Thursday, October 14, 2010

Keep On Knockin' But You Can't Come In

Via Barry Ritholtz comes this foreclosure nightmare story right here in nearby Floyd County, Kentucky.

A Wheelwright man has filed a lawsuit against Bank of America, alleging agents working for the bank repossessed his home by mistake and refuse to pay for any damages other than the replacement of locks.

According to court documents, Christopher Hamby arrived home on Oct. 5 to find the locks on his doors changed and physical damage to his property from winterization chemicals placed in the plumbing and various lines cut at the residence.

The lawsuit also names A1 Preservation and Richard Spurgeon, who owns the business, as agents acting for Bank of America who wrongfully participated in the actions that Hamby alleges took place.

Hamby said that he does not have a relationship with Bank of America, including any type of mortgage agreement, and that the defendants had no legal right to come on his property. Hamby also said that he has had conversations with various agents for the defendants in the case and they acknowledged they wrongfully entered and damaged his property due to the mistaken belief that his property was in default and subject to repossession. The defendants allegedly offered to pay for a locksmith to repair the damage to the doors but have denied any other form of compensation.

Expect a hell of a lot more of these stories to surface very, very quickly.  America is figuring out that the last five years or so has been the largest financial shell game in history, and finally, finally we may be ready for the torches and pitchforks.

Home invasion, indeed.

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