Claim check BOA and Former owner one year after foreclosed

by Guest » Fri Oct 29, 2010 01:59 pm
Guest

I receive a claim insurance check(claim date 9/18/09) 9/28/10(one year later) made payable to Company and Bank of America. We released the property to BOA May 2010. Went to re-open account under same tax id #: Was refused! The branch manager states,” We took a loss on the property, so the bank will not assist you and the insurance company has to no motive to help either”, my response was; “Can have in writing that we do not owe you or the loan has been released?” No! I have a check made payable to both the company and the bank. What if anything can I do?
Bank of America who foreclosed in June 2010. Would they have to file an action in the Superior Court within 30 days of the foreclosure in order to preserve any claim for deficiency against the property ? They did not file any document in the Superior Court. Since BOA didn’t, have they lost any opportunity to pursue us any further? Second question, Can they refuse me an account to service the check today or sign off. 10/29/10

Total Comments: 5

Posted: Sun Oct 31, 2010 04:27 am Post Subject:

I receive a claim insurance check(claim date 9/18/09) 9/28/10(one year later) made payable to Company and Bank of America.



Company? What company? And what took so long for you to get the check?

Was the check issued over a year ago? If so, it is "spoiled" and cannot be cashed.

“Can have in writing that we do not owe you or the loan has been released?” No!



Really? Why is that?

Would they have to file an action in the Superior Court within 30 days of the foreclosure in order to preserve any claim for deficiency against the property



No. Statute of limitations to file an action could be 2-4 years.

Posted: Sun Oct 31, 2010 04:45 am Post Subject:

First, I'd go back to the insurance company, explain the situation and see what they can do. I'd try to "convince" them that the lien no longer applied when the check was issued. You should be able to give them some type of documents to show this. A bank does not foreclose on a home without there being some type of documents.

In the end, the insurance company might just take the stand that there was a lien, they have a duty to protect the lien holder and that is what they did. I'd see this as being correct. It's not their problem that you are in this situation. That is between you and BoA.

Posted: Tue Nov 02, 2010 12:55 pm Post Subject:

A bank does not foreclose on a home without there being some type of documents.


What type of documents are you talking about?

Posted: Tue Nov 02, 2010 02:35 pm Post Subject:

What type of documents are you talking about?

Something like a letter stating that the person is no longer buying the home... that the loan has defaulted.

Posted: Wed Nov 03, 2010 01:38 am Post Subject:

What type of documents are you talking about?



To legally foreclose on a property, the lender has to prove their contract has been breached. So they have to provide a copy of the mortgage contract, the deed of trust, and other paperwork to substantiate their claim.

That was exactly the problem with BofA and the various other lenders caught "rubber stamping" the foreclosure approvals without verifying the paperwork attached. Big problem for them.

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