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Another Mortgage Lender Cops to Foreclosure Problems | cialis online

Another Mortgage Lender Cops to Foreclosure Problems

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For the second time this month, a lender is suspending home foreclosures because of problems with legal procedures. The move by JP Morgan Chase impacts 56,000 foreclosures in 23 states where home seizures require a court order. Earlier this month, GMAC Mortgage – the nation’s fourth largest home loan lender – announced a similar move. The company issued a two-page “urgent” memo dated September 17 telling brokers to immediately stop evictions, cash-for-key transactions, lockouts and to suspend sales of properties already taken back by the bank in foreclosure in the same 23 states. GMAC also began withdrawing affidavits in pending court cases. Both JP Morgan Chase and GMAC employed people who could sign documents so quickly they popularized a new term for them: “robo-signer,” the Times said. In depositions taken by lawyers for embattled homeowners, the robo-signers said they or their team had signed 10,000 or more foreclosure affidavits a month. Those affidavits say the preparer personally reviewed the files, but in their depositions, the workers acknowledge they had no time to actually do that. According to the Times, JP Morgan Chase has not withdrawn any affidavits

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and is allowing sales to proceed. Some say the problems disclosed by JP Morgan Chase and GMAC could indicate an industry-wide issue. According to a Bloomberg News report, the rapid rise in home loan defaults is to blame for such sloppiness in foreclosure proceedings. In August, lenders took possession of a record 95,364 homes and issued foreclosure filings to 338,836 homeowners, or one out of every 381 U.S. households, according to RealtyTrac. About 2 million houses will be seized by lenders through 2011. Lenders and mortgage servicers have been unprepared for the volume. Hundreds of other mortgage companies, including Fannie Mae and Freddie Mac, used foreclosure processing services provided by Ally Financial, GMAC Mortgage’s parent company. Homeowner attorneys and consumer advocates have also uncovered other examples of questionable practices – forged signatures, faked documents and confusion among lenders over who has ownership of a loan.

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