Bank Auctions Home After Owner Told It Was Safe
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."
"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 theDenverChannel.com.
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- Guide to Settlement and Escrow