Issues regarding the mishandling of mortgages and foreclosures around the United States have been in the news a lot lately. Recently, an even more disturbing trend has been appearing on the radar: home break-ins and ransackings by banks. Thanks to a common clause that is found in many mortgages, banks technically have the right to enter and secure a house that has been abandoned. Unfortunately, it appears that many banks aren't being too careful in determining whether or not a house has actually been abandoned. As a result, people around the country are returning to homes that have been looted for no good reason.
A New Breed of Lawsuit
Understandably, homeowners who have discovered that their homes have been wrongfully entered and/or ransacked by their banks have been filing lawsuits. In some cases, the homeowners have been at some stage of the foreclosure process; however, their homes have not been abandoned in any true sense of the word. In other cases, homeowners who are totally current with their mortgages - and even some who own their homes free and clear - have been grappling with these issues. Many experts believe the spate of bank break-ins is yet another sign that the foreclosure process is woefully out of control.
Locked Out of the House
When a California homeowner went to check on her vacation home in the mountains, she was shocked to find that the locks had been changed. When she was finally able to get into the house, she found that it had been cleaned out. All of her belongings were gone. Although the woman was in the midst of foreclosure proceedings, she filed a suit because the house was not actually abandoned. Bank of America, had jumped the gun; in turn, they had created a mountain of headaches for the woman.
Bank Break-Ins on Random Homes
A Texas man went through an even more troubling issue with Bank of America. The bank changed the locks to his second home; they also shut off its electricity. The irony was that the homeowner, owned the home free and clear. Bank of America no longer held the mortgage. As a result the electricity being turned off, 75 pounds of fish spoiled and caused significant damage. The homeowner is suing Bank of America and joins hundreds of other homeowners who are fighting back against banks unscrupulous tactics.