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Posted: 8:00 a.m. Monday, March 4, 2013

Banks admit wrongly foreclosing on, evicting military families

Some came as soldiers were in war zones

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(Photo) Foreclosure sign
(Photo) Foreclosure sign

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(Poll) Should active duty military members be protected from foreclosure?

Yes

84%

No

15%

By Rick Couri

At least 700 homes were foreclosed on by some of the nation’s largest banks. In more than one case families were actually kicked out of homes while someone was serving overseas in a battle zone.

In some of the cases the families were not behind on their payments.

Among the banks that fessed up to their mistakes were Citigroup, Bank of America, and Wells Fargo.

Read more here.

Federal law requires banks to obtain court orders before foreclosing on active-duty troops.

“It’s absolutely devastating to be 7,000 miles from your home fighting for this country and get a message that your family is being evicted," a retired Air Force lawyer who represents troops in foreclosure cases said.

The banks say policies and accounts are being reviewed and they plan to compensate anyone affected.

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