This is an interesting and nightmarish situation that a local couple is in. It doesn't have anything directly to do with surveying, but since we surveyors have to pay close attention to holds title to the properties that we are surveying, and often have to deal with flood zones and elevation certificates, this story will have a little bit everything for everybody to cringe at.
I hope they get every cent. What a horrendous fiasco.
I had something similar happen to me with Bank of America, but thankfully we caught it and got it fixed ... at least, I think it was fixed... reading that story is concerning.
I have BofA for my personal banking and mortgage, and pay my bill with online billpay ... and I've never had a late payment. But, somehow BofA started redirecting my mortgage payment to a 3rd party loan servicing company, and failed to credit my payments. They claimed that their mortgage department and their checking/online billpay don't cooperate and share information, so neither party could confirm to the other that I had made my payments, or explain where my payments had gone ... even though it was being handled by the same bank.
It took about two months to figure out what was going on, with phone calls every 3 or 4 days, and at some points BofA demanded I make additional payments, even though I could provide their own confirmation number for the payments I had made ...
In the end, I got no explanation, but they credited all the payments back to my mortgage.
If these people have bank records that show they had made their mortgage payments for all those years, then I can't see a jury not giving them what they are asking for.
Criminals.
Thanks for sharing this with us. It goes to prove that the typical consumer must be wiser and more alert than those who claim to be servicing them. In animal husbandry terms, serviced is exactly what they have been getting.
I fired Fannie Mae and any of their employees over 10yrs ago.
In my opinion, the worst bunch of people I've met to put off paying for the surveying they wanted.
The article is really long, but glancing through it I didn't see mention of tote insurance. Hoe can they skate out of this one?
Dang phone.....title insurance *
I was pretty sure that it was mentioned in the article somewhere, but not very prominently... and then I can't seem to locate the blurb now. I'm sure that will be addressed at some point.
The bank seems to be making the argument that they foreclosed due to non-payment, so I don't think title insurance would apply.
The owners apparently can show that they made all the payments, but due to bank error, and false assurances from the bank employees, they were foreclosed on anyway.
These people should have got a lawyer sooner ... like when the bank kept raising their payments, forced them into a loan modification, and charged them penalties and fines.