A Canal Winchester family is taking on Bank of America in a legal fight to save their home. The outcome of their case could potentially impact hundreds of other Ohio families.
Joe and Jennifer Woodruff own a home in Canal Winchester. The couple says despite never having missed a payment, last spring Bank of America instituted foreclosure proceedings.
"Oh definitely shock ... How are you going to foreclose on us when we've been making payments for a year under your permanent modification," Jennifer Woodruff asked
In a lawsuit filed Friday in the Franklin County Court of Common Pleas, Woodruff has counter-claimed against BOA, saying the company "unlawfully diverted" her mortgage money.
The couple says after an unexpected job loss four years ago, it called the bank and asked for help. They received a temporary loan modification, which eventually became permanent. However, last spring the couple received foreclosure papers.
The Woodruffs say they desperately tried to work with BOA, spending hours on the phone trying to figure out the problem, but mostly getting the run around.
The Woodruffs are represented by Mark Jump and John Sherrod of Jump Legal in Columbus, who say the couple always made their payments on time, in some cases early.
Sherrod and Jump say potentially hundreds to thousands of other Ohio families may also be going through something similar.
In response to where the money could have been diverted, Sherrod said, "Other than complete and utter incompetence on the part of Bank of America, I don't know yet," adding that he hopes to find answers in the litigation and discovery proecss.
For the Woodruffs, the fight is about more than their house.
"They should make the bank accountable for what they're doing to people. A lot of people probably give up, and you want to give up," said Joe Woodruff.
According to the lawsuit, Bank of America is the second largest bank holding company in the U.S. and the fourth largest bank in the U.S. by market capitalization. BOA also serves clients in more than 150 countries and has a relationship with most of the Fortune 500 companies.
NBC4 did try to reach Bank of America for a comment but was unable to get one.
The Woodruffs say they did everything they know how to do to be good citizens who work hard and pay their bills. They say they went out of their way to be proactive in seeking out a loan modification rather than to risk falling behind on payments. Now, life is filled with uncertainty about whether they will lose their home.
"We don't know, and it's very frustrating. And I hope we don't because we have proof that we have paid them for a year," said Jennifer who has checks paid to BOA.
The couple says the uncertainty has also taken a toll on their two sons, 8 and 12.
"They hear conversations and they question, you know, are we going to lose our home? And you don't want to tell them no because what if you do, and we don't know," said Jennifer.
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Source: http://www2.nbc4i.com/news/2011/dec/16/5/local-family-engages-big-bank-legal-fight-home-ar-866597/
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