On March 28, 2011, I opened a bottle of wine in celebration of one year in foreclosure.
Certainly, some people out there may call me a freeloader, or say I'm gaming the system, but, as far as I can ascertain, I've done nothing that any sane person would not do. I've lived in the house that is part of my deceased father's estate, paid the usual bills, kept the property well-maintained and actually made some improvements.
All this time, I've been waiting for the bank to move off square one. They have not. Bank of America (PKA Countrywide) has made no motions or asked the curt for summary judgement, so I'm not about to rock the boat. I answered the foreclosure filing as administrator of the estate, and that's the last I heard from the bank or their attorneys.
I'm assuming that they either have concluded that they have no standing in the suit (correct), can't produce the original note, or have other reasons not to proceed.
In just a few words, Bank of America is screwed beyond belief, not only in my case, but in hundreds of thousands, if not millions, of other residential mortgages that were improperly sold, assigned, securitized or foreclosed upon.
I have no pity on the banks. They cheated and now should be held to scrutiny and suffer the fate of most criminals - which they are, plain and simple - jail time, fines and compensation for damages, of which there are many. In fact, I've looked into negligence issues concerning my own plight and am reasonably sure that I will have a claim against the bank, even if it is only that their delay in prosecuting their foreclosure action has caused me and my fellow beneficiaries in the estate financial harm.
A couple of interesting links for those who are interested:
First, the case of an Alabama foreclosure halted by a judge - thrown out - because the bank (in this case, our dear friends at Bank of America, again, along with EMC and the defunct Bear Stearns) because the securitization simply never happened.
Then, there's the 127-page report filed by the Congressional Oversight Panel which looked into robo-signing and other mortgage-related issues in November, 2010.
As for me, I'll check the mail later today and, if nothing from the court or the bank is in my box, I'll just murmur what I usually do: "another day in paradise."