Multiple Lenders Delaying Foreclosures In 23 States A Coincidence?
By now, most of you have seen the headlines from last week where a number of lenders including Bank of America, GMAC and JP Morgan Chase have announced that they are delaying or halting the processing of thousands of foreclosure filings in 23 states. Click here for the Washington Post story.
This is definitely a challenging economy for many businesses and homeowners and the fact that these lenders are "rubber stamping" documents through their foreclosure presses doesn't make someone whose been working hard to keep their home get a warm fuzzy about their lender and their processes. So they are basically admitting that no one has reviewed, read, or even processed the content within these documents. What about all the time homeowners have spent the past couple of years trying to workout a loan modification with these lenders? How much time was wasted for a 4% success rate across the board? The question that arises is was anyone even looking at that paperwork as well.
Call it a conspiracy theory or not, but the fact that all these lenders just so happen to announce the same problem with foreclosure document processing within the same week makes me wonder if they are all tied into the madness together. The uncovering of one stone will lead to another and so on.
Mike Moulton, Broker
http://www.BeeHomeSolutions.com
Serving the Greater Charlotte, NC real estate market
Comments (2)
I read about this a while back... I'm not saying I agree or condone the practice - but I understand how it can come to pass - having worked in the corporate environment for so many years. The economy has forced even the banks to down-size but the volume of work (foreclosures, short sales, etc...) goes up. It was bound to happen - I'm just surprised it took this long to get noticed.
Account Closed, over 14 years ago
People and companies are like lemmings. The same thing happens with hiring and firing too.
Bryan Hancock, over 14 years ago