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Foreclosure From Old Mortgages ‘Most Egregious Manifestation’ Of Broken Housing Market

Foreclosure From Old Mortgages ‘Most Egregious Manifestation’ Of Broken Housing Market


If the AG’s think they can settle the greatest theft in history, let them read this story…it’s not only people who are in default.

HuffPO-

In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of the low interest rates that were all the rage at the time.

Roy, a truck driver, and Sheila, a former hotel housekeeping supervisor, knew their new loan from Wells Fargo would enable them to save $198.86 a month – a nice chunk to help with gas and groceries.

But what the Bowers never imagined was that their old loan, the one Wells Fargo told them was paid off, would resurrect itself, trashing their credit report, scotching their son’s student loans and throwing the whole family into foreclosure. All, they say, even though they didn’t miss a single mortgage payment.

The Bowers aren’t alone…

[HUFFINGTONPOST]

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