An East Boston man who thought he and his brother could stay in his mother's home after she died found out today that, nope, the bank was within its rights to foreclose on it because written contracts trump oral promises.
In a ruling issued today, US District Court Judge Denise Casper ruled that Bank of America and NationStar Mortgage LLC did nothing wrong in seeking to take the East Eagle Street home in 2012 based on an agreement her sons signed after she gave one of them power of attorney.
In his filings, her son argued a bank mortgage officer had assured him that he and his brother could remain in the house after her death. Unfortunately for them, the actual documents he signed said otherwise and allowed the bank to demand payment al at once of the entire loan on her death.
In her ruling, Casper said the man was given the documents and he should have read them carefully, rather than relying on the mistaken word of a bank employee that their status as "remaindermen" on the mortgage document meant they could "remain' in the house.
Casper said the documents actually say the agreement to let the borrower stay in the house until death applied only to the mother, who was listed as the sole "borrower," and that the "remainderman" status had no legal connection to that provision. And so she agreed with the bank and the mortgage company to dismiss the suit.