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?

Fighting Foreclosure

Fighting Foreclosure – Don’t Just Roll OverFighting Foreclosure

How long will it be before the nightmare of home foreclosures is over? Ask Mike Dillon, who’s been fighting foreclosure to keep his New Hampshire home for the majority of the past decade.

Mike did miss 2 payments in 2002, he then caught up and was current on his loan by later that year, that’s when his mortgage problems started and he began fighting foreclosure on his home.

Fighting Foreclosure – How It Can Start

The story is his loan servicing company did not properly credit his monthly payments to his account and it placed the loan in default. As he fought to straighten out the bookkeeping, even with canceled checks for proof, the servicer began adding additional fees for property inspections, insurance and other charges.  That’s how the nightmare can begin and fighting foreclosure starts in many cases.

A New Hampshire judge, in 2005, agreed that the servicer’s “sleight of accounting resulted in improper assessments” against Mike and, citing a “predatory scheme of penalties,” barred the foreclosure and ordered that the loan be reinstated without penalties as of August 2005.

Fighting Foreclosure – Does It Ever End?

Understandably, Mike probably thought the fighting foreclosure battle would end.

Well kinda, 5 years later, Mike Dillon is still in court fighting to resolve the dispute. While he is no longer fighting foreclosure, he is still is trying to get clear title to his home. “I’ve got nine years of my life tied up in this case, and it’s done a lot of financial and emotional damage to me,” said Dillon. “This isn’t about money in the long run. This is about the principle of the issue — somebody tried to steal my house.”

Maybe this has happened to you or someone you know. I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help in fighting foreclosure. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, I can help you find foreclosure answers

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

Resources:
http://www.msnbc.msn.com/id/39874969/ns/business-personal_finance/

Fighting Foreclosure – You Can Do What Mike Did – You can do it Yourself.