Kamal Sharma almost lost his house in a foreclosure auction the other day. The funny thing is: He doesn't even owe any money on it.
Sharma's story an extreme case even in Sacramento's chaotic real estate market shows that lenders continue to make foreclosure mistakes despite extensive publicity and promises to fix problems, which include sloppy paperwork and communication breakdowns.
"There are a lot of people that have been wrongly foreclosed upon," said Kevin Stein, associate director of the San Francisco-based California Reinvestment Coalition.
Sharma's troubles started last month when he arrived at his West Sacramento house one day to find a foreclosure notice from the servicing arm of Bank of America taped to the front door.
Sharma, 34, had paid $85,000 in cash for the three-bedroom home in March, using money from a settlement he received from a workplace accident in which he lost half of his left foot. He planned to rent the house out for income.
Read the complete story at sacbee.com