ADDED FROM THE COMMENTS; “This was my house in the article. Glad to see the word getting around and glad you are sharing the story. The funny thing which wasn’t included in the story is the fact that the home is free-and-clear without a mortgage, so B of A has zero interest in the property. At least they held the mortgage on the parrot lady’s home. I can confirm that they were no help until the WSJ stepped in. I was completely ignored until Hagerty contacted them. They were only motivated by the threat of negative publicity. It was like night and day. I’d still be on hold in a phone tree talking to people without a clue if it weren’t for his help.”
Dr. Kassing says he has been a BofA customer for years and on Feb. 25 completed the purchase of a foreclosed home from the bank in the Phoenix suburb of Buckeye. The Kassing family has been renovating the house and hasn’t yet moved in.
One day last week, he says, ” we arrived at the house on our daily visit to discover”¦ the locks on the house changed. A sign in the window basically [stated] that the property had been secured by Bank of America to protect its interest and prevent entry by unauthorized individuals. A call to the emergency number resulted in no callback after two attempts.”
Dr. Kassing then spent a couple of hours at the office a BofA branch manager: ” She spent most of the time on the phone being transferred around Bank of America phone lines and waiting on hold. It was finally acknowledged that an error occurred and the house was incorrectly seized. It was agreed that a locksmith would be sent out to open up my property again.”
Once he got inside, the doctor found that the possessions he had put in the house were gone: ” About $2,000 worth of property was taken, including a new microwave still in the box, multiple tools, and various other items.”
After I asked BofA about this incident Saturday, Dr. Kassing began to see action. He says BofA apologized by phone and email and promised to give him a check for $8,000 to compensate him for his belongings and trouble.
Take Away – BofA is incredibily screwed up. Entirely over their head.
How screwed up is it to have BofA come in and lock you out of your own property! And they don’t really get moving until a Wall Street Journal reporter calls.
I wonder if Bank of America handles their other investments in the same sloppy way? Very likely.
UPDATE: Selected as one of Bigger Pockets 10 best real estate blog posts of the week. Thanks!