Here’s a nice little bank scam.

This was in Surprise AZ, an outlying suburb of Phoenix. Jose and Marcy Romero owed 200,000 on a house that was worth less than half that, so they put up the house for a short sale, which Bank of America approved in advance. Instantly the house sold for $84,000, and the Romeros received papers in the mail stating the house was sold in August of 2010. But when they later checked their credit report, they found that BofA listed the loan as still open, while BofA’s own records listed their house as in foreclosure  — because of an unpaid balance of one dollar. Naturally they called BofA many times, and naturally BofA ignored them.

One dollar? Was this deliberate? The Romeros only found out about it because they checked their credit report after the short sale. How many millions of others have the banks done this to?

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Foreclosure over a dollar?

Bank tells Surprise couple they’re in foreclosure on home they sold in short sale nine months ago.

A Surprise couple sold their home in a short sale, and then were shocked when the bank told them the house was in foreclosure for an unpaid balance of just one dollar.

Like many other homeowners, Jose and Marcy Romero were upside down on their home. They felt the best decision was to put it up for a short sale. They owed $200,000, but it sold for $84,000. Marcy said, “(We) put it up on the market. Five minutes later it sold.”

“We did everything we had to do,” said Marcy. We signed closing documents, moved out of our house, and left the keys. We sold it and it was finished.” Bank of America approved the short sale in advance. The Romeros even received papers in the mail stating the house was sold in August of 2010. A done deal!

However the Romeros became curious what effect the short sale had on their credit. So they decided to check their credit report. It was a shocker that the loan was still open.

Next they checked their mortgage account online and found an unpaid balance of one dollar! Marcy made numerous calls to the bank. She says several by B of A representatives told her, “Your house is in foreclosure.”

Check out the rest here…

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4closureFraud.org

h/t richard