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Bank of America Forecloses On Home In Escrow

Bank of America has done it again.  A family in Yorba Linda, CA, who had lived in their home for 18 years, but had fallen victim to the current economic times, became unable to pay their mortgage payments.  Since their economic situation did not improve and they were unable to reach an agreement with Bank of America, the family put the house on the market last spring in an effort to forestall a foreclosure.  The house, even in a down market, was worth over $500,000; the mortgage was less than $300,000.  The house remained unsold and in December the owners were notified that a trustee’s sale was set for January 6.  In the nick of time, an offer was received.  Nevertheless, Bank of America refused to postpone the trustee’s sale, even though escrow was due to close in the middle of January.  Having exhausted all efforts to obtain a postponement, the owners were forced to file an emergency bankruptcy the day before the sale.  The action kept Bank of America from selling the house and, hopefully, the house will be sold on time.

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