Monday, January 05, 2009

Richard Davet fought Bank of America's foreclosure action for 11 years

Just read up on this story about Richard Davet, an Ohio resident who fought off Nations Bank (Bank of America bought it out awhile back).

You see in 1996, he was served with a foreclosure lawsuit because he refused to pay late fees. He argued the bank calculated it incorrectly. The bank finally asked for the entire loan amount - which of course, he was not able to pay.

Most law firms that handle foreclosures go through hundreds if not thousands of them every year, and for the most part -- the homeowner does not fight off. Within eight months or less, the entire process is completed and the homeowner has to leave the home.

But Richard Davet, fought off -- for 11 years, filing motions, objections, and studying law at his local library. He did not make a single house payment until finally the courts sided with the bank. An interesting story of a man that stretched the law on his side, until it finally caught up with him.

I hope he saved enough to rent or buy another house. In my opinion, BoA should just have let him re-do the loan and agreed the late fees will be waived. Their fees and costs off this were off the roof!

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