B of A Foreclosure [Bank of America – More Info Please]

B of A – Please Answer The Question

Critics say, even if B of A [Bank of America] has only been foreclosing on property owners that are late and after appropriate loan-modification attempts, B of A’s statements have just ignored the most pertinent question.

Rebel Cole, a law professor at DePaul University in Chicago, made a great point about B of A by saying, “They may have been accurate in that the borrower was delinquent,” “But what they don’t say is, ‘We have followed the law,’ and that is where the issue is.”

Cole states that in a lot of cases, the banks do not have the necessary paperwork to proceed with foreclosures.  “The genie’s out of the bottle on this one,” Cole says regarding B of A.

B of AB of A Cut Corners

Last month, a letter from Ohio Attorney General Richard Cordray pointed out that B of A cut corners in what “would appear to amount to a fraud upon our courts.” Skeptics say that Bank of America’s apparent failure to abide by state property law could become a stumbling block for B of A as well as for JPMorgan Chase and Wells Fargo.

“The banks are trying to paper over this problem, but if you know the law, you know there is no easy way out of this,” Rebel Cole also stated regarding B of A and other bank’s issues.

Not everyone agrees that the foreclosure fiasco signifies a certain doom for the banks like B of A, which potentially face much larger issues with a still-sick housing market and a weak economic recovery.

Chris Whalen, of Institutional Risk Analytics, is one, because Whalen said, “In the scheme of things, this is not going to matter,” Whalen also stated, “We’ll see some bizarre trial decisions and the cost of servicing is going up, but this is not going to kill them.”

B of A Said They Aren’t Perfect

Last month, B of A conceded in a statement that “we’re not claiming perfection,” which is just as well because of the wrongful foreclosure nightmares that have come to surface of late. B of A has emphasized that it’s “committed to getting our process right.”

Bank of America, meanwhile maintains it’s going to resume foreclosures – though recently their statements have been more cautious.

On Oct. 18, B of A stated that it they are planning that “the first foreclosure affidavits will be resubmitted to the courts” by Oct. 25. However, they have modified that by saying it is “preparing to submit affidavits” in a process that “will take several weeks.”

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you non-attorney help to stop foreclosure.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://finance.fortune.cnn.com/2010/11/02/what-we-still-dont-know-on-bofas-foreclosures/

Do you have a B of A loan?

Foreclosure

Foreclosure – In The News NowForeclosure

In a recent hearing, called by the bipartisan Congressional Oversight Panel,  which was given the responsibility of monitoring the government’s foreclosure bailout programs, Sen. Ted Kaufman (D-Del.), the panel’s chairman said “if investors lose confidence in the ability of banks to document their ownership of mortgages, the financial industry could suffer staggering losses. The possibility is especially alarming coming so soon after taxpayers spent billions of dollars to bail out these very same institutions.”

Phyllis Caldwell, head of the Treasury Department’s homeownership preservation office, noted the delay in foreclosures caused by law enforcement investigations, pending litigation and self-imposed slowdowns by lenders, saying those actions “may have both immediate and longer-term consequences.”

And in my opinion the foreclosure bailout programs are just above a waste of time, due to the fact that foreclosures are on the rise even with these so-called government foreclosure bailout programs.

Foreclosure – Causing Real Estate Prices To Plummet?

Caldwell said that because a foreclosure is taking longer this will probably force down sale prices, especially on vacant homes in the market, and sow uneasiness among buyers about whether the homes have a clear title. [If I were buying a home from foreclosure I would be wary too.]

“This would hurt homeowners and home buyers alike at a time when foreclosed homes make up 25 percent of home sales,” Caldwell said in her written testimony. “Together, these two factors may exert downward pressure on overall housing prices both in the short and long run.”

Foreclosure: Bottom Line

Caldwell also offered a glimpse at why large mortgage servicers have not helped more homeowners modify loans and why they relied on “robo-signers” and other questionable practices when churning out foreclosure filings. “They did not have the systems, staffing, operational capacity or incentives to engage with homeowners on a large scale and offer meaningful relief from unaffordable mortgages,” she said. “Moreover, the expansion of private securitizations during the housing boom left servicers in a complicated legal situation.”

Yep – you read it right.  Many corporations, banks included, do not put a face to the number.  Their bottom line – P R O F I T S.  The foreclosure mess, here in America, is due in large part to the fact that the corporate big wigs want to fatten their pockets.

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure during this foreclosure crisis.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/27/AR2010102705228.html?sid=ST2010102705416

Foreclosure

Facing Foreclosure: You Are Not Alone Nor Without Help

Mortgage Brokers Association statistics show that at the end of 2009, there were about 2.4 million loans foreclosing with about another 2.6 million heading that way being 90 days or over past due.

Further, the Bureau of Labor statistics that posts national unemployment at 9.7 percent is a huge understatement since it does not take important factors into account, like the number of former full-time workers that are now in part-time positions and can’t afford their previous lifestyles and therefore mortgages. It also does not take into account other people that are so discouraged with looking for a job that they have given up actively seeking one; nor does is account for the 6.3 million unemployed people without work for six months or more.

So if you are facing foreclosure as you can see you are not alone. But best of all there is help that can work with you to stop foreclosure fast.

For the fast help you need go to the following link and fill out the contact form asap.

http://help-to-stop-foreclosure.net/