Bank of America Gets 'Foreclosed' On

A couple who paid cash for their house somehow got foreclosed upon by Bank of America.  A court battle ensued, which Bank of America lost.  The judge ordered them to pay attorney and court fees to the couple who were victims of their error.


Five months later, the bank still hadn't paid.  So the couple did the natural thing--they foreclosed upon the bank.  After an hour of being locked out by bailiffs while their furniture, computers, and any cash in the till was seized, the bank branch manager somehow managed to get them a check.

One hopes that the check included interest, outrageous penalty fees, and of course, the cost of the moving van they used for the "foreclosure".  A bank that erroneously forecloses on someone who has never even been a customer should be falling all over themselves to make it right, not dragging their feet on paying the bills they forced homeowners to incur.  That they felt free to drag it out shows that they fear neither courts nor bad publicity.  Hopefully, this incident will inspire more homeowners--and a little more dedication to compliance on the part of the big banks.
Presented by

Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Video

Carrot: A Pitch-Perfect Satire of Tech

"It's not just a vegetable. It's what a vegetable should be."

Video

An Ingenious 360-Degree Time-Lapse

Watch the world become a cartoonishly small playground

Video

The Benefits of Living Alone on a Mountain

"You really have to love solitary time by yourself."

Video

The Rise of the Cat Tattoo

How a Brooklyn tattoo artist popularized the "cattoo"

More in Business

Just In