Fourth Post

Foreclosure!!

A Houston family experienced a nightmare when dealing with Wells Fargo around 2010. They were told that when they purchased the home, the title of ownership was never delivered to Wells Fargo. This occurred because the title company went into bankruptcy after the "purchase" and did not ever send the paperwork. Several payments later, when the family found out that Wells Fargo technically still owned the house, they were told that they would have to pay a price $30000 more than the original price of the house upon the sale. In the end, Bank of America paid to correct the problem to save face from the media backlash. This is just one good lesson to learn. Make sure that you receive the title to a property that you are paying for.

While this case did end up being remedied, if we look at the details, this two year case was an example of judicial foreclosure. This is called so because the foreclosure deliberation is only finalized after a court of law makes the decision.