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Surprise Foreclosure

Updated: Tuesday, October 15 2013, 07:36 PM EDT
An Asheville woman says her bank has taken her business property in a surprise foreclosure while she was making payments under a mortgage modification.  Sharron Smith says she operated her Bingo Bulletin business out of her neighboring home she owned for 20 years.  Last week, she was evicted after learning earlier in the year that her house was foreclosed on and sold.

Smith says she attended a foreclosure hearing in 2012 and told the court she was working on a modification and thought her case was dismissed.  But the bank rescheduled another foreclosure hearing she says she was never notified about.  The bank completed the foreclosure last December and bought back the home in January.  Smith says she learned about the sale when the bank sent back her mortgage payment.

Smith says she's been victimized by the bank like many others.  She says she did everything the bank asked several times and was given a "run around" until she lost the home.  She says her biggest problem was she didn't have the money to hire an attorney to help save her business property.  The clerk of court, Steve Cogburn says banks only have an obligation to serve someone with a notice at the beginning of a foreclosure.  After that, they can notify homeowners by US mail.  Smith says the notification never came and she thought it was settled since she was making mortgage payments.  She's now hoping she can raise $5,000 to hire an attorney and try to get her property back.

By Frank Fraboni
Surprise Foreclosure


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