How many people fear that if you deposit large sums of money in a bank, something could happen to it? Sometimes I wonder, what might happen if the bank failed, the IRS froze an account, or an attorney froze an account, for some reason. Though reasonably law abiding, is it appropriate to be concerned about? How often does it happen? And how hard is it for someone to make a claim and make it happen without reasonable due process? I talked to a distraught buyer yesterday, he and his family owner financed a property, put 120 K into a house, tornado came through, they had someone come and remove the downed timber, the mortgage holder, impressed by the new house, said they "harvested the downed timber illegally" foreclosed on his note, he took it to court in a corrupt town in Chilton Co. Somehow lost the case, and now he and his family are out 200K. Though this has nothing to do with a F.D.I.C. it still makes you wonder, what paths some entities go through to take what you have worked all your life for.
Posted on: Sun, 18 Aug 2013 16:47:30 +0000
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