Oops...Our Bad!

funkStrat_97 · 08-19-2009, 02:26 PM

TunerSteve · 08-19-2009, 02:36 PM

Wow! It's all about the paperwork. If I was her, I would negotiate a settlement with the bank. Afterall they already agreed to selling the house to someone else for 87K... so they must agree with that amount!

***Art*** · 08-19-2009, 02:50 PM

Quote:

Originally Posted by TunerSteve

Wow! It's all about the paperwork. If I was her, I would negotiate a settlement with the bank. Afterall they already agreed to selling the house to someone else for 87K... so they must agree with that amount!

She paid double that, and was not in default. Why would she want to settle with the bank? It's still her house.

Bryan · 08-19-2009, 03:16 PM

the bank should forgive her loan in its entirety and the judge should have ordered such when he reversed the sale (If he can do that).

**thesteve** · 08-19-2009, 03:24 PM

Quote:

Originally Posted by Art

She paid double that, and was not in default. Why would she want to settle with the bank? It's still her house.

I think what he means is that the lady was in the process of trying to refinance the house. Instead of refinancing whatever is left of the $260K, she should get the bank to refinance at the apparent value of the home, $87K.

Bryan · 08-19-2009, 03:42 PM

no, the article states that she recently refinanced it. It should have never been auctioned. She should have received a foreclosure notice as well. The bank screwed up. Caused her undo hardship and emotional distress and the bank should completely forgive 100% of the loan. There should be strict penalties for when banks do this, one of the penalties should be forgiving the loan.

Hopeful · 08-19-2009, 09:57 PM

Hold on here. Why are we assuming the bank is at fault? The article said the county clerk's office made the mistake, but what recourse would she have against the county? She could have sued the bank - if they made the mistake.

**adamwagg** · 08-20-2009, 05:40 AM

That's shocking! You'd expect some sort of compensation.

Nate · 08-20-2009, 11:50 AM

Quote:

Originally Posted by TunerSteve

Wow! It's all about the paperwork. If I was her, I would negotiate a settlement with the bank. Afterall they already agreed to selling the house to someone else for 87K... so they must agree with that amount!

Quote:

Originally Posted by thesteve

I think what he means is that the lady was in the process of trying to refinance the house. Instead of refinancing whatever is left of the $260K, she should get the bank to refinance at the apparent value of the home, $87K.

This is an absolutely brilliant and irrefutable idea.

If I were the judge, that's what I would have ordered in damages.

Forgiving the loan doesn't seem to fit the crime / mistake.

Forgiving the portion of the loan that the property's value won't support does.

TunerSteve · 08-20-2009, 12:32 PM

Quote:

Originally Posted by thesteve

I think what he means is that the lady was in the process of trying to refinance the house. Instead of refinancing whatever is left of the $260K, she should get the bank to refinance at the apparent value of the home, $87K.

I do believe the article stated she had already refinanced, but the bank apparently made a mistake in contacting the county, which resulted in her being put out of her home wrongfully. The resulting hardship, damage to her furniture, and emotional distress would likely result in a judgement against the bank.

Therefore, I think the bank would have incentive to work out some sort of settlement, so they wouldn't be sued in the first place. The auction resulted in the bank accepting $87k for the house, so that's a reasonable request on behalf of this woman.

**thesteve** · 08-20-2009, 12:53 PM

Quote:

Originally Posted by TunerSteve

I do believe the article stated she had already refinanced, but the bank apparently made a mistake in contacting the county, which resulted in her being put out of her home wrongfully. The resulting hardship, damage to her furniture, and emotional distress would likely result in a judgement against the bank.

Therefore, I think the bank would have incentive to work out some sort of settlement, so they wouldn't be sued in the first place. The auction resulted in the bank accepting $87k for the house, so that's a reasonable request on behalf of this woman.

Yeah, I remembered the article poorly. This lady definitely has a legit beef with the bank and county.

***Art*** · 08-20-2009, 01:02 PM

Quote:

Originally Posted by Nate

This is an absolutely brilliant and irrefutable idea.

If I were the judge, that's what I would have ordered in damages.

Forgiving the loan doesn't seem to fit the crime / mistake.

Forgiving the portion of the loan that the property's value won't support does.

Ahh, yes! That makes sense! Except that she already refinanced.