B of A Parallel Foreclosure CONFESSION

Tuesday, August 24, 2010

Is Paying off a homeowners legally approved deferred property taxes the number one foreclosure scam in the country?

Apparently, Chase Bank, and companies such as American Home Mortgage Servicing will sometimes pay a senior citizens legally deferred property tax bill, then demand the senior immediately pay them back in full!

Some states allow seniors to defer their property taxes until they either sell their home or pass away, then the deferred property tax is taken from the sale of the home. Along comes either Chase Bank, or American Home Mortgage Servicing, who take it upon themselves to pay off the deferred property tax all on their own, but then they send a demand letter for instant payment to the homeowner for the legally deferred money!

In essence, the bank is attempting to nullify the home owners legal right to postpone their property tax bill knowing that if the homeowner cannot come up with the money, they can attempt to then foreclose on the home. How many people out there have already lost their home because of this tactic?

Another tactic used that can lead to a foreclosure I have read about is initiating a secondary home insurance policy on top of an existing one, then raising the monthly payment an exorbitant amount to pay for the new insurance policy!

Between the "do nothing for the home owner" comptroller of the currency residing in Texas, and American Home Mortgage Servicing also residing in Texas, Texas sure seems like a mess to me.

I'm still waiting for more politicans to get in the middle of this issue.

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