COBB >> Tuesday marks the day that a Cobb man’s home will be auctioned by Bank of America, after nearly four years of foreclosures battles. The auction will take place at 1 p.m. on the steps of the Lake County Courthouse. If a bid is successful, however, the buyer may not walk away with keys — or even a deed.
During a meeting with Lake County Assessor-Recorder Richard Ford, Robert Somerton explained the situation. Nearly two-and-a-half decades ago, Somerton’s father purchased the property and began building the house. Somerton and his wife moved into the house in 2001, having purchased the property after his father died in 1996.
“He had liens on the property from state taxes,” Somerton said. “The day before the house was going to be auctioned off, he committed suicide.”
For the five years in between, Somerton rented out the house.
Somerton claims that Bank of America has been trying to foreclose on the house since 2011, when a deed of trust was assigned and he claims a bank tried to foreclose on his home. A deed of trust transfers a property’s title to a trustee, which holds the title as loan security. On multiple occasions, Somerton has addressed the Lake County Board of Supervisors regarding the situation. The board discussed foreclosure fraud over the course of two meetings in August. During those meetings, County Counsel Anita Grant said that the board does not have the authority to write legislation, but can encourage state legislators to look into the issue. Additionally, the county can conduct an forensic audit to determine if any fraudulent recordings have occurred. Individual property owners can file lawsuits.
“The difficulty is that in California, recording title assignments is not mandatory as it is in some states. Here, it is permissive,” Grant stated. “An audit wouldn’t be helpful for failing to record because they aren’t required to record.”
Despite the auction of his house, Somerton has court dates set for his case against Bank of America. In March, a settlement conference will be held. If a settlement isn’t reached, a jury trial will be scheduled in June. The auction is for liens against the property, and bidders are notified that they are not bidding on the actual property, Somerton said. Jill Barwick, Somerton’s attorney, clarified in a letter that, should the sale go through, it will be done without valid power and will not provide the buyer with a valid deed.
In the event no one bids, the house will default to Bank of America.
Contact J. W. Burch, IV at 900-2022.
