WHAT'S THAT ORANGE STICKER DOING ON MY DOOR?

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THIS HAPPENED SOMEWHERE IN PHOENIX

An Arizona Couple who were current on their loan agreement were foreclosed on by Chase Bank. The couple found out about the foreclosure when the owner of the property pasted a five-day vacates notice on their door.

They called the number on the vacate notice and the party on the other end claimed to be the owners of their property. They thought they were safe when they cut a deal for a loan restructure with the bank. The thought they were safe as they paid on the agreement long enough to make them eligible to step out of a trial modification and qualify for a permanent fixed loan thirty year loan. But that didn’t happen.

Chase has admitted to the media that they made an error by selling the house.

In a public statement to a local news agency they said, "We apologize for the confusion over the modification actions and the parallel foreclosure steps Chase takes as a precaution. We have reached out to homeowners to discuss where we go from here."

Was this a case of communication breakdown? By sending the money to the bank on time should be enough consideration and communication for any individual or institution. If Chase had to go public in order to do damage control on this incident it probably was not in their best interest to foreclose on the property. It certainly would not be wise for Chase to lose the public trust. So what happened?

Chase has the power to buy the house back or rescind the sale. I am waiting to see what happens.

I guess the best practice for people who are working with banks to save their homes should call at least once a week to keep tabs on their status otherwise you could wind up with and orange sticker on the door.