Housing Market

Foreclosing On Bank of America

After foreclosing on a couple who didn't even have a mortgage, Bank of America got more than they bargained for.

Florida homeowners Maurenn Nyergers and her husband paid for their home in cash, and never took out a mortgage, so when Bank of America filed foreclosure papers on the house, they took the bank to court, and won. And when Bank of America wouldn't pay their legal fees — as it was ordered to by the court — their attorney, Todd Allen, decided to seize its assets, in person, with movers and sheriff's deputies in tow.

Threatened by Allen's instructions to "remove desks, computers, copiers, filing cabinets and any cash in the teller's drawers," the bank paid up after about an hour, though one imagines the sight of the nervous bank manager was almost payment enough for a foreclosure defense attorney like Allen.

While this is very amusing, I can only imagine just how many other times this has happened and the victims could not afford an attorney or they ran into a judge who was more inclined to side with the bank.

  • http://drangedinaz.wordpress.com/ IrishGrrrl

    B of A holds my mortgage because they bought Countrywide. I would LOVE to foreclose on one of their branches personally.

  • Corebela

    I don’t understand how it could even be possible to foreclose on someone who paid in cash. This makes me think that if they could do this by accident then there must be plenty of people who have been foreclosed on for no reason just by mistake as well. Plus if they never took out a mortgage then why were they even in the banks system? I know nothing about how that stuff works but that just seems too ridiculous. Even in this day and age.

    • JMAshby

      You have no idea. Read this http://tinyurl.com/272ekvr

    • muselet

      The reporter says at the top of the story (about 0:30 in) that the couple bought the home “owned by Bank of America,” so it’s reasonable that the bank should have them in its system. Everything that happened after that was not, however, reasonable.

      It was, however, also not unprecedented and not nearly as uncommon as the banks (and our wonderful news media) would have us believe. Follow Ashby’s tinyurl link to Rolling Stone and prepare to be gobsmacked. And outraged.