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Owners of Properties Sold at Public Auctions See Hope in Coming Trial

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By : John Cutts    99 or more times read
Most homeowners who lost their properties to foreclosure public auctions think that that is the end of it. Not so for Kwaku Atta Poku. The immigrant from Ghana was recently given the right to take his case to trial five years after he lost his property to foreclosure.

The case of Atta Poku reportedly resulted in several changes in rules governing Baltimore bank owned properties and foreclosures in the rest of Maryland. However, these changes were a little too late and were unable to help the homeowner. But a federal judge recently provided Atta Poku with some hope as he was granted a day in court.

Several housing market experts have credited Atta Poku and his perseverance to continue fighting with significant changes in laws governing the processing of Maryland bank owned properties and foreclosed homes. According to industry observers, Atta Poku lost several lawsuits prior to the recent decision by the federal judge, with his primary complaint remaining unaddressed.

According to industry experts, he lost his lawsuits mainly due to technicalities, with his main argument that the foreclosure was not his fault, like other homeowners who lost their houses to public auctions, falling on deaf ears. Atta Poku claimed that his 2001 refinanced mortgage was mishandled and that although he never missed his payments, his property still ended in foreclosure.

In court documents, Atta Poku asserted that his loan was not paid by the bank which provided him with a new loan back in 2001 when he got approved for a refinancing deal. Since he was not able to provide evidence on where the refinancing money went, his property became a bank owned home foreclosure and he was evicted from his house in August 2006. He revealed that his refinancing application for the original loan worth $97,500 was approved, but the bank that provided the new mortgage did not pay off the debt as it should have.

After losing his home in February 2005 to foreclosure, it was sold in March of the same year, joining thousands of properties sold at foreclosure deals and public auctions. Atta Poku is hopeful that the trial scheduled for this year will give him a chance to recover financially from the impact of the foreclosure case that took his home away.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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