OfflineToday, I received a phone call from one of our tenants. This tenant opened up a mail coming from a local Attorney office indicating that they have 30 days to vacate the property in exchange of Cash for Keys! This was really weird, annoying and disturbing. This house was a foreclosure we bought cash from Bank of America. We even used the Bank's title company to handle all the closing and provide Owner's Title Insurance. Everything was cool when we bought this property in August 2010. Today, the tenant received this eviction notice, almost two years later. We called the closing company, spoke with the attorney and the attorney told us you need to call the Title Insurance company Immediately. This has happened before and seems to happen again with Bank of America. We got on the phone with the Title Company and they told us pretty much the same thing that BofA has a mess in their paperwork/system. So we had to email all documents to the title insurance company so they can take care of everything.
We agree that BOfA has a confusion in their system and is trying to foreclose and sell this property twice! We are so glad we always get Title Insurance on our properties as you never know what could ever happen. I never thought something like this could happen, but I guess this bank's system may have some issues. Just be aware and recommend you get title insurance everytime you can. This headache could be worst if we wouldn't have title insurance. Nothing personal with the bank, just frustrating how this things could happen and waste great part of your afternoon.
We just wanted to share this as it's a little unsual but can happen.
Tom and Jeri
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
For unethical and alleged fraudulent lending practices. Both class action lawsuits and government charges are being built against them and several other major mortgage lenders. Most have tried to avoid this tidal wave of justice by buying politicians, or going bankrupt and playing stupid. The banks bigger than BOA have already fallen or paid their 1st settlement, making BOA the biggest NEXT target. Most of this is from the "robo-foreclosure" wave that hit the market a few years ago, and still threatens to ruin people to this day. Many of the foreclosures were either premature, erroneous, or completely unjustified. All were handled by a company in Midland, MI called Mortgage Electronic Registration Systems (MERS). It was created to "revolutionize" the mortgage ownership and tracking process by their own proprietary data management. Anyone who hasn't seen it yet, rent and watch: "Capitalism: A Love Story," by Michael Moore. You will probably fall out of your chair in disbelief.
Plus, BOA also started a practice they called "Cash for Keys," where they offer a "foreclosed" homeowner a paltry sum to clean and vacate immediately. No matter where you are in your investing, if you see BOA's name come up anywhere on a property, CYA not once, but TWICE! You're right Tom, this is EXACTLY what title insurance was made to protect against. I hope to God they don't come back and try anything else. Wishing you and Jeri continued success...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
I am familiar with the Cash for Keys but it surprised me to see that from the tenant.
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
That is really weird for sure!! But that sounds vaguely familiar to me. I have been corresponding with a Deed in Lieu of foreclosure guy with my mortgage company. He informed me about a month ago that everything was put on hold because they found something wrong with the title. He said it wasn't something I had done, but the seller had done something wrong. Anyway, I haven't heard back from him since and before that we were talking every week. It's not BOA, it's Seterus.
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Thanks for sharing. This is interesting as we closed on this property in August 2010. And the bank still has in their system that the file is opened. We had to resend releases of liens, etc so they can clear up their paperwork.
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
I bought mine in October of 2008.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.