Oops…They Did It Again – Another Wrongful Foreclosure
Taking after Britney Spear’s colossal “Oops…I did it again” hit song from 2000, Bank of America has accidentally foreclosed on a home for the third time in less than a year!
“I honestly felt like Bank of America was trying to steal my property”, said Nancy Willmes, who had paid cash for her home from Fannie Mae, who had foreclosed on the previous owner.
This growing problem is caused by the massive increase in foreclosure proceedings lenders have seen in the past few years. The numbers are startling, and there has been over a 400% increase in foreclosure filings in Florida since 2007.
This enormous increase has not only affected the already bogged down “Big Banks” but has also put a serious strain on our legal system, that at times appears to have been transformed into a private collections agency. In fact, several months ago the Miami-Dade Clerk of the Court’s Office erred in a foreclosure action and had a woman and her family literally thrown into the street by police officers after they auctioned off her $260,000 home for $87,000. A Judge quickly reversed the sale, but the family was left homeless for 24 hours.