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3 Banks Participate in Foreclosure Freeze

By
Services for Real Estate Pros with Think Glink Media

Three major U.S. banks have suspend foreclosures in 23 states to "amend" filed paperwork.

Ally bank, Bank of America and JP Morgan Chase have halted foreclosure proceedings after admitting that there have been some processing problems. Among the problems is the use of “robo-signatures”--employees whose only task is to sign foreclosure documents without reviewing the paperwork.

Real estate expert Ilyce Glink was interviewed on Good Morning America to discuss whether or not the foreclosure freeze will help homeowners.

Watch the full story from GMA below, look for Ilyce around the 1:15 mark.


Ilyce is also updating her CBS Moneywatch blog with the latest info on the foreclosure freeze, here's the link: http://moneywatch.bnet.com/saving-money/blog/home-equity/will-chases-foreclosure-freeze-fix-the-housing-market/2853/?tag=col1;blog-river

Show All Comments
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Who owns the note is one of the issues. MERS [Mortgage Electronic Registry System]  is another. The American people, who are affected by these misdoings should get legal representation. The banks should start being more proactive with distressed homeonwers.

 

Oct 04, 2010 04:35 AM
Chris Dugger
Real Estate Marketplace - Louisville KY - Louisville, KY
Louisville REALTOR

I wonder how long it will take for Wells Fargo to be added to this list. They just foreclosed on one of my listings in the middle of reviewing a contract for 'short sale'.

Oct 04, 2010 11:18 AM
Anonymous
Cynthia Keener

I am with you Mr. Dawes.  After whar Chase Morgan has put us through they should be tried for all the mental duress they are causing us the American people.  Our story is one that needs to be heard.  After the run around from Chase for over a yr. bending over backwards doing everything in a timely manner for them to help us.  Fanny Mae took back our loan from them & gave it to IBM.  But the strange thng is our loan mod was in underwriting just last week, this week before Fanny Mae took it bacj from Chase they were able to put a sale date on our home. WHAT IS GOING ON?!!!  Bailouts to help these crooks.  It's like the wild west in America.  Hello Obama how could you let this happen?  It's like giving candy to a baby these Banks just want more.  And are getting away with it! We would love to go on the worldwide news with what they've done to us, call them on it.  Cause a darn rebellion against these guys on behalf of the people of our great America!  Mr. President step in get us help!!!

Oct 05, 2010 09:44 AM
#3
Anonymous
Marie Naylor

Chase has given us the lip service from illiterate reps in their "Colorado Home Acceptance" office for ONE YEAR now...All our paperwork was duly filed and sent back by them AFTER 30 day deadline requesting current paystubs. lol...a built in system they are using to avoid the MHA program. I have spoken to THREE attorneys who specialize in Collections and bankruptcy law. They have stated Chase has caused a deluge of personal bankruptcies for strapped homeowners.

We are not even upside down, my husband is having hip replacement surgery. I only own this house, take care of an elderly relative with cancer, and Chase is now threatening foreclosure. I am beside myself there are no laws to protect homeowners needing the MHA program. Please we ned help. I will not call them as I am sick of talking to CSRs who only ask if I am making a pay by phone for 4900.00. I obviously would if I could.

 

Marie and Charles Naylor

 

 

 

 

 

Oct 06, 2010 07:04 AM
#4
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

The one two punch of the moratorium on Trustee Sales (no new inventory) coupled with the freeze on closing REO transactions that were already in contract with a Buyer (no closing, no revenue) can't make for a pretty picture for large REO teams with a large fixed overhead - and who knows when things will start moving again?

Oct 22, 2010 08:00 AM
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