‘Mistaken foreclosures' on rise

[phantom power]

Christopher Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a U.S. marshal’s sedan was peeling out of his driveway. Nailed to Marconi’s front door was a foreclosure summons from Wells Fargo, naming him as a defendant. But the notice was for a house Marconi had never seen — on a mortgage he never had.

...

Now a new species of homeowner is getting pushed into foreclosure hell.

These homeowners paid their mortgages — or loan modifications — on time. Some even paid off their loans. Worse, those on the receiving end of a bad foreclosure claim tell similar stories of getting bounced from one bank official to the next with no resolution while the foreclosure process continues apace.

...

One such suit was filed in March by Pennsylvania homeowner Angela Iannelli. She was up to date on her payments when, she says, she arrived home in October 2009 to find that Bank of America had ransacked her belongings, cut off her utilities, poured anti-freeze down her drains, padlocked her doors and confiscated Luke, her pet parrot of 10 years. It took her six weeks to get the bank to clean up the house.

Iannelli’s lawyer says the parties are in the process of “mutually resolving the issues” and the lawsuit is “in the process of being discontinued.” Bank of America did not immediately respond to a request for comment on her case.

http://www.news-sentinel.com/apps/pbcs.dll/article?AID=/20101210/BUSINESS/12100321

[dixiegrrrrl]

1. We need to keep an eye on this .

It seems to be increasing, from what I have read.

[soryang]

2. For insight into forclosure fraud

See Yves Smith blog nakedcapitalism.com and 4closurefraud.com. Actual foreclosure case documents, including excerpts from depo transcripts, can be found on 4closurefraud.com as well as specifics on assignment of mortgage defects, and document fraud referred to euphemistically as "robo signing."

[ixion]

3. ‘Mistaken foreclosures' is a quaint phrase for FRAUD

in my opinion.