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Homeowners left in a lurch after mortgage refinancing checks bounce

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posted on Nov, 8 2009 @ 01:23 PM
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www.chicagotribune.com...


In early April, Jeff Franson refinanced his mortgage, switching it from Chase to SecurityNational Mortgage Co.

On a sunny Saturday in early October, as he was mowing the front lawn of his Mokena home, a process server drove up and handed Franson papers that showed Chase was planning to foreclose on his home.

Franson was current on his mortgage with SecurityNational. But the $93,702.51 check cut by Counselors' Title Co. to pay off the Chase loan bounced. After months of phone calls and letters between Franson, his attorney and the companies involved, Chase filed foreclosure papers in Will County Circuit Court.


I am wondering how purposeful this is. This man, and others like him, will now legally owe a mortage to those they refinanced with, lost money, and still lose their homes to the banks. The banks will end up owning everything.




posted on Nov, 8 2009 @ 01:49 PM
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reply to post by Jessicamsa
 


What a truly frightening thought. That just left me at a total loss for words, because it is outright theft.

Of course, he will have to hire an attorney and sue the mortgage company for breech of contract, and file bankruptcy in the meantime to keep his home.

Just wow.



posted on Nov, 8 2009 @ 01:58 PM
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Wow. . .

I don't even know what to say.

It seems like he doesn't owe any money to the second company and they would be required to return any payments he made. I would have requested the first bank let me start making my payments to them and then sued the second for breech of contract.



posted on Nov, 8 2009 @ 02:24 PM
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There is something missing in this story. i do feel bad for the guy, but according to the story printed in the Chicago Tribune, Chase notified him in May that the check from the mortgage company had bounced. Why didn't this guy do something about it then? Why did he continue to send his house payment to the mortgage company who had bounced the check? Why did he wait to do something until he had received the foreclosure notice? A lot of questions with no answers.




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