But for some unlucky homeowners, these blunders carry some serious consequences.
Maria and Joseph Perez were threatened with foreclosure and abandoned their home after a routine refinancing of their mortgage turned into a four-year (and counting) battle.
The couple had initially purchased their Seguin, Texas home in 2007 with a mortgage that was backed by Bank of America and serviced by a firm called Taylor, Bean & Whitaker. In August 2009, the couple refinanced the loan through Quicken in order to get a better rate.
So Jose was puzzled when, a month after refinancing, he received a notice from Bank of America that said he was behind on his payments on the old loan.
It turned out that Taylor, Bean & Whitaker, the mortgage servicer, had ceased operations the same month they had refinanced. And Bank of America hadn't received the funds from the new loan to pay off the old one, said attorney Barry Brown, who is representing the couple.
Since there is pending litigation, Bank of America wouldn't commen
http://money.cnn.com/2012/01/18/real_estate/foreclosure_homes/index.htm?iid=HP_LN
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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