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Ok, we have had this happen twice in the last month. Anyone else had this experience?
In the first case, we had a buyer purchase a house at auction. The bank (rep) that the property WOULD have gone back to came out the next day, changed the locks and tore down the playhouse in the yard. The buyers, not knowing the bank had done this, went out a few days later and had the locks changed, thinking they were changing the locks from the prior owners.
The bank went out a few days later and found the locks changed again. They had them changed again, and told the neighbors to call the police if they saw anyone on the property besides them.
Next day, the buyer goes out with his entire extended family to start moving and refurbishing (place needed some work). Found himself locked out. The neighbor called the police and the buyer had to deal with the sheriff accusing him of trespassing and breaking and entering into a house that he thought he owned (and in fact, DID). At that point, we starting investigating and found out all of this had been going on.
The bank informed us that they now owned the property and our person was trespassing. Our buyer paid with certified funds at an approved auction to the approved auctioneer, which was a local title company. Took about a week to straighten it out.
In case #2, we had a call this week from a lady who found out that she still owns a house she thought was foreclosed on her a year ago. There was apparantly supposed to be an auction, and the bank came and changed the locks on the house, but never actually held the auction. She had no idea that she still owned the house and now is trying to figure out her options.
In both of these cases, the bank trespassed and illegally changed locks on a house they had no right to. Anyone else had a rash of recent REO fubars? Something to be aware of in auction situations anyway.
You know I think with the volume of foreclosures this kind of stuff is inevitable. I do think that it is not common, but the system is just overwhelmed and mistakes will be made.
i kept up trial payments, even after 90 days, and never got new modification documents, and even though still trying to work with them. they forclosed the house, we went to court house, and never seen anyone there. now they i have 2 options, rent month to month, lease for a year with some relocate money, or just move. forclosure attornery told me the day of the sale, my state not have redemtion law and we do.
In my case, I bought a Foreclosed Duplex. The Local Bank we bought it from was notified by the City 1 year before the sale that zoning was changed, The house now must be converted to Single Family. The Bank "Over-looked" getting this letter disclosed.. Now it appears they're going to make me sue them for non-disclosure... It sounds like i'm not the only un-suspecting "Little People" getting Duped..
In my case, I bought a Foreclosed Duplex. The Local Bank we bought it from was notified by the City 1 year before the sale that zoning was changed, The house now must be converted to Single Family. The Bank "Over-looked" getting this letter disclosed.. Now it appears they're going to make me sue them for non-disclosure... It sounds like i'm not the only un-suspecting "Little People" getting Duped..
Given the above bank screw-ups, you still think the bank intentionally did not disclose the letter? You give them way too much credit. They are inundated with foreclosures to track and obviously have issues doing it efficiently and correctly. In any case I hope you get a favorable result. At the very least, it may force the bank to review their record keeping and disclosure procedures.
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