When people are faced with the possibility of losing their home in New Jersey, it is generally because they have been unable to keep up with mortgage payments. Many homeowners have lost their jobs and cannot find work, or they have gotten injured or sick and must make room in the budget for mounting medical bills. However, it is not always a person’s financial stability that contributes to a home going into foreclosure.
In fact, a person can do everything correctly and make bill payments on time and still be in danger of losing their home. How is this possible? One woman says that a string of errors made by her bank over a three-year period could be the reason she may lose her house.
The 79-year-old woman moved into her home in 1967 with her husband. At the time, her husband took care of the mortgage. However, when he passed away in 2008, the woman took out a new mortgage and promised to pay more than $300,000 later that year. She was also paying off her late husband’s medical bills.
Everything seemed to be going fine until her bank, Wells Fargo, acquired Wachovia bank the next year. After the acquisition, the woman started getting letters informing her that she was in danger of losing her home. She looked at her records and noted that Wells Fargo had deposited every $2,300 check she wrote every month. Even though they deposited the money, the bank still claims they are missing the payments.
The entire situation has taken a significant toll on the woman. She says she is suffering emotionally, mentally and financially because of the stress this has caused. The woman says the bank has been very uncooperative with her during this time and she has not even been provided with a single, direct contact to work with her on this. However, she has been working with an attorney in order to clear up the issue once and for all so that she can move on.
Source: ABC News, “Oregon Woman Says 3-Year Long Bank Error May Lead to Foreclosure,” Susanna Kim, Nov. 29, 2012