Yeah, it’s a sensational headline that’ll get washed away with all the other stuff happening. Here’s the thing.
In the State of CA, until there is a Trustee Sale, the homeowner has the rights to the property. After the foreclosure process, then and only then, can a bank order the locks changed.
WAMU made a mistake this morning and had the locks changed on a property we’re working on a short sale for. The owner, a single mother of three small kids, came home to find out the locks were changed.
WAMU’s response when I called telling them they made a mistake? "We’ll mail her the keys…"
Not good enough. I forced the issue and now they are trying to put the locksmith in touch with the Listing Agent. Meanwhile, the homeowner is sitting somewhere in a lawyers office.
Honestly, this stuff drains the life out of me.
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uh oh....looks like someone will be paying a hotel bill....
hmmm, "mistakenly" changed the locks? Locking her and 3 children out of their home and they'll mail the keys to her?!? WOW!!! I'd be calling a locksmith to come get the house opened ASAP!!! Oh yeah, and talking to a lawyer! I can tell you're upset, Mike -- I would be too -- I am!!
I am hoping that by tomorrow she and her children are back in their home. I came across the suicide foreclosure blog earlier this week.
Oh guess what Mike... Fidelity NEVER CALLED this afternoon after my first contact with them, and the client still DOES NOT have the key to their house. Fidelity in Cleaveland Ohio will be hearing me first thing in the morning. Unbelievable.
So, what happens when the bank breaks the law? If there are civil penalties, I think that I would be pressing the case... and if there aren't prescribed penalties, I bet there is a lawyer wanting to make a name for him(or her)self.
Mistakes happen and I can see the locks getting changed on accident. However, when brought to their attention they said they would mail the keys? That's not ok - what kind of heartless or thoughtless person, when finding a mother with kids is locked out of her home, thinks it would be ok for her to get the keys in 2-3 days? Ridiculous, hope she gets some cash for her trouble.
Well I guess bottom line is there is fine print in everyone's loan that allows the banks to protect "their" assets during a default of the borrower. Course they need to do a better job confirming vacancy or NOT changing locks when personal possessions are still present... I got the key, all is well at the moment.
I've been hearing horror stories similiar to this one at least once per week concerning foreclosures. This market is crazy.Some cal it mistakes but others say it was a bad decision . Banks are tightening up guidelines to prevent homeowners from hurting themselves,but what about the decisions the banks make? After dealing with some short sale homes, i've seen them make terrible decisions to take homes that had ratified contracts with fully underwritten loans and we were unable to get a 10 day extension, they'd rather take the home.
I recently heard that WAMU forclosed on a home that was not even behind on mortgage payments...
I have heard and seen the banks change the locks when they think the property is abandoned or vacant.