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Bank of America foreclosing on home that no longer exists, no missed payments



Bank of America wrongfully foreclosing

Bank of America is not new to wrongfully foreclosing on homes, but as seen in the video above, a Texas homeowner whose house was destroyed by Hurricane Ike in 2008 (yet continued to make his mortgage payments) recently discovered that Bank of America erroneously placed a homeowner’s policy on the non-existent property, mailed notices to his non-existent (read: destroyed by Ike) mailbox rather than the contact information he had provided them, and attempted to foreclose and auction the property.

“It wasn’t until about 20 calls that someone said, ‘We had a homeowner’s policy on your home that you reside in, and your monthly payments have gone up,'” he tells KPRC in Houston. “But they never notified me that my monthly payments had gone up.”

A Bank of America representative said, “There were a number of factors that contributed to the issues that resulted in the actions that we took on [this homeowner’s] mortgage and property. We continue to research the incidents. We have contacted [the homeowner] and we will work with him directly to address his concerns.”

The homeowner of the decimated home has a different take, “Bank of America is ruthless in their incompetency.”

Other BoA troubles

As mentioned previously, Bank of America is not new to controversy like this. There are hundreds of cases if paperwork errors that have led to homes being foreclosed upon, and the bank (like other major banks) is in hot water for these and other issues. Below is a list of more reading about Bank of America’s troubles:

  1. BoA forecloses on the wrong address on Christmas Eve.
  2. BoA forecloses on an elderly woman for making her monthly payment two days early, refuses to halt foreclosure
  3. Realtor never misses a payment as he attempts to get a loan modification, BoA responds to his refusal to miss payments by foreclosing on him
  4. BoA refuses to cancel foreclosure process despite a short sale having closed escrow.
  5. BoA forecloses on wrong address after homeowners paid cash for their house
  6. BoA massively fumbles, wrongfully threatens foreclosure on a widow during husband’s wake, calls 47+ times per day, says that’s an acceptable practice
  7. BoA (and others) attempt to force homeowners to waive all rights in order to modify their loan. ALL rights.

Consumers aren’t just taking it lying down. BoA is under investigation by all 50 states’ Attorneys General, HUD and being sued from every direction for their role in the housing crash, most notably for hundreds more misdeeds like those above.

  1. BoA illegally forecloses on a couple who paid cash for their home, they foreclose on the local BoA branch and show up with cops and a moving truck.
  2. Homeowners peacefully protest by taking bags of garbage from an abandoned BoA property that was bringing down the neighborhood and they “deposited” the trash at the local BoA branch office.
  3. A class action lawsuit was filed against BoA for their abuses, citing 9 illegal RESPA violations in all.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

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Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?



Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.



aging housing inventory

aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.



zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub,, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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