Bank of America has apologized for a foreclosure process gone wrong, in which contractors hired by the bank allegedly entered a borrowers home, padlocked the door, and repossessed a pet parrot.

What We Have Here is A Failure to Communicate

According to an article in the Wall Street Journal Online, Bank of America said that the contractors were wrongly advised that the house was vacant, and were securing the property when they found the parrot, which they believed to be abandoned and were going to give to a shelter.

The current rate of foreclosures in the US is the highest since the early 1930’s, and it is not uncommon for homeowners to have to simply leave their homes without taking anything with them. However, in this case the homeowner was only one payment behind, and in fact had caught up on her loan at the time of the incident, according to her lawyer. The bank has said that it will review the case and consider any hardship that was endured due to the contractors actions.

More Foreclosures, More Problems

While this is obviously an outlying case, it does demonstrate the difficulties that many homeowners have faced in communicating with their banks in the event of foreclosure. Whether it is due to the sheer volume of foreclosures, or the fact that some cases at large banks like Bank of America slip through the cracks, it is certain that these types of incidents will not already high tension between borrowers and lenders.

There are currently nearly 8 million homeowners, of 15% of mortgage, that are either behind on their payments or have already started the foreclosure process.

Did you enjoy this article? Yes No
Oops! What was wrong? Please let us know.

Ask a Question

  • lilsuzq32

    BOA should be issued a “cease and desist” order by the Treasury, and be put out of business

  • lilsuzq32

    BOA should be issued a “cease and desist” order by the Treasury, and be put out of business

  • Peggyspartyva

    Bank of America is illegally foreclosing on my house while I am in review for Making Home Affordable Plan to which I am pre-qualified. My sale date is less than 72 hours away and because of the banks inability to communicate with itself, I have called the 1-866 hope hotline people listed on Freddie Macs website, and they have escalated my file because of the clear violation of the program that Bank of America is doing.

  • Im Jewels

    Bank of America qualified us for a home modification with a 3 month trial period that actually took them over a year and a half to finish the paperwork. They lost our papers over 3 times. They said they never received it yet I had proof they did, including who signed for it each time. Then when they finally sent our permanent payment modification papers, the payment was twice the amount of the trial payment, which only reduced our payments a few hundred dollars. We called and ask why the payment was so much higher and they said it was because we were so far behind. They are the reason we were so far behind with taking over 1 1/2 yrs and reducing our payments while we were in trial payment mode. Their modification plan was a joke but we can do nothing about it. Take it or leave it was what we were told.

  • Ronsemail

    I am nearing filing a law suit myself. I also was told paperwork was lost many times. They did not receive paymants etc… I think I stand a pretty good chance, since I have paperwork to proove they have violated the making home affordable laws. They are supposed to stop all foreclosure proceedings while I am under the plan. When I received my MHA package from Fed Ex, I got a sale date notice the next day. They have kept me in a constant sale date every 2 weeks. I have to keep calling for a postponement. This is very stressful and they are breaking the law. Its time someone like me steps up and takes them for all I can.

  • Bill

    bofa execs have to go to jail if it was joe public they lock him up in a minute ptu brian moynihan in jail and the dog face barbra desoer in jail to they allow this to happen. the buck stop with them maybe 20 years each will help.