But in a growing number of cases, these real estate repo men are showing up before the foreclosure process is done – and sometimes, before a home is even in foreclosure.
Nancy Jacobini was alone in her Orlando home when she heard someone outside her door, trying to break in. She locked herself inside a bathroom and called 911.
"I was very scared," Jacobini said. "I didn't know who it was."
The man trying to break in was a contractor hired by Jacobini's bank, JPMorgan Chase, to secure the property. The bank initially said Jacobini was more than three months behind in her mortgage, and that she had abandoned her home and had cut her utilities.
Jacobini acknowledges she was late with her mortgage payments, but foreclosure proceedings had not begun. And, she added, "My electric is current, it always has been … I'm home all the time."
Jacobini's attorney, Matt Weidner, of St. Petersburg, Fla., said such "bank break-ins" represent yet another example of financial institutions "running amuck" as a consequence of the wave of foreclosures cresting across the country.