HOME SWEET HOME?
_______________________________________________________ Home Buyers & Refinance Customers Beware!!!
Could this happen to you?
Advice: Consult an Attorney before signing for that Mortgage!!!
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When a mortgage is refinanced, the proceeds of the new mortgage are used to pay off the old loan. The process is automatic, and invisible to the borrower.
Many homeowners are reporting, documents are routinely lost, faxed in, and lost again; that letters received from mortgage companies contradict what they're told on the phone; that agreements they thought they'd reached are mysteriously forgotten or canceled.
Lately, servicers have drawn fire for "robo-signing" records in foreclosure cases — bank employees sign court documents swearing to the accuracy of mortgage records they've never checked.
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Here is what recently happened to a Kirkwood, Missouri Family:
David and Dorothea Kramme were loading their possessions into boxes last month and putting them on a truck. The Bank of America was foreclosing on their home of 21 years.
Their three children knew the home was in jeopardy. Eleven-year-old Kaitlynn turned to her mother and asked, "Are we going to have to live in the back of a car?"
It's a story repeated often across St. Louis as the economic slump costs thousands their homes.
But the Krammes' story is different. The family wasn't behind on the mortgage. They'd made every payment.
Instead, the bank was foreclosing based on an old loan that had been paid off when the family refinanced its mortgage in 2009. David Kramme said he explained that to bank representatives in increasingly desperate phone calls over several months. He says he couldn't get them to believe it.
On Friday, in response to a reporter's inquiry, Bank of America admitted its error and apologized.
The Krammes' unusual tale says something about the chaotic state of mortgage servicing in America, where Bank of America is one of the biggest players. Servicers are overwhelmed by record defaults and by delinquent homeowners pleading for a break. In the resulting confusion, even conscientious homeowners can get snagged.
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