Brad Gana’s Texas Home, Destroyed By Hurricane Ike, Faces Foreclosure

The Huffington Post
Harry Bradford
First Posted: 10/31/11 07:01 PM ET
Updated: 10/31/11 11:22 PM ET

Even those that continue to make payments on a house that no longer exists aren’t immune to foreclosure.

Brad Gana, of Seabrook, Texas is being threatened with foreclosure over a home that hasn’t existed since it was destroyed by Hurricane Ike in 2008, local Houston 2 News reports. Furthermore, after the hurricane, which cost the Texas shoreline an estimated $11 billion in damages, reduced the property to an empty slab of concrete, Gana alleges he continued to make payments.

In the meantime, Bank of America, the mortgage lender, took out a forced homeowner’s policy on the property and raised monthly payments. Gana, however, says he was never notified of the change since his mailbox was destroyed by what’s come to be known as the third-most destructive hurricane ever to hit the United States.

The story is only latest public relations mix-up for the company that recently lost its status as the largest bank in the country. It was reported earlier this month that one family, also living in the Houston area, faces foreclosure due to an untransferred title and in spite of making payments on time.

In another case, Bank of America foreclosed on an elderly couple in Pasco County, Florida, in part because they made a payment too early.

But it’s not just foreclosures that has people angry at the bank. BofA made a $6.2 billion profit last quarter, after announcing in September that it would start charging customers a $5 fee to use debit cards next year.

The consequent backlash, led in part by the Occupy Wall Street movement, has been so widespread that the bank is among those reconsidering its position on the idea, CNN Money reports.

Despite repeated stories of allegedly wrongful foreclosures, it appears not everybody is so sympathetic to the affected homeowners. A New York Times op-ed by Joe Nocera, published last week, detailed an office Halloween party from last year at a “foreclosure mill” firm in which employees mockingly dressed as foreclosure victims. A section of the office also appears decorated as a row of foreclosed homes.

As for Gana, he says he can’t understand why a bank would take out a homeowner’s policy on a house that’s no longer there, then threaten the homeowner with foreclosure.

“I was shocked when they said they were foreclosing on it,” he told Houston 2 News. “Bank of America is ruthless in their incompetency.”

via Brad Gana's Texas Home, Destroyed By Hurricane Ike, Faces Foreclosure [WATCH].

7 of the Nastiest Scams from Wall Street Banksters

This year – we’ve seen well over 5,000 American patriots hauled away in handcuffs for peaceably protesting against the high crimes on Wall Street. Meanwhile – not one bankster has gone to jail for those very same crimes. So – in the hopes that some of these banksters will be held accountable for their crimes NEXT year – we’re going to recap tonight exactly what these guys are guilty of – and how they did such remarkable damage to our nation. To help us with that list – Dave Johnson joins Thom from the Campaign for America’s Future.

via 7 of the Nastiest Scams from Wall Street Banksters – YouTube.

Homeowner Asked To Pay $0.00 In Order To Avoid Foreclosure

The Huffington Post
Harry Bradford
First Posted: 6/8/11 10:19 AM ET
Updated: 8/8/11 06:12 AM ET

Of all the foreclosure warnings issued during the housing crisis, perhaps oddest is the one demanding no money at all.

Earlier this year, in Northampton, Massachusetts, a man, referred to in reports only as Mark, received a notice demanding that he pay $0.00 to his mortgage lender, Bank of America, or his home would be seized, according to local television network News 22 WWLP. The notice surprised Mark, who had consistently made his mortgage payments, yet it was indeed no joke, as Mark found his credit score had been downgraded.

Despite the gravity of the situation, Mark understood the absurdity of it all.

“It says, you owe us zero dollars, zero cents. I’m going to write a check to them for zero dollars and have it clear? I couldn’t help but laugh,” he told News 22 WWLP, who, in turn, informed Bank of America of the story after Mark himself had struggled to get in contact with the bank. Turns out, an electronic filing error caused Mark’s payments to end up in the wrong place.

Bank of America made right after the mix-up, making sure Mark’s credit score was restored and, of course, allowing him to keep his home. For his trouble, he also got a little extra in the form $150 and a gift certificate.

The story is only the latest in a string of bizarre foreclosure incidents.

In Jacksonville, Florida, home flipper Perry Laspina ended up not having to pay the remainder of his mortgage on an investment property first purchased in 2006, AOL Real Estate reported in April.

After the value of his investment plunged, the story goes, Laspina found no buyers or renters and so simply stopped making payments. His lender, Wells Fargo, was apparently not at odds with the idea, and the loan was written off, the house subsequently given to Laspina.

Others have found success by taking more direct action against banks. Instead of being foreclosed upon, one couple in Naples, Florida actually foreclosed on Bank of America. After the bank failed to compensate Warren and Maureen Nyergers for legal fees leftover from a wrongful foreclosure lawsuit, the couple, with the help of their lawyer and two sheriff’s deputies, began legally seizing assets from the bank’s branch office.

Then of course, there’s the Bank of America that foreclosed on itself in Charlotte, North Carolina. In that case, Bank of America has filed a foreclosure lawsuit against the owner of a building housing one of the bank’s own branches.

Watch the News 22 WWLP news segment here.

via Homeowner Asked To Pay $0.00 In Order To Avoid Foreclosure (VIDEO).

« Older entries

%d bloggers like this: