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Arizona Home Owner Steals Home For Equity

August 18, 2012
Arizona Home Owner Steals Home For Equity
MARICOPA, AZ (CBS5) – An Arizona man is accusing his bank of stealing his house and he wants it back. The homeowner was on the verge of foreclosure when he paid off all the money he owed, but the bank sold the house anyway. David Reed told CBS5 that he thought he had nothing to worry about when his home and 5-acre property in Maricopa was scheduled to be sold at auction, because he fell behind on his mortgage payments. “I called their payment line and asked them what is the total amount I owed to stop my house from going into foreclosure,” said Reed. “They told me $21,573.” The 52-year old, who’s spent the past year battling health problems, sent the full amount straight to Cenlar Bank, which acknowledged receiving the money March 5. Reed was convinced his home was safe, but it wasn’t. “I came home one day and had a notice on my door that somebody else owned my property and I either had to get out immediately or rent it back from them.” CBS 5 – KPHO

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