Bank of America has announced they are STOPPING foreclosures in 23 states effective immediately. BOA has been foreclosing rapidly and one employee stated she signed off on 7-8000 foreclosures in 1 month! How can anyone be able to conduct accurate foreclosures at that rapid pace? The foreclosures which have been conducted may NOT have had the correct documents. This opens up the possibility of many lawsuits.
What the article does NOT say is "if the foreclosing bank does NOT have the original signed note" the lender does NOT have the legal right to foreclose. Mortgages are sold and many are sold often enough that the original documents do NOT follow the mortgage. Many lenders are being accused of FORGING documents to enable a foreclosure to happen. More on this subject at the link below:
The states which BOA has ceased conducting foreclosures for the time being are:
Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
The "mortgage mess" has become a "mortgage catastrophe"! Follow the news on this important subject!