bank of America had to pay their attorney fees. Five months after the ruling, despite phone calls and letters, Bank of America didn't pay. The couple foreclosed on the bank, coming with Sheriff's deputies and a moving truck. Only then did the bank manager draft them a check.

This isn't the first (or last) time Bank of America has tried to wrongfully foreclose on someone's home. See here, here, and here for just a few examples. And Bank of America isn't the only bank that does this. JPMorgan Chase (JPM) engages in similar practices.  See here and here, and so does Wells Fargo (WFC). These aren't the only banks, but you get the idea.