Two Cent Foreclosure

It’s no secret that there have been a lot of abuses in the huge number of foreclosures filed in recent years, but can you imagine a foreclosure over two cents? Hard to believe, but Carmel Cafiero is on just such a case.

WSVN — This Lighthouse Point condo has been home to Gloria Jacques for eight years, but for the last two of those years, the 80-year-old has been in fear of losing her home to foreclosure despite never having missed a mortgage payment.

Her attorney says Bank of America filed for foreclosure over two payments that were each one penny short, payments that the bank deducted from her account.

Tom Murphy: “Well, Bank of America shortchanged the payment that they were making to themselves for her mortgage.”

Carmel Cafiero: “So it was a bill pay type thing?”

Tom Murphy: “It was a bill pay and it was a penny short.”

The case was set to be heard by Judge Cynthia Imperato, but an attorney representing the bank asked for a delay.

Attorney: “We were trying to basically work something, trying to get someone in authority to work something out. So that’s what the holdup was.”

Something was worked out after meetings outside the courtroom.

Attorney: “At this time we actually have come to a settlement agreement.”

Judge Cynthia Imperato: “OK.”

Attorney: “And we will be dismissing the case.”

As you can guess, it was a huge relief.

Gloria Jacques: “It was a lot of tension and a lot of anguish, worry, you might say. Worrying whether I was gonna lose this.”

Jenn Jacques: “It’s ridiculous, totally, and we tried to resolve it on our own and they wouldn’t hear of it.”

Gloria’s attorney says the foreclosure should never have been filed.

Tom Murphy: “I think it’s horrible. I think it’s outrageous, I think banks should be taken to task for it.”

I tried to get an explanation from one of Bank of America’s attorneys.

Carmel Cafiero: “Why wouldn’t you want to talk about this?”

Down the hallway, all the way to the elevator, I tried to get an answer as to why the bank would file foreclosure over two cents. It didn’t work.

Carmel Cafiero: “We don’t know the specifics of the settlement because it’s confidential. All we got from Gloria’s attorney is, “The settlement is OK.”

And daughter Jenn can also rest easy knowing that her mother’s home remains her mother’s home.

Carmel Cafiero, 7News.


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