Reuters | Old Mortgages Rise from the Dead, Haunt Homeowners

“This is an epic problem that the economy hasn’t even begun to digest,”
said Florida foreclosure analyst Lisa Epstein.


Old mortgages rise from the dead, haunt homeowners

(Reuters) – In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of the low interest rates that were all the rage at the time.

Roy, a truck driver, and Sheila, a former hotel housekeeping supervisor, knew their new loan from Wells Fargo would enable them to save $198.86 a month – a nice chunk to help with gas and groceries.

But what the Bowers never imagined was that their old loan, the one Wells Fargo told them was paid off, would resurrect itself, trashing their credit report, scotching their son’s student loans and throwing the whole family into foreclosure. All, they say, even though they didn’t miss a single mortgage payment.

The Bowers aren’t alone.

More and more, homeowners say that mortgages they thought were dead and buried are springing back to life, sometimes haunting them all the way into foreclosure.

“It’s the most egregious manifestation of an industry that’s seriously broken,” said Ira Rheingold, a lawyer who is the executive director of the National Association of Consumer Advocate.

This is a must read here…


4 Responses to “Reuters | Old Mortgages Rise from the Dead, Haunt Homeowners”
  1. Charles Deihl says:

    Wells Fargo & Banks – Nothing more then a Criminal Enterprize of Fraudulent Activitys & Misleading,Fausifing Documents.

  2. Zee says:

    This is nothing more than an excuse for the banks to steal yet another house they know they don’t own to plunder the equity to keep the fraud going. There’s no mistake or paperwork error here – Wells Fargo knows EXACTLY what it is doing.


    Barry Fagan v Wells Fargo Bank

    Reply Brief with Expert Opinion of CPA Shawn P Adamo and Forensic Document Examiner Dr. Laurie Hoeltzel concerning bank fraud.


  4. Marc Michon says:

    just the start wait until these others come up the banks sold a mortgage to derivatives 10 times
    not 10 times over but from one mortgage sold ten so there may be 10 mortgages on one home
    audio unpacking Mr. Global Guns & Butter part 1 unpacking Mr. Global Guns & Butter part 2
    mortgages sold to 10 different derivatives they made one mortgage into ten mortgages
    the crime never ends

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