BOA has STOPPED foreclosures in 23 states. Missing documents....what a mess!!!

By
Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

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.

Complete article:

http://www.azcentral.com/business/realestate/articles/2010/10/02/20101002bofa-delays-foreclosures.html

 

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:

http://www.americanbanker.com/issues/175_114/foreclosure-challenges-1020961-1.html

 

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!

Posted by

Ann Sabbagh, President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

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Rainmaker
1,402,493
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I am exceptionally pleased that this news has now come out. The banks do need to proceed accurately and with caution. It's a serious thing to take someone's home away!

Oct 02, 2010 05:13 AM #1
Rainmaker
459,073
Kim Boekholder Utah Real Estate
Results Real Estate 801.580.5624 - Draper, UT
Broker, Results Real Estate

wow what a huge mess.  it will be interesting to see what happens.  all of this will make the history books for sure

Oct 02, 2010 01:48 PM #2
Rainmaker
459,073
Kim Boekholder Utah Real Estate
Results Real Estate 801.580.5624 - Draper, UT
Broker, Results Real Estate

wow what a huge mess.  it will be interesting to see what happens.  all of this will make the history books for sure

Oct 02, 2010 01:48 PM #3
Rainmaker
545,862
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

Seems to me that banks and our government are just delaying any major release of home until consumer confidence increase and people are put back to work.  Then homes will sell at a high enough price so as to get the lenders their investment back!

Feb 08, 2011 06:25 PM #4
Rainer
334,174
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo
 

yes they look so nice but Foreclosures are such tough on to stomach.

Nov 22, 2011 04:16 AM #5
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Rainmaker
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Ann Sabbagh

President, Sr. Loan Officer
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