The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Reverse Foreclosures

Jun 20, 2011

Angry homeowners, in two separate incidents, turned the tables on banks who owed them money. To the amusement of many, they were able to bring out sheriff’s deputies to “foreclose” on their local bank branch.

The first case happened earlier this year in Philadelphia. A homeowner was able to use the Real Estate Settlement Procedures Act to his advantage.

His lender, Wells Fargo, was making him carry excessive insurance on his house. He filed suit and won. To get his money back, he ended up with a sheriff’s notice authorizing the sale of the contents of a Wells Fargo branch. No surprise here – before the bank sale could happen – he got his money.

Next, in Naples, Florida, a couple paid cash to buy their house. They had no mortgage. Yet Bank of America started proceedings to foreclose on their home.

The couple hired a lawyer and Bank of America dropped the wrongful foreclosure. The bank was ordered to pay $2,500 for their attorney’s fees. According to the New York Times (6/8/11):

When the bank didn’t pay, their lawyer, Todd Allen, showed up at a local bank branch last week with sheriff’s deputies and a moving truck to begin cleaning out the building. Not long after, the bank paid them more than $5,700, to cover the fees and additional costs.

This is a start – on a much bigger action desperately needed: Expropriate ALL the big banks! Take back all their ill-gotten gains!