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Bank of America Joins the Foreclosure Delay Brigade

by Danny King Oct 1st 2010 7:20PM
Updated Oct 1st 2010 7:23PM
Bank of AmericaBank of America (BAC) will delay foreclosures on properties in 23 states to review whether its employees signed off on foreclosure documents without reading them, making the largest U.S. bank at least the third in recent weeks to suspend foreclosures.

"To be certain affidavits have followed the correct procedures, Bank of America will delay the process in order to amend all affidavits in foreclosure cases that have not yet gone to judgment in the 23 states where courts have jurisdiction over foreclosures," BofA spokesman Dan Frahm said in a statement. He didn't estimate how many properties would be affected.

The possibility that the sheer volume of documents prevented bank officials from reading, verifying or notarizing the documents they were signing is showing up in more cases. JPMorgan Chase (JPM) said earlier this week that it was delaying some foreclosures by a few weeks in order to better examine related documents.

And Ally Bank subsidiary GMAC Mortgage is also halting some foreclosures after it was disclosed that affidavits were signed by people who didn't personally know if the information in the affidavits were true, and at times, didn't get the affadavits notarized.

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Coyote

They have too many homes and can't get rid of them. Many homes were going to be sold to low income families that need help. I say they should also rent out the houses. I drove down two blocks and there were 17 homes in Chicago that were boarded up. Vacant Foreclosed houses are turning into crack houses and other illegal activities. Fannie Mae has people going into check on homes and they pay out of pocket to to get people out of thier homes, board up the house, cut grass, etc, pay utilities then they have to send in a voucher to be repaid. Fannie mae is so behind in paying back these people they can't do anymore. Imamgine waiting for $20 grand out of your pocket spent to secure properties and not getting it back in a resonable time. Stop the foreclosures. Give it a break for a while.

October 10 2010 at 12:59 PM Report abuse +1 rate up rate down Reply
bfnect

The only CHANGE we got is an idiot with respect to finance and economics. OBUMONOMICS!!!

October 09 2010 at 11:14 PM Report abuse +2 rate up rate down Reply
bfnect

If Obummer had given the bail out money to those of us that had failing mortgages in the form of vouchers (up to 50%), then it would have been a win-win for everyone. Instead he gave the money to the financial institutions and left Joe Public out to dry. The banks are still going broke, and so are we. Now that's is CHANGE WE CAN COUNT ON!!!

October 09 2010 at 11:12 PM Report abuse +1 rate up rate down Reply
dibro828

One more blanket of protection for white collar criminals. These folks need to be in prison. You or I pull a stunt like this and it would be considered out right fraud. Absolutely none of these mortages can be traced.oops...imagine that. Therefore everyone of these banking mortage specialist gets a get out of jail free card. Watch how many homeowners are going to stop paying their mortgage knowing that they cannot be foreclosed. And who will pick up this tap ...We the people "The American Tax specialist"

October 09 2010 at 9:53 PM Report abuse rate up rate down Reply
Raymond R. Shelt

Re: The letter from the mortgage bankers to our Gov... This letter is just another attempt to scam the American Public and conn our polititions into creating another late nite passing of a bill to give a blanket protection for all the fraud committed by the well to do connected fat cats. In the beggining: If the judges had only given the homeowners a chance to go to trial the truth about Foreclosuregate (the decades Greatest American Scamm) would have been stopped in the very early days. The truth would have come out a long time ago. The Florida bar should be ashamed of themselves for not stepping in and stoping the potential violations by the duly appointed. They need to do a better job of policing the forclosure mills who hired the companies that forged all the documents and they should also condem all the judges who put families on the street via the summary judgements. This fiasco in the foreclosuregate scandal has only gotten deeper and deeper because many Judges all across the country were acting like collectors for the lenders and servicers. Judges never gave the homeowner a fair chance to prove their case in court, many judges took it very personal and just said pay your dam bills and get the hell out of my court room. I am however very proud of some judges who always did the right thing but many hate the poor who are struggling with debt and they hate them tying up their courtrooms. Just look at some of the recorded foreclosure cases in Florida and you will see for yourself how they are treating the attorneys and the homeowners. Summary judgments disrespect for defence attornies and clients and utter rudness is common in some court rooms. Rocket dockets and retired judges are the rule of the day in Florida and that may prove to be against the law. Some judges have treated lawyers defending homeowners like idiots and banned most the truth from the court room with their old world summary judgments. Who will eventually pay for the judges mistakes when all the homes sold to new buyers are given back due to fraud? Thats right not the judges who took homes its the tax payers. Talk to any defence attorney and you will see how the some judges took so many homes and put families on the street. Many attorneys say serious violations of ethics and rules of law may have been broken but most wont say it publicly because they fear they might lose their licence's. I always believed as a child that all judges were here to protect the American family from fraud and abuse by the big guys but sadly I came to find out that I was very wrong. The real Hero's are the Good judges protecting Homeowners, the hard working defence attornies like april charney, Matt Weidner, Mike Wayslic and many others like Ice legal. Keep up the good work people you will be rewarded. Read more: Foreclosure mess continues to deepen in S. Fla. - South Florida Business Journal

October 09 2010 at 6:14 PM Report abuse rate up rate down Reply
Raymond R. Shelt

Re: The letter from the mortgage bankers to our Gov... This letter is just another attempt to scam the American Public and conn our polititions into creating another late nite passing of a bill to give a blanket protection for all the fraud committed by the well to do connected fat cats. In the beggining: If the judges had only given the homeowners a chance to go to trial the truth about Foreclosuregate (the decades Greatest American Scamm) would have been stopped in the very early days. The truth would have come out a long time ago. The Florida bar should be ashamed of themselves for not stepping in and stoping the potential violations by the duly appointed. They need to do a better job of policing the forclosure mills who hired the companies that forged all the documents and they should also condem all the judges who put families on the street via the summary judgements. This fiasco in the foreclosuregate scandal has only gotten deeper and deeper because many Judges all across the country were acting like collectors for the lenders and servicers. Judges never gave the homeowner a fair chance to prove their case in court, many judges took it very personal and just said pay your dam bills and get the hell out of my court room. I am however very proud of some judges who always did the right thing but many hate the poor who are struggling with debt and they hate them tying up their courtrooms. Just look at some of the recorded foreclosure cases in Florida and you will see for yourself how they are treating the attorneys and the homeowners. Summary judgments disrespect for defence attornies and clients and utter rudness is common in some court rooms. Rocket dockets and retired judges are the rule of the day in Florida and that may prove to be against the law. Some judges have treated lawyers defending homeowners like idiots and banned most the truth from the court room with their old world summary judgments. Who will eventually pay for the judges mistakes when all the homes sold to new buyers are given back due to fraud? Thats right not the judges who took homes its the tax payers. Talk to any defence attorney and you will see how the some judges took so many homes and put families on the street. Many attorneys say serious violations of ethics and rules of law may have been broken but most wont say it publicly because they fear they might lose their licence's. I always believed as a child that all judges were here to protect the American family from fraud and abuse by the big guys but sadly I came to find out that I was very wrong. The real Hero's are the Good judges protecting Homeowners, the hard working defence attornies like april charney, Matt Weidner, Mike Wayslic and many others like Ice legal. Keep up the good work people you will be rewarded. Read more: Foreclosure mess continues to deepen in S. Fla. - South Florida Business Journal

October 09 2010 at 6:14 PM Report abuse rate up rate down Reply
Raymond R. Shelt

Re: The letter from the mortgage bankers to our Gov... This letter is just another attempt to scam the American Public and conn our polititions into creating another late nite passing of a bill to give a blanket protection for all the fraud committed by the well to do connected fat cats. In the beggining: If the judges had only given the homeowners a chance to go to trial the truth about Foreclosuregate (the decades Greatest American Scamm) would have been stopped in the very early days. The truth would have come out a long time ago. The Florida bar should be ashamed of themselves for not stepping in and stoping the potential violations by the duly appointed. They need to do a better job of policing the forclosure mills who hired the companies that forged all the documents and they should also condem all the judges who put families on the street via the summary judgements. This fiasco in the foreclosuregate scandal has only gotten deeper and deeper because many Judges all across the country were acting like collectors for the lenders and servicers. Judges never gave the homeowner a fair chance to prove their case in court, many judges took it very personal and just said pay your dam bills and get the hell out of my court room. I am however very proud of some judges who always did the right thing but many hate the poor who are struggling with debt and they hate them tying up their courtrooms. Just look at some of the recorded foreclosure cases in Florida and you will see for yourself how they are treating the attorneys and the homeowners. Summary judgments disrespect for defence attornies and clients and utter rudness is common in some court rooms. Rocket dockets and retired judges are the rule of the day in Florida and that may prove to be against the law. Some judges have treated lawyers defending homeowners like idiots and banned most the truth from the court room with their old world summary judgments. Who will eventually pay for the judges mistakes when all the homes sold to new buyers are given back due to fraud? Thats right not the judges who took homes its the tax payers. Talk to any defence attorney and you will see how the some judges took so many homes and put families on the street. Many attorneys say serious violations of ethics and rules of law may have been broken but most wont say it publicly because they fear they might lose their licence's. I always believed as a child that all judges were here to protect the American family from fraud and abuse by the big guys but sadly I came to find out that I was very wrong. The real Hero's are the Good judges protecting Homeowners, the hard working defence attornies like april charney, Matt Weidner, Mike Wayslic and many others like Ice legal. Keep up the good work people you will be rewarded. Read more: Foreclosure mess continues to deepen in S. Fla. - South Florida Business Journal

October 09 2010 at 6:08 PM Report abuse rate up rate down Reply
Ray Murray

How do the Banks get away with fruad without penalty?, M O N E Y , If the general public tried any kind of mortgage or bank fruad, one would be promptly incarserated in the nearby dungeon and flogged. Regulation of the financial industry and heavy penalities-not monetiery penalties, should be assessed these crooks.

October 09 2010 at 4:10 PM Report abuse +4 rate up rate down Reply
alecrand

PLEASE PLEASE PLEASE EVERYONE EXPERIENCING THIS HELL -- WRITE YOUR CONGRESSPERSON, SENATOR, GOVERNOR. THE HELL BEING EXPERIENCED, ESPECIALLY BY BOOMERS WHO WILL NEVER RECOUP, IS ONLY BEING FELT AS A STING WITH THIS PROCESS, THE REAL WOUND IS GOING TO COME AS THE INTIAL TRAUMA PASSES AND BOOMERS REALIZE THEY ARE NEVER GOING TO BE ABLE TO RECOVER THEIR INVESTMENTS IN PROPERTY. THIS IS IN NO WAY ANY KIND OF COMMENTARY ON HOMEOWNERS -- THEIR PLIGHT IS EVERY BIT AS SERIOUS. EVERYONE - IT IS ONLY AN EMAIL, AFTER YOU GOOGLE YOUR REPRESENTATIVES -- WRITE YOUR REPRESENTATIVES!!!!! PLEASE!!!!!! IT IS THE ONLY - ONLY - -ONLY WAY THAT THE POWERS THAT BE ARE GOING TO HELP (I.E. IF THEY FEEL THEIR POWER IS BEING THREATENED!!!). THANKS! A PROFESSIONAL FOR OVER 30 YEARS, WHO IS LIVING THIS HELL WITH YOU ALL!!!

October 09 2010 at 9:04 AM Report abuse +4 rate up rate down Reply
ldpoppleton

Please, somebody find a way to close down Bank of America starting with their home loans department. We have been to hell and back with their sheer incompetance and lies. They treat their customers like they are criminals, since when did long term unemployment become a crime? The property management department should also be closed down for sending shady characters in beat up cars to photograph the property and then harrass a minor by asking personal questions totally unrelated to the property, a child should not be scared in their own home because of some bullying bank policy.

October 06 2010 at 10:45 PM Report abuse +1 rate up rate down Reply
1 reply to ldpoppleton's comment
joyce

Please correct me if I am wrong, but this is the same company who provides credit cards to illegal aliens!

October 09 2010 at 5:15 PM Report abuse +2 rate up rate down Reply