Wall Street Journal Reports Bank Of America Finds High Percentage of Errors in Foreclosure Filings

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More to come...you have to just love this.  This in and of itself could throw this country into a nose dive.  Maybe, just maybe, we will get to do what should have been done to begin with and break up these big banks

Original content by Kris & Kimberly Darney 01458057 & 01464957

It was reported by Wall Street Journal that Bank of America found numerous errors in the first of what will be thousands of foreclosure re filings in 23 states.

This really comes as no surprise as BofA assumed Countrywide and Countrywide’s shoddy practices… BofA shareholders are left “holding the bag” in this mess.

Bank of America found these errors in the first 1% of the over 100,000 foreclosure re-submittal’s….that’s basically 2.5% to 5% average mistakes that should be expected…or about 2,500 to 5,000+ mortgages with errors…or 5,000+ Americans that were improperly served foreclosure notices.

That is a high amount and the likely hood of past foreclosures filed in error is at the same rate…this could lead to an epidemic of legal filings in courts by Attorney's  seeking damages for their clients who were foreclosed on illegally.

More to come!



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I am Kate Bourland. I help people like you get out of debt. Debt Settlement, Mortgage Acceleration, and practical suggestions for eliminating debt. Call for a Free Debt Evaluation.

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Comments (2)

Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Kate,  So far , no surprises.  I'm waiting to hear the percentage rate just for the Countrywide paper !

Oct 25, 2010 07:27 AM
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

Bill you are right, no surprises but the ripples haven't hit the shore yet.  This will impact the entire financial sector.  We just don't know how yet.

Oct 25, 2010 09:33 AM

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