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Require additional verification of addresses and storage of belongings when banks reposess homes

Created by M.T. on August 29, 2013

Banks have been accidentally repossessing homes which were ineligible for repossession, due to various preventable errors. Belongings have been disposed of, when due diligence and temporary storage would have prevented irreplaceable loss/unrepairable damage. Errors could be prevented by treating the occurence of repossession more seriously than it currently is. Some possible legislation could include: required storage of belongings in the house for a minimum of 30 days; requiring the differentiation of streets such as Elm Place and Elm Street by the loal Sheriff's department; posting notices for one week before cleanout ensues; requiring that the bank puts a sum equal to appraisal value + $30,000 into escrow to be paid to the homeowner upon discovery of bank error prior to repossession.

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