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Florida Couple Takes Foreclosure Action on a Bank Reports Ohio Bankruptcy Lawyer

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This is a great story with a nice little twist, where a bank gets back what it handed out, in spades.

“In this reported bankruptcy case a couple turned the tables on a bank, by foreclosing on them. Yes, you heard that right, the couple managed to foreclose on the bank,” said Kevin Ahrenholz, an Iowa bankruptcy lawyer.

It all started when the bank goofed up by even starting foreclosure proceedings on the couple’s home in the first place. In fact, the couple had never even had a mortgage loan on the property, because they had paid cash for it. However, the bank ignored that for some reason and proceeded to initiate foreclosure. “Fed up with arguing with people who were not listening, the couple hired a lawyer and proved to the court that they paid cash for their home. They were awarded legal fees for defending themselves,” Ahrenholz said.

The bank was not particularly enthusiastic about the judgment, and instead of owing up to their mistake and paying the couple’s legal fees, they dug in their heels and did nothing for over five months. The couple’s lawyer started to legally seize the bank’s assets. The lawyer, sheriff’s deputies and a batch of movers foreclosed on the bank. They did not just foreclose on paper either, desks were taken out of the bank and office equipment went along with any cash in the teller’s drawers.

“The bank manager lasted about an hour out on the street and coughed up a check for legal fees. If they had done that in the first instance, they would not have made such a big splash in the news. Aside from the irony of this case, it shows that creditor/debtor relationships should be two-way streets. In other words, credit relationships are between humans, and humans make mistakes. Acknowledge that mistake, rectify it and move on. “Don’t turn the situation into a vendetta and hide from the obvious,” Ahrenholz said.

The bottom line is that on many occasions, credit companies, banks, credit unions and even mortgage companies just do not take the time to properly check their paperwork. “As we can see in this case, not taking the time to check facts cost the bank money and dignity. All it would have taken was a few minutes of someone’s time to check facts. This whole thing could have been avoided. Unfortunately, common sense seems to have gone up in smoke these days,” Ahrenholz said.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit http://www.iowachapter5.com or call 1.877.888.1766.

Posted on Sunday, August 7th, 2011 and filed under Bankruptcy.
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