Editor note: WAtch the video and editors note at end of article !
Owner of Home Sold at Auction Sues Bank:
"The 2,600-square-foot Spanish-style house was once valued at a million dollars. But Williams fell behind on his mortgage, and turned to Bank of America for a loan modification.
'I was told I was doing everything the right way,' he says. 'I wanted to stay in the house, I wanted to keep the house -- I did everything Bank of America told me to do -- and one morning I get a call and the house is no longer there.'
Williams says the bank started working with him in September of last year, and then sold the home without telling him.
'They sold the property out from under me for $192,000 -- a million dollar property.'
Williams was given one month to move out of the home he and his family had spent 10 years working on. But Williams isn't going quietly.
He is suing Bank of America for $100 million to send a message. Wednesday in federal court, the judge ruled the case could go to trial."
KEEP READING: Owner of Home Sold at Auction Sues Bank: or see video below
KUDOS TO WILLIAMS!!!!!!!!!!!!!!
Editor note: This man was LUCKY to have this happen. BOA seldom says they help people but they do not allow everyone to actually APPLY for modification.. They weed you out by phone. If he had continued with the modifications (which are basically just lowering payments) his loan would have been modified at his current principle - now they will have to deal with the actual property value.
What happened to this man is not unusual - it is the NORMAL course of action by the servicers. Many are not even legally able to foreclose but do it anyway. This is happening to the majority of people in default. It happened to us. BOA sold at trustee sale WHILE in possession of our letter of rescission and accusation of fraud.
The foreclosure holocaust is not over. I think it will be worse in the next year than ever before. STrategic walkaways are going to find they can't obtain mortgage loans for 7 years..... What is happening in America debt wise is criminal. If Americans don't wake up and start revolting like some of our counterparts in other countries, we will end up sealing the fate of our nation.