UPDATE: Barbara Borchers told AOL Real Estate that Bank of America faxed a letter to a local reporter who covered this story that showed that the property description on the home's deed was actually corrected in 2005. She also said that a Bank of America attorney says the Borchers may resolve the situation at no cost by signing a quit claim deed.
Now news comes that the bank is suing a couple for an 8-year-old typo. The best part? The couple didn't even make the error.
Barbara (pictured) and Rich Borchers tell TBO.com that the bank has said that they need to fix an error made by their title company when the couple sold their Bloomingdale, Fla., home eight years ago. When the couple sold the home, the title company reportedly misidentified the home on the house's deed by writing a legal description for a different house in the neighborhood.
The home traded owners three more times after the Borchers sold it, with the mistake on the home's deed escaping the notice of real estate professionals time and time again. It was only when the home recently entered foreclosure under its latest owner that the error came to light, TBO.com reports.
Typically, the title insurance company would be responsible for amending the error, but the trouble in this case is that the Borchers title company has shuttered since the Borchers sold the home. As a result, TBO.com reports, Bank of America is left suing the Borchers and all the home's subsequent owners to correct the mistake.
Bank of America did not respond to a request for comment, and neither did the Borchers.
As tempting as it is to point a finger at Bank of America in this case, however, Peter Ticktin of The Ticktin Law Group, says that the Borchers may be stirring up controversy over a relatively minor inconvenience. All the Borchers likely need to do in order to resolve the situation is sign a "quit claim deed," which would correct the mistake and cost very little or nothing, says the attorney, whose Florida firm specializes in foreclosures.
Ticktin says that he believes that while banks deserve a bad rap for their irresponsible behavior leading up to and following the housing meltdown, in this case of the Borchers vs. Bank of America, "it wasn't the bank's fault either."
Of the two sides in the case, he says: "They're both innocents."
After bidding farewell to 2011, Realtors, investors and regulators the world over are no doubt wondering: Will 2012 be the year the real estate market finally rides out the aftershocks of the housing bust and mounts a full-on recovery?
But even if home prices don't trend up nationwide, certain markets seem almost guaranteed to do well. Looking at a variety of sources, AOL Real Estate brings you 10 of this year's most promising housing markets for 2012.
Tech companies are driving job growth in Worcester, according to MSN Real Estate. That may help real estate prices, which slipped 3 percent this past year, but are expected to tick up 2 percent in 2013.
Spanning a generous 2,730 square feet, this alternatively colored home was built in 1987 and is equipped with its very own "game room," according to the listing.
Kansas seems to have fared better than most through the real estate storm. Another one of the state's major cities, Topeka is predicted to post the second-highest increase in real estate prices, according to Realtor magazine.
Here is a sprawling home in Topeka, one of the ritzier houses in town. The $429,000 home offers five bedrooms and 4,782 total square feet.
On the hunt for new digs in a market that's turned the corner of the housing slump? Look no further than Huntington, W.Va. HousingPredictor expects the town's real estate prices to climb by 4 percent this year.
A tip of the hat to DailyFinancefor directing us to Tacoma, Wash., a city whose real estate prices are set to skyrocket, according to a Fiserv prediction. The financial services information provider projects that prices in Tacoma will jump a staggering 24.9 percent.
Located in University Place, a suburb just outside of Tacoma, this listing offers a taste of the sort of homes that may benefit from the price boom.