Foreclosure Fiascos does not seem to End
Foreclosure fiascos and individual cases that depict the mistakes of the banks and its procedures have become extremely common. There are new types of scenarios that surface every day. There is news all around about someone’s house being foreclosed incorrectly due to improper paperwork or a delinquent property put for auction without title insurance. The list is endless and so is the grief of the homeowners suffering from this crisis.
Lately, a report stated a house that has been in foreclosure process for past 25 years, which shocked many across the nation. Recently, on Friday 10 December, a news, although hilarious, conversely showed how our banking system is. A resident, Elizabeth Bolinger, received a seizure notice on her house that she does not own anymore. Today, Bolinger resides in a retirement community in Port St Lucie. She owned the house until 1996 in 639 West Orlando Park Blvd, which she eventually sold the house to the person whom she had rented the house. She says that he had taken out a mortgage and paid her the full amount of the house and the deal was closed.
However, in September this year she received a notice from JP Morgan & Chase. She commented, “It is interesting that you can be foreclosed on a property that you don’t own.” Usually, when attorneys try to trace the title of the property, they end up sending notices to “Unknown Tenants.” The banks procedure is to inform everyone who occupied the house of the legal proceedings to avoid any hassles later. However, Bolinger was issued notice because the transfer between her and the buyer was not processed correctly by the bank.
Other than bank issues, the programs that are implemented to help distresses owners have not proved worthy enough. In a rather sad foreclosure incidence, a Deltona resident house was foreclosed. Daniel Muriel’s lived in the Deltona residence until 2001. In 2001, Muriel suffered from permanent disability caused due to exposure to Agent Orange. He suffers from psoriasis, degenerative joint disease and rheumatoid arthritis. This happened while he was in Vietnam. Since then, he lost his job, and his wife’s income was not enough to support the family and pay the mortgage installments, which eventually lead to foreclosure.
Muriel has tried to participate in several help programs, but nothing could be worked out. Even programs rolled out by the federal government to help distressed homeowners of Volusia City could not prevent Muriel’s house from going into foreclosure.
Original post: http://www.e-foreclosuresearch.com/blog/foreclosure-fiascos-end/ on E-ForeclosureSearch.com, your source of a foreclosure homes.
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