Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



A Thief? A Burglar? Nah, Just JPMorgan

Home ownership is stressful enough these days. Prices are plunging with little end in sight, new construction has all but disappeared, and the two companies that hold the mortgage industry together -- Fannie Mae (NYSE: FNM  ) and Freddie Mac (NYSE: FRE  ) -- are trading as if their days are numbered.

But for one couple brave enough to take the real-estate plunge, the nightmare came from a completely different direction. Back in May, Bobo and Joy Dickson purchased a home that had been on the brink of foreclosure. Just days after their purchase, they returned home from work to find the house completely gutted. All of their possessions -- even the food in the kitchen -- were gone. The locks on the doors had been drilled. The American dream vanished in an instant.

You didn't get the memo?
Had the Dicksons been the victims of a home burglary? Nope. They had become the latest victims of a mortgage industry struggling to sift through a mountain of foreclosures.

Even though the Dicksons had purchased the house, foreclosure filings from the previous owners weren't properly halted. EMC Mortgage, owned by parent company JPMorgan Chase (NYSE: JPM  ) , moved in to complete the foreclosure process on what it assumed were the previous owners. Sadly, this process included hiring an outside company to remove all possessions out of the house and donate them to local thrift stores. Adding insult to injury, the Dicksons claim they've had no lucking tracking down their property, which included family heirlooms.

Yes, it was an accident. If anything, it just goes to show the state of disarray the housing market is now in. A JPMorgan spokesperson commented, "We take this very seriously, and we are working with EMC and the family's attorney to make this right." In the meantime, the Dicksons’ real estate agent is rounding up donations to get the family's house back in order.

Brings new meaning to the term "buyer beware."

For more housing Foolishness, check out:

Fool contributor Morgan Housel doesn't own shares in any of the companies mentioned in this article. JPMorgan Chase is a Motley Fool Income Investor recommendation. The Fool’s disclosure policy will leave your SpaghettiO’s alone.

Read/Post Comments (0) | Recommend This Article (3)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 681194, ~/Articles/ArticleHandler.aspx, 10/28/2016 2:29:39 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 5 hours ago Sponsored by:
DOW 18,169.68 -29.65 -0.16%
S&P 500 2,133.04 -6.39 -0.30%
NASD 5,215.97 -34.29 -0.65%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/27/2016 4:00 PM
JPM $69.23 Up +0.10 +0.14%
JPMorgan Chase CAPS Rating: ****
FMCC $1.60 Down -0.04 -2.44%
Freddie Mac CAPS Rating: ***
FNMA $1.69 Down -0.03 -1.74%
Fannie Mae CAPS Rating: ***