Man Nearly Loses Home Over 80 Cents
Man Nearly Loses Home Over 80 Cents
Tom Mudie, a Largo, Fla., man, says he nearly lost his home over an 80-cent error. Mudie says when he went to submit his mortgage payment over the phone, he accidentally hit a “0” instead of an “8,” meaning he paid $615.02 instead of the required $615.82.
Mudie had been approved for a mortgage modification program by Bank of America to lower his monthly payment and was required to make the new payments on time for three consecutive months.
But when Mudie made the mistake in entering his payment, the bank’s computer kicked Mudie out of the loan modification program for failing to pay the full amount.
"I want to keep my home," Mudie said. "And to lose it over 80 cents is crazy."
Mudie sent a check for 80 cents to the bank to make up the difference once he realized his mistake, but he soon started receiving paperwork indicating foreclosure.
Eventually, Mudie was able to work out the glitch with Bank of America and get the permanent loan modification program. But housing experts warn that computer glitches can happen when submitting mortgage payments and home owners should be alert to any errors and fix them right away to avoid big problems later on.
Source: “Typo Involving 80 Cents Nearly Cost Man his Home,” The Tampa Tribune (Jan. 4, 2012)
Read More
- © Copyright the National Association of REALTORS® unless otherwise noted.
- HEADQUARTERS: 430 NORTH MICHIGAN AVE. CHICAGO, IL 60611
- D.C. OFFICE: 500 NEW JERSEY AVE. NW WASHINGTON, DC 20001
Most Recent News & Commentary