A Surprise couple sold their home in a short sale, and then were shocked when the bank told them the house was in foreclosure for an unpaid balance of just one dollar.
Like many other homeowners, Jose and Marcy Romero were upside down on their home. They felt the best decision was to put it up for a short sale. They owed $200,000, but it sold for $84,000. Marcy said, “(We) put it up on the market. Five minutes later it sold.”
“We did everything we had to do,” said Marcy. We signed closing documents, moved out of our house, and left the keys. We sold it and it was finished.” Bank of America approved the short sale in advance. The Romeros even received papers in the mail stating the house was sold in August of 2010. A done deal!
However the Romeros became curious what effect the short sale had on their credit. So they decided to check their credit report. It was a shocker that the loan was still open.
Next they checked their mortgage account online and found an unpaid balance of one dollar! Marcy made numerous calls to the bank. She says several by B of A representatives told her, “Your house is in foreclosure.”
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