Bank Auctions Home After Owner Told It Was Safe

bank of americaBank of America promised a Colorado man that the sale of his foreclosed home was on hold while they worked out the details, but as he stood on the phone with the North Carolina-based lender the home was auctioned off.

Ray Vigil of Arvada, Colo., had gone through a period where he couldn't pay the mortgage, but for the last 16 straight months he had been making payments, reported KMGH-TV News in Denver. The bank told him, "As long as the modification was under review, that foreclosure sale will not go through."
In March a bank spokesman sent confirmation to the Channel 7 news station that the sale was on hold. Bank of America even agreed "to possibly modify his mortgage."

Search Homes for Sale
See photos of homes for sale in your area and across the country on AOL Real Estate
But if you don't have a new contract in writing with signatures on the dotted line, you may not want to take a bank's word for it.

"As recently as this morning, they still requested documentation," Vigil said.

According to Bank of America, it did request a postponement of the foreclosure sale. However, the mortgage investor declined the request due to the amount of delinquency on the account and other financial information that appear to make completion of a loan modification unlikely within the investor's guidelines.

"Any decision to rescind the sale rests with the investor," the bank said in a statement.

"I probably better start packing," said Vigil.

For more on this story and to see video, go to

For more on mortgages and related topics see these AOL Real Estateguides:
Read Full Story

Find a home

Powered by Zillow