The Conservative Cave
Current Events => The DUmpster => Topic started by: Tess Anderson on December 28, 2010, 06:56:18 PM
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link (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x84112)
Rings false - how can this step-brother be on the title? Why is there a title anyways with a mortgage in default?:
IdaBriggs (1000+ posts) Tue Dec-28-10 07:05 PM
Original message
Does anyone else have a "Bank of America is Stupid" story?
This one is actually happening to my step-brother. His mother passed away after a very short bout of pancreatic cancer. Her house is underwater. There is no estate. He called Bank of America (the mortgage holder) to make arrangements to turn the house over to them. (He is on the title, but not the loan.)
They won't take it. They want him to try to sell it. He explained the house is several hours from his home, and he'd already turned off the utilities *and* winterized it for them *and* wasn't going to be sending them any money from the non-existent estate, so who should he turn the keys over to?
They told him it has to go through the foreclosure process.
He repeated that the homeowner WAS NOT ALIVE and the "estate" is willing to hand it over to them immediately because there is NOTHING in the estate.
They told him it has to go through the foreclosure process anyway, and he needs to put it up for sale for a minimum of three months before they can even *TALK* about taking it back.
So, now a deeply underwater home, owned by a woman who has passed away, is sitting vacant until the bank pays attorneys to foreclose on it - when the heirs / estate are trying to turn it over to them FOR FREE.
????
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Zero BONG.
It's been a long day but how does a person be on the title but not on the mortgage? I don't see how.
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I'm sure for legal reasons, BOA won't just take back the house without starting some sort of foreclosure process.
But, since this is a bouncy, who cares?
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I'm sure for legal reasons, BOA won't just take back the house without starting some sort of foreclosure process.
But, since this is a bouncy, who cares?
The DUmmie was hoping that BOA would fall for this scam and then he'd sue them .
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As always there is too much left out of the story.
In NY there is always an estate,if no will is provided then it goes to probate (think that is the term) and the state divides the assets with them retaining a large portion for their troubles I have been told.
It is doubtful any lending institution can do anything until legal ownership is determined so they are likely just following legal process.
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Just because some moron calls them and claims there is no estate, does not make it so. It certainly does have to go through the foreclosure process, and now that it is under water, the "estate" may have an insurance claim for it.
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Give that primitive a bouncing idiot.
:bouncingidiot:
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Zero BONG.
It's been a long day but how does a person be on the title but not on the mortgage? I don't see how.
If you live in a community property state, this can be done.
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Zero BONG.
It's been a long day but how does a person be on the title but not on the mortgage? I don't see how.
Depending on the state, you can add a person later to the deed but not the mortgage. For example, my dad could have added me to the deed of his house when my mother died, which would give me legal rights to the house should something happen to him (incapacitation, hospitalization.) It IS possible to do, so I will give them benefit of the doubt on that part.
What I really find to be a load of BS is the whole no estate/giving the house to the bank. If you die without a will, the estate goes to probate, and the courts decide what goes where. And of COURSE the bank won't take the house back, they don't want it! What kind of moron thinks that the bank is going to be all like, 'sure, send us the keys!' especially if the estate has to go to probate?!?!?!?!
The stupid, it burns.
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True story:
My dad refuses to do any business with BoA. He hasn't done any business with them since 1963 when he and his first wife moved from Oakland to Ventura. Why? Well, it is simple. BoA made an error in his account, he went to close his account in anticipation of moving, and was given $750 more than he could account for. He argued with the teller, he argued with the head teller, he argued with the manager. Finally, beaten down, he took the money and has never done business with BoA since. I do all my banking with BoA, hoping they will make a similar mistake with me.
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My mortgage is with BoA. I swear, ever since they loaned me the money for my home, they expect me to pay every month, and on time. Can you believe that shit? The NERVE of those bastards! :censored: