Hat tip to the several people who sent this in!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Hilarious how it worked out. 🙂
Not Even remotely ‘Hilarious”, more like Disgusting and Repugnant. Maybe “Hilarious” when it happens to you or one of your family.
Take it back. If it was the NAR HQ getting reversed-forclosed on, THAT WOULD be Hilarious. Those losers probably don’t own anything of value between them all.
The New American Way. Thanks to Karl Denninger.
The Rest of the Story below;
Posted 2011-06-05 15:33
by Karl Denninger
in Foreclosuregate
And Then There Were Two: Homeowner Forecloses on Bank
Well well this is a second incident….
Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff’s deputies foreclose on the bank.
Huh? Yep.
It started as we’ve seen happen repeatedly – the bank ignored the law. It attempted to foreclose on a property that had no mortgage on it at all. That not only failed, it resulted in a judgment against the bank for the owner’s fees and costs.
Of course Bank of America refused to pay the judgment. Why not? They’re above the law, right? After all, we haven’t seen banks break into houses before and get away with it, have we? Well, yes we have.
It didn’t work out so well this time for them:
Sheriff’s deputies, movers, and the Nyergers’ attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the teller’s drawers.
After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.
Oops.
That. Is. Awesome.
The lawyer and the couple have serious cajones….but they had the law on their side.
These kind of stunts do usually work. Maybe about 10 years ago, a guy with an outstanding judgment against the state of NJ tried to foreclose on the toll booths on the Parkway. They paid.
One thing to remember is that depending on the state you live in, the sheriff may try to collect for his services, or “poundage”. This often leads to a further dispute between the parties over who should pay the sheriff.
In California, this would be pretty straightforward if you have a final judgment. You just instruct the Sheriff to install a keeper on the debtor’s premisis. It is called a “keeper levy”. The judgment creditor has to advance the costs for the levy to the Sheriff, but the Sheriff in turn collects those costs from the judgment debtor as part of the keeper enforcement.
This is what happens when BoA outsources its legal department to what’s essentially a freewheeling bounty hunter. These lawyers were throwing everything at the wall to see what stuck, until someone willing to take them to court showed up.
This is exactly why average individuals need to know how to bring cases to court themselves. If the amount is low enough to quality for small claims court, it’s actually quite easy and the fees are negligible. Most of the time you win just by showing up.
*Definitely* hilarious how it worked out.