free house due to bank mistake?

[ducati74]

What is the name of your state? California

I am friends with a reitired couple in Ca. about 2 years ago they bought some undeveloped land plots along adjacent to 10 acres( where the house supposedly was located) in the "backwoods" near the desert...they purchesed a 45 acres parcel cash then got a home loan for the 10 acres with the house on it..My friend believes that in reviewing the paperwork and land lines the house actually sits on the bought and paid for 45 acres, not the 10 acres they have the loan for..they are not well off finaincially and are assuming they will just let the bank forclose and have the 10 acres of dirt, they have already decided to quit paying a morgage(already have horrible credit anyway).. assuming the bank did make such a mistake is this reasonable, and would the bank( B of A )follow up civily or just give up and foreclose....thanks for any advise I could pass on..

 

[JETX]

assuming the bank did make such a mistake is this reasonable

Nope.

and would the bank( B of A )follow up civily or just give up and foreclose

Of course, no one can answer that..... but there are enough 'what ifs' and 'might bes', to make me ask.... how close is this land to Las Vegas??? Sounds to me like someone is taking a hell of a gamble!!

 

[ducati74]

well thanks for the quick reply jetx..I am having the same feeling as you..as you say if they are wrong on the boundry lines it could be bye bye house and I am hoping they don't just stop making payments(though I know they have)..I was just wondering if there was precidence on this type of case..I could see the bank making such a mistake due to how rural/undeveloped the area is and no telling how old the surveys are,,pretty big risk,but they are kinda "gypsie" in there life out look, always looking for the quick easy way..I am afraid that B of A might get a good lawyer and find fine print on them..well they have a Bakersfield lawyer(scary!) that tells them they might be fine..Oh well..their life I guess.

 

[HomeGuru]

well thanks for the quick reply jetx..I am having the same feeling as you..as you say if they are wrong on the boundry lines it could be bye bye house and I am hoping they don't just stop making payments(though I know they have)..I was just wondering if there was precidence on this type of case..I could see the bank making such a mistake due to how rural/undeveloped the area is and no telling how old the surveys are,,pretty big risk,but they are kinda "gypsie" in there life out look, always looking for the quick easy way..I am afraid that B of A might get a good lawyer and find fine print on them..well they have a Bakersfield lawyer(scary!) that tells them they might be fine..Oh well..their life I guess.

**A: review title reports and surveys.