This one makes our heads hurt!
In some crazy, bizarre and just plain weird news - Bank of America has reportedly sued itself for foreclosure 11 times since late March.
In one case BofA seeks to foreclose on a condominium, but lists BofA as the defendants in the suit.
In other words… They're suing themselves!!!
"We are servicing the first mortgage on behalf of an investor and we own the second mortgage. Naming the second-lien holder in the suit is necessary to eliminate the junior interest.”
Oh, well when you put it that way…
No that does not make sense!
How can a company sue itself???
We feel like we’re in some Inception movie or something…
Many analysts believe examples such as these highlight what is so wrong with “roto-signing” today. Employees who work at big banks deal with so much paperwork nowadays that they don’t even notice these issues before sending them to court.
BofA vs. BofA. Who would’ve thought???
[Image via WENN.]