Bank of America delays foreclosures in 23 states

Bank of America delays foreclosures in 23 states

finance.yahoo.com

Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

The move adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.

(visit the link for the full news article)

Two other companies, Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.

This is just ridiculous. One BoA official stated in a deposition that she signed between 7000 and 8000 foreclosures a month, typically without even reading them. There's no telling how many of those foreclosures shouldn't have happened and how many people were kicked out on the street when they shouldn't have been.

Fortunately several states have put a freeze on foreclosures while this is being looked into. I just wonder if those who've been foreclosed upon who shouldn't have been will be able to get their homes back.

finance.yahoo.com
(visit the link for the full news article)

the banks are and have been doing this for some time now .....

if they were to put all those houses on the market at the same time, the prices would FALL like lead balloons to what they may really be worth ... NOT MUCH!

the banks would not be able to recover the full mortgage amounts would they?

and they would not be able to recover the "difference" by other means like wage garnishments, sell other assets, etc etc. with "for-closed-on" people out of work.

don't let the "stupid and dumb" act fool you ... it's popular today to appear to be an idiot....
(just look at the U.S. Congress and President)
great excuse for failure ... and it BUYS a lot of time.

all people involved with the foreclosures are college graduates and highly trained in this trickery!
(although they may have majored in Dramatic Acting with special training in hysterics! rather than economics!)

the banks will wait for another BailBill .. it's an old heebie trick .. works every time from inside the woodwork!

So, does this mean there might be some justice left in this world after all?

Something is definitely going on with this story. BoA makes three major financial institutions suspending foreclosures. I'm also hearing that Well's is attaching something to their sold repossessions that basically says "they are not responsible for defects of title." Also, I'm hearing that the largest title insurance company is refusing to write any new policies on properties that were foreclosed on.

I'm keeping an eye on this. There are alot of issues that this story can impact, and I will return with some links when time permits.

The US government effectively purchased enormous favours from the financial institutions when it bailed them out. Those institutions and their leaders had to cash in a lot of their own favours, owed by the government, and the government went a little bit farther and effectively indentured those corporations to the Republic. It wouldn't surprise me if the State was twisting the arms of these firms to make sure they pay back their debts in the form of favours to the res publica and delicious cash.

Originally posted by Shadowflux
So, does this mean there might be some justice left in this world after all?

It's either that or this is a sign of the end-times.

Originally posted by jefwane
Also, I'm hearing that the largest title insurance company is refusing to write any new policies on properties that were foreclosed on.

Can't say I blame them really.. What happens when one of the former homeowners wins their property back in a lawsuit because they were falsely foreclosed upon? The title insurance company would likely have to pay the current homeowners for the loss of the house. No company in their right mind would take that risk.

Most of these mortgages are not worth the paper they are written on. The same process occurred on the originations making the most notes void. Add in MERS, multiple secondary sales of the same mortgages, and all the other illegal crap the banks did and it should be all over for the established mortgage industry. We need a automatic nationwide refiance program to save both the banks and the homeowners. Give everyone 1% refinances regardless of income, etc. At the least, this will establish a legal contract again that can be enforced by the banks. At the most it will allow a bunch of people to keep their homes.

If the paperwork is so sloppy in judicial foreclosure states, just imagine how badly it could be in non-judicial foreclosure states. Anyone facing foreclosure should consult a lawyer. It's not just about home owners and lenders either. In most states, every time a deed in trust changes hands, it must be recorded at the county courthouse and a recording fee paid. That means that local and state governments have missed major income from these transfers that were not recorded.

On a positive note, in about a month or so, the MSM, and party in power will honestly be able to report a drop in foreclosures. I doubt that they will mention that it's because of massive fraud in recording and foreclosing, but to the sheep it will seem like good news.

Anyone thinking about investing in a repossession should pay close attention to any amendments in the sale agreements or riders in the title insurance. I would also avoid using any bank owned title insurers.

There are other issues like property rights, due process, and general rule of law that I'd like to get into later.

Let me tell you first hand, BOA is a confused poorly organized, created giant with flailing financial arms.
I've ended up with them due to 3 succesive mortgage sales on the secondary market, they were not the original holder.
Since being assumed by them, no one can produce my paperwork, they have received payments and have left them unapplied, they have taken double payments making the drawn account go into a negative status, they have returned excessive amounts into the drawn account negating payment and created late status on the mortgage, they have stopped taking mortgage payments at the only local BOA in my area, and have stopped taking payments via the internet.
Their complete incompetence has just been amazing.
I now have to call and authorize a draw by phone from my local bank, and there is a $20 fee for this, $10 if it's from a BOA account.
I have never talked to the same person twice, they do not return phone calls or requests to speak to an actual manager or someone in authority.
You talk to an employee at a call center, an employee with a thick accent, everytime.
They are in my opinion, from my experience, creating an even worse condition and situation on purpose,
unless they are stoned out of their minds, drunk, or between the ages of 4 and 8,
they have to be some of the most disconnected, unintelligent bottom of the barrel business people ever to man the helm.
No one can be this stupid, at this level.
I would fire the entire leadership team immediately and increase productivity and profits by replacing them with Foxworthys fifth graders.
BOA?
(and what do boas do? they constrict!)

Good post

Movie coming out soon........Inside Job.

Maybe this movie will give us more information, maybe not.

Ameica is being eaten from the inside out by her own greedy bankers and corporations.



Read my location.

If you or I went into a bank and tried to rob them you would get 35 years in prison. I know this for a fact as my half brother died in prison for this exact same crime.

Yet, the banks can rob us, all of us, with their shady practices and that is okay because most people either don't realize the full extent of what is happening or don't care.

I hope you guys know the truth about the delay of foreclosures. The banks delay foreclosures befor tax time in order to allow the largest possible tax intake by the state at tax time. If the banks foreclose the tax revenue drrops. After taxes are calculated and your tax bill is in the mail the foreclosuers will start again.

reply to post by JBA2848


Wrong, if that were the case they would be halting foreclosures nationwide. The list of states matches exactly with the states where a judicial foreclosure ( must go in front of judge) process is in place. Also someone not paying their mortgage is probably not paying property taxes either, especially if the taxes are escrowed into the monthly payment. Whoever ends up with the right to foreclose is gonna, have some back taxes to pay. In a normal market, not a big deal as they would get enough from the sale to handle any back taxes. In the current market with declining property values, and homeowners with little to no equity, unpaid taxes are a big deal and must be satisfied by someone, either the bank or the person buying the repossession.

There is no reason for halt on foreclosures in the judicial states other than to prevent the courts and state AGs from bringing criminal fraud charges.

way i see this is both parties are at fault

the banks for actually not reading their contracts
the home purchaser for not reading them either

if they both had read the foreclosures could have been fought and stopped.


my call both guilty on failure to READ!


and really people its a bank do people actually put so much blind faith in financial institutions?

read everything you sign and if you need help to understand it get it


my 2 cents.

Check out this related article.

A major title insurance company has stopped insuring homes foreclosed by JPMorgan Chase, another sign that the controversy over the legal practices of the big lenders is starting to influence the housing market.

From NY Times

The company's name is Old Republic and it's not just a major but the biggest.

reply to post by Jenna
All the rules have changed in the last couple of months. Lending banks are now being held accountable for the trap they set, borrowing money they didn't themselves have, while using loose and illegal practices in the process. The massive lawsuit against Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC..............can actually, not only put a stop to your foreclosure, but also pause your house payments with no loss to you............
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