NOW!!! THE BANKS ARE STOPPING THE FORECLOSURES THEMSELVES!!!
Tom Waite of Cypress California highlighted this latest news about Bank of America joining the ranks of GMAC and Chase with slowing down their rush to foreclose on homes without carefully reviewing the documentation and processes FIRST.
Dealing with the servicers everyday, in my mind, this "moratorium" has only been a matter of time in coming. Chaos reins in their "backrooms". I love that Tom has suggested every homeowner considering a short sale and/or facing foreclosure seek the advise of an attorney experienced and competent in these matters.Way to go, Tom!
VERY INTERESTING! This morning the Bank of America decided that they MIGHT have made a couple of tiny errors in foreclosing on as many as 20,000 homes...OOPSIE!
So, they joined the growing list of lenders and banks who have finally come to see that even THEY must follow the law and READ THE DOCUMENTS.
The B of A warns everyone that they're not going soft or "going all wobbley" or anything...they're just taking the time to dot their "T"s and cross their "I"s (I meant to say that). Oh, and 50 Attorney's General didn't have anything to do with them taking the time to read the Foreclosure Documents and see whether:
THEY REALLY HAVE THE RIGHT TO FORECLOSE!
It appears that the lawsuits may go on for years and years. Many folks who were ordered to leave their homes and actually did before foreclosure were... well... DUPED! Now the lawyers will have to UN-DUPE them.
Which brings me to the point. When one of your clients wants to do a Short Sale or let their home go to foreclosure...
MAKE SURE THEY SEE AN ATTORNEY! BOTH REAL ESTATE AND BANKRUPTCY.
As you will recall. In most, if not all, states, real estate loans are "secured". If the value of the property falls below the amount of the first loan...the junior notes "MIGHT" be stripped off the property, legally and completely in Bankruptcy.
Gone...Kaput...Adios'...Sayonara...Outa' There.
Everyone, including the banks, have to play by the rules. Make sure both YOU and your CLIENT know the rules and follow them so we don't need to get YOU an attorney, too.
Comments(3)