Because of the increase in foreclosures nationally, more and more consumers are buying bank owned property. (Bank owned property refers to homes on which a bank has foreclosed and the bank bought the home itself at a foreclosure auction). Buyers of bank owned property, though, should be aware that they could be at risk of having their new home wrongfully seized by the very same bank that sold them the property!
A Michigan couple actually had this very thing happen to them after they bought a bank owned property that they intended to renovate for their daugher. (See the related story here).
Homeowners who have been victimized by a wrongful bank lockout or seizure have rights. If you are the victim of a wrongful bank lockout or seizure, click here to request your free copy Foreclosure Lock-Outs & Trash-Outs: A Guide to Consumer Rights, or contact Phillips & Garcia, P.C.