A foreclosure action can have major impacts on a homeowner. Thus, it is very important for mortgage lenders and banks to do everything they can to make sure that they do not wrongfully foreclose on a property. No individual should have to be the victim of a wrongful foreclosure.
Recently, it has been reported that a family in Nevada is living in a backyard as a result of what the family claims was a wrongful foreclosure.
The family lives in Las Vegas, Nevada. Allegedly, about a half-year ago, a bank foreclosed on their home. Last month, constables reportedly locked up the home. The family reportedly has been living in the backyard of the home since the lock-up occurred.
According to the family, the above-mentioned bank claimed that the family was years behind on the mortgage for the home. The family, however, alleges that this is a mistake and that they made payments when they were told to. Reportedly, a wrongful foreclosure lawsuit has been filed in connection to this matter.
The bank has made a statement in regards to this matter. In the statement, the bank said that it believes that the foreclosure action it took against the house in question was proper.
This matter brings up some important and intriguing questions. Was the bank’s foreclosure action, in fact, wrongful? If it was, how did such a mistake occur? How prevalent are wrongful foreclosures? Are lenders and banks doing enough to ensure that wrongful foreclosures don’t happen? Are state governments doing enough to protect homeowners from wrongful foreclosures? It will be interesting to see what the answers to these questions are.
Source: KVVU, “Foreclosed family camps in back yard,” Aug. 3, 2011