Recently by Mac Slavo: Economic Double Dip – Or Double Tap?
Its time to turn the tables on too-big-to-fail American banks, and one homeowner did just that.
In this all too familiar tale, the homeowners paid for their home in cash and had no mortgage. Bank of America, for whatever reason, had paperwork showing that they did owe a mortgage and they subsequently foreclosed on the home and seized it. After thousands of dollars spent and the many headaches associated with going to court to clear their names, the homeowners won a judgement against Bank of America.
The homeowners attorney says that they repeatedly contacted Bank of America to be paid the legal fees, but the bank ignored the requests.
As a result, the homeowners were left with no choice but to come after the banks assets. The showed up at Bank of America with their attorney, a Sheriffs deputy, and a moving truck full prepared to seize the banks furniture and cash in tellers drawers. According to the attorney:
I instructed the deputy to go in and take desks, computers, copiers, filing cabinets, including cash in the drawers.
He [bank manager] was visibly shaken having two sheriffs deputies sitting across your desk and a lawyer standing up behind them demanding whatever assets are in the bank it can be intimidating. But so is having your home foreclosed on when it wasnt right.
As a foreclosure defense attorney, this is sweet justice, because this a symptom of a larger problem.