So when the bank forecloses on a house it assumes ownership, right? Yet, one Bank of America branch is staunchly denying ownership of a fire-damaged property in Riverdale, Georgia.
Neighbors filed a complaint to the city about the “eye sore” owned by the bank. The city, 6 months ago, asked the bank to demolish the house. The bank replied that it couldn’t comply because, simply put, it didn’t own the house.
The house in question caught fire in December of 2008. The homeowner moved, the house went into foreclosure, and Bank of America took over the property. The bank failed to appear at a court summons to explain just exactly how it does not own this property.
After 6 months of staunch refusal, Bank of America has racked up more than $20,000 in fines, including a $500 a day fine that began months ago for failing to clean up the property. Now, the bank manager may face jail time if the house isn’t demolished.
According to a Bank of America spokesperson, the bank is in the middle of discussions with the city of Riverdale in an effort to resolve this matter but states that the bank cannot demolish the house because it doesn’t own the property. She did not elaborate any further.