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Bank of America Joins JP Morgan Chase to Halt Foreclosures

Posted by Brian Krassenstein on Oct 3rd, 2010 and filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Foreclosure Halt

Bank of America Halts Many Foreclosures

If you were in danger of having to foreclose on your home, you may be in luck, at least for a little while. Those American’s who have a mortgage with Bank of America, JP Morgan Chase, or Ally Financial, and were in the process of foreclosure will have at least some time. Apparently the practices at these banks and lending institutions may not be up to par. There were reports a few days ago about employees for banks taking only a few seconds to approve the foreclosures of many homes, without taking the time to read through all the paperwork involved, nor fully understand the background of the mortgage, as well as borrower.

Freddie Mac stated, “We expect to provide instructions to our servicers later today that are intended to ensure that their foreclosure processes are in compliance with state law and Freddie Mac’s servicing requirements,” the lender said in a statement. “It’s essential that the industry work together to protect borrowers’ rights and ensure the integrity of the foreclosure process.”

The states which will be affected by this foreclosure halt by Bank of America include, 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. Will other banks also join this group? Some experts in the industry believe so.

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  • supernatural

    Cool! Everywhere but here! Woo hoo!!!

  • http://twitter.com/loanfraudvictim Donna Vieira

    Wells Fargo and its army of attorneys knew it is Category C felony to make mortgage loan and foreclose home based on fraudulent appraisal. However they chose to defraud us by foreclosing our home based on fraudulent appraisal and its promise to rescind our mortgage loan and help us to recover all of our financial loss if we prove appraisal fraud.

    Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture.

    Here are the facts.

    1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.

    Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000

    - Wells Fargo’s own review appraisal valued our home at $475,000

    - Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.

    - Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.

    - Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.

    - Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.

    2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.

    You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.

  • Anonymous

    Fact: You took out the loan out. No one forced you. Did you really NEED a 700K house. No, your greed made you think you did.

    Fact: Iam a renter, and will be forced to pay for your greedy, greedy purchase through higher taxes, higher credit card rates, tougher lending policies, etc. etc.

    Bankers are no saints, but this theory that they tricked you into buying huge homes beyond your means is crazy. It is like a fat person complaining that McD’s made them fat. You put the fries in your mouth. Now chew on them.

    Get your FACTS straight and live within your means.

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