Paying off Mortgage Lands Woman in Default

Sadly, this story isn’t all that surprising.  A Chicago suburban woman who decided to pay off her mortgage 24 years early in order to stop paying unnecessary interest and get clear title to her home handed over a cashier’s check for more than $60,000 (per the bank’s instructions) and soon Bank of America was threatening foreclosure.

The discrepancy apparently arose over a couple of thousand dollars in escrow that the bank had told her would be applied to her principle and hadn’t been–but somehow within a matter of weeks, Bank of America was demanding nearly $64,000.

Read the full story in the Chicago Tribune.