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« Lenders Selling Foreclosed Homes Without Obtaining Title | Main | Robo-Signing Is Child's Play Compared To This - Bank of America Allegedly LYING To State & Federal Courts About Fraudulent Foreclosures in Kentucky »
Friday
Jan072011

Caught By Mistake In Web Of Foreclosure

Christopher Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a U.S. marshal's sedan was peeling out of his driveway. Nailed to Marconi's front door was a foreclosure summons from Wells Fargo, naming him as a defendant. But the notice was for a house Marconi had never seen — on a mortgage he never had.

Tom Williams was in his kitchen thumbing through the mail when he opened a letter from GMAC. It informed him that the bank would confiscate his house unless he immediately paid off his mortgage balance of $276,000. But Williams had never missed a mortgage payment. And his loan wasn't due to mature until 2032.

Warren Nyerges opened his front door in Naples, Fla., to find a scraggly-haired summons server standing on his stoop. He plopped a foreclosure notice from Bank of America in Nyerges' hands. But Nyerges had paid for his house in cash. And he'd never had a checking account, much less a mortgage, with Bank of America.

By now, you may have heard the stories of bank robo-signers powering through hundreds of foreclosure affidavits a day without verifying a single fact. But most of those involved homeowners who had stopped paying their mortgage. They were genuine defaulters. Now a new species of homeowner is getting pushed into foreclosure hell.

People have always loved to complain about their banks. The push-button circus that passes for customer service. The larding on of fees. But the false foreclosure cases are hardly the usual complaints. These homeowners paid their mortgages on time. Some even paid off their loans. Worse, those on the receiving end of a bad foreclosure claim tell similar stories of getting bounced from one bank official to the next with no resolution while the foreclosure process continues apace.

Many have to resort to paying a lawyer, even after presenting documentation. They say they have to sue not only to stop the wrongful foreclosure but also to attempt to win back their costs.

"This is the worst I've ever seen it," says Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates. Diane Thompson has defended hundreds of foreclosure cases. "In virtually every case, I believe the homeowner was not in default when you looked at the surrounding facts. It is a widespread problem throughout the country."

Homeowners in Florida, Nevada, Texas and Pennsylvania have filed lawsuits alleging that they were victims of mistaken foreclosure. In many of those cases, the bank went so far as to haul away belongings and change the locks on the wrong homes.

One such suit was filed in March by Pennsylvania homeowner Angela Iannelli. She was up to date on her payments when, she says, she arrived home in October 2009 to find that Bank of America had ransacked her belongings, cut off her utilities, poured anti-freeze down her drains, padlocked her doors and confiscated Luke, her pet parrot of 10 years. It took her six weeks to get the bank to clean up the house.

Iannelli's lawyer says the parties are in the process of "mutually resolving the issues" and the lawsuit is "in the process of being discontinued." Bank of America did not immediately respond to a request for comment on her case.

But the incidents haven't stopped. Maria and Jose Perez of Seguin, Texas filed suit in October after Bank of America sent them a notice that their house was scheduled for a foreclosure sale Nov. 2. The couple say they are current on their mortgage payment and they have no loan with Bank of America. A trial is set for June 13.

Now the class actions are coming. In Kentucky and California, class-action lawsuits have been filed against major lenders on behalf of homeowners who allege that they made all of their payments but got foreclosed on anyway.

"It is mind-boggling that these large banks accepted billions and billions of TARP money from the government, and they are just committing a fraud on the American people," says Jack Gaitlin, who filed the Kentucky suit on Oct. 4.

Continue reading at the Associated Press...

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Bill Black and Dylan Ratigan tell the truth...

Video:  Ratigan with Black and Inside Job Director Charles Ferguson

I've never posted this clip before, and it's better than the one at the top, in my view.  Click here for Ratigan's complete interview with Charles Ferguson.

  • "There have been ZERO criminal referrals."
  • “None of that is happening because the people in charge don’t look.”
  • “If you looked you would have seen fraud incidence in these mortgages in the 80% range and they could not have been sold.”
  • “The real losses are being hidden BY THE FEDERAL RESERVE to the tune of trillions of dollars RIGHT NOW.”

 

 

5 foreclosure links:

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Reader Comments (12)

QUOTE OF THE DAY
Julian Assange: "Capable, generous men do not create victims. They nurture victims....But there's another way of nurturing victims, which is to police perpetrators of crime."

Keep banging the perps, DB.
Dec 10, 2010 at 12:43 PM | Registered CommenterDr. Pitchfork
nice quote...very nice quote...with your help, and that of others, we'll keep the heat on...
Dec 10, 2010 at 1:13 PM | Registered CommenterDailyBail
REPO 105

http://repo105.com/

Outstanding video describing how it works.
Dec 10, 2010 at 1:50 PM | Unregistered Commenterjohn
The law defends the plunderer...
Dec 11, 2010 at 1:54 PM | Unregistered CommenterS. Gompers
Dec 12, 2010 at 8:28 AM | Unregistered Commenterjohn
Critterzens of the World Unite! Yer Congresscritters are the best that money can buy! Too bad you don't own a piece of the action, that is, if you don't consider your home to be a piece of the action, eh?
Dec 17, 2010 at 3:53 PM | Unregistered CommenterTom Paine
Almost all of the 9 trillion that Bernanke claiims he knows nothing about was used to buy back all of the phony CDSs and mortgage-backed securities that they sold to suckers from Hoboken to Heidelberg to Hiroshima. The banks demanded that they buy them back, and that's where the money went. Of course, they can't admit this in public, so they pull the old "I don't know nuttin" routine.

Then, since they had nothing but fake paper, they had to come up with some assets for their balance sheets. So they're trying to foreclose on everybody they can, however they can, before the lawsuits bankrupt them and they spend the rest of their lives in prison.

In my opinion, these people should either be fed into a wood-chipper feet first, SLOWLY, or thrown into labor camps until they can't work any more. Then, they should be drawn and quartered and thrown face-up into hog pens.
Dec 17, 2010 at 4:39 PM | Unregistered CommenterBig M
Almost all of the 9 trillion that Bernanke claiims he knows nothing about was used to buy back all of the phony CDSs and mortgage-backed securities that they sold to suckers from Hoboken to Heidelberg to Hiroshima.

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actually that's not right..the $9 trillion were loans that have been paid back...

the Fed buying MBS happened with qe1...about $1.75 trillion of mbs purchases...
Dec 20, 2010 at 12:56 AM | Registered CommenterDailyBail
The Obama Administration just ghost wrote a book to label Obama the hero of the crisis and Bush the goat.

Bernanke is a hero.
Barney Frank is a hero.
Nancy Pelosi is a hero.
And on and on and on...

The problem...the libs are going to feed on it and Obama is going to start his 2012 campaign with Hillary as VP with a nice big bang. Oh well, we still got the advert revenue.
Jan 7, 2011 at 5:51 PM | Unregistered CommenterMovers and Shakers
If you want to know why the justice system is dominated by kangaroo courts, see Why Does the Government Ignore Our Wishes? at http://dailycensored.com/2009/09/11/why-does-the-government-ignore-our-wishes/ and don’t miss my short speech.

If you take a look, you’ll learn why banksters, their attorneys, regulators, and judges can get away with violating our rights, abusing their power, stealing homes, raiding the treasury and committing horrible crimes. My article on torture includes a link to the U.S. Supreme Court case which explains how one of our stolen rights makes the difference between justice and injustice, between freedom and slavery.
Jan 8, 2011 at 1:52 PM | Unregistered CommenterMark A. Adams JD/MBA
thanks mark...
Jan 9, 2011 at 1:38 PM | Registered CommenterDailyBail

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