Property Grunt

Tuesday, February 16, 2010

This is not bad customer service. This is just plain bad.

Bank of America forecloses on house that couple had paid cash for

SPRING HILL — Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home foreclosure.

Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before agents for Bank of America seized the house, removed belongings and changed the locks on the doors, according to a lawsuit the couple have filed in federal court.

Early last month, Charlie Cardoso had to drive to Florida to get his home back, the complaint filed in Massachusetts on Jan. 20 states.

The bank had an incorrect address on foreclosure documents — the house it meant to seize is across the street and about 10 doors down — but the Cardosos and a Realtor employed by Bank of America were unable to convince the company that it had the wrong house, the suit states.

"Their own real estate agent told them, and nevertheless Bank of America steamrolled right ahead," said Joseph deMello, an attorney in Taunton, Mass., who is representing the couple. "This is a nightmare for anyone, and it affected my hard-working clients a lot."

The Cardosos are seeking unspecified damages from Bank of America. The company showed negligence, trespassed and caused the couple emotional distress and financial hardship, especially because a tenant renting the home at the time got worried and left, according to the complaint. It's still unclear if the couple's credit rating has been affected, deMello said.

This is the type of bulls**t that gives me nightmares. Some rubber stamper just follows procedure even though it is plainly obvious that there is something dreadfully wrong.

This is not an oversight. This is not a simple mistake. Someone just did not give a f**k and went forward because it was standard operational procedure.

BOA doesn't give a s**t. Why? Because what will happen is that they will cut a check to settle which won't even cover the pain, suffering and loss the Cardoso family experienced. And of course that money has TARP written all over it.

I get pissed off at this type of indifference besides the fact it is just wrong, it gives more creedence to ideas like, revolution, overthrowing, scape goating other ethnic groups which leads to massive amounts of violence.

America maybe a civilized country, but it has a very tragic history of violence and the banking industry better understand past performance may not be a factor investing but this is not investing. These are people's lives you are dealing with.