A contractor for Bank of America went into the home of a borrower which was not vacant nor in default with the mortgage. While Angela Iannelli was away, under instructions from Bank of America, the contractor cut off utilities, padlocked the door and confiscated her pet parrot, Luke. Maybe the contractor was thinking the woman was in default with her mortgage, would make her payments current if he took the parrot for ransom.
According to the Wall Street Journal:
“Angela Iannelli, 46 years old, alleged in a lawsuit Monday that the October incident—which separated her from her 11-year-old parrot for more than a week—caused so much “emotional distress” that she needed a prescription medication for anxiety.
A Bank of America spokesman said Wednesday a bank employee erroneously believed the house was vacant and sent the contractor there with instructions to install a new lock and otherwise “secure” the property. The bank spokesman said those instructions were inappropriate because Ms. Iannelli wasn’t in default and the house wasn’t vacant.
Mortgage lenders have struggled in the past three years to hire and train enough people to deal with the biggest wave of foreclosures since the 1930s. Nearly eight million households, or 15% of those with mortgages, are behind on their payments or in the foreclosure process.
Many borrowers complain they get the runaround when they call their lenders for help, receive contradictory information from different employees and are required to repeatedly fax the same documents.”
You can say that again. Dealing with banks, you can expect multiple answers to your mortgage problems and repetition of them asking for the same paper work over and over. You are also transferred to a different person each and every time you call them, so that it appears that they are in complete chaos. In the final analysis, it seems that the last thing they want to do is modify your mortgage or help you in any way.
You can read the full story by clicking here: Wall Street Journal
John J. O’Dell
Real Estate Broker
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