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GMAC Wrongful Foreclosures

GMAC Wrongful Foreclosures Evicted Homeowner Lawsuits

GMAC Wrongful Foreclosures | Lawyers, Lawsuits | Dubious Foreclosure Documents, Hasty Foreclosure, Eviction

GMAC, the country’s fourth-largest home loan lender, recently admitted that it had filed dubious foreclosure documents is likely to fuel a furor against hasty foreclosures. These hasty foreclosures have prompted complaints nationwide since housing prices collapsed.

Lawyers for distressed homeowners and law enforcement officials in several states on Friday seized on revelations by GMAC Mortgage, that it had violated legal rules in its rush to file many foreclosures as quickly as possible, saying they had foreclosed on homes without proper documents.

Is GMAC Mortgage foreclosing on your home?

Recently, GMAC admitted that it had violated legal rules in its rush to file as many foreclosures as quickly as possible. Our firm is now investigating allegations that GMAC evicted homeowners without verifying that borrowers were actually in default or that it had legal standing to seize their homes. If GMAC has foreclosed on your home, or you are facing a foreclosure, our GMAC wrongful foreclosure lawyers want to hear from you today. Your legal rights may have been violated.

GMAC Mortgage is the country's fourth largest home loan lender. It is impossible to know how many families may have been victims of improper GMAC foreclosures. Our GMAC wrongful foreclosure lawyers are offering free case evaluations to anyone who may have been the victim of this lender's improper practices. If you and your family have lost your home to GMAC in foreclosure, we urge you to contact us as soon as possible. Our GMAC foreclosure lawyers will do everything legally possible to make sure your rights are protected.

GMAC Wrongful Foreclosures

In September 2010, GMAC Mortgage announced it was suspending foreclosure evictions in 23 states. According to a report in The Palm Beach Post, a two-page memo dated September 17 and marked "urgent" told brokers to immediately stop evictions, cash-for-key transactions, lockouts and to suspend sales of properties already taken back by the bank in foreclosure. GMAC said employees signed foreclosure affidavits containing information that they didn't know was true and in some cases without a notary present.

The memo coincided with news that Tampa-based Florida Default Law Group had been withdrawing legal affidavits in its GMAC foreclosure cases under "candor to the court" rules acknowledging previously submitted information may have been inaccurate, the Post said. The affidavits were sworn statements by GMAC officials that they had personal knowledge of the foreclosure documents.

According to a New York Times report, GMAC may have been forced to reveal the wrongful foreclosures following several depositions given by Jeffrey Stephan, the team leader of the document execution unit in the lender’s Fort Washington, Pa., offices. In one deposition, Stephan said that he signed as many as 10,000 affidavits and other foreclosure documents a month; in another he said it was 6,000 to 8,000.

Those affidavits assert that Stephan had examined “all books, records and documents” involved in the foreclosure and that he had “personal knowledge” of the relevant facts. However, Stephan admitted that he did not do this. Stephan also admitted that his signature on affidavits had not been notarized when he wrote it, but only later, or even the next day.

According to a report from Bloomberg News, GMAC was sanctioned in 2006 for similar practices. The lender gave "false testimony'' when it justified foreclosures by submitting sworn affidavits signed by a mortgage executive who later said in a deposition she did not actually review the loan documents or sign in the presence of a notary, according to a 2006 court order filed in Duval County, Fla. In response to the sanctions, GMAC directed employees to "read and fully understand'' court documents before signing.

After GMAC disclosed the most recent problems with its foreclosures, attorneys general in Texas, Iowa and Illinois started investigations into its mortgage practices. California ordered the company to prove its foreclosures were legal or halt them.

Legal Help for Victims of GMAC Wrongful Foreclosures

If your home has been foreclosed on by GMAC, or you are facing a foreclosure, you may be the victim of GMAC's improper procedures. If so, you have valuable legal rights. To discuss your case with one of our GMAC wrongful foreclosure lawyers, please fill out our online form or call 1-800-YOURLAWYER (1-800-968-7529) today.

GMAC, the country’s fourth-largest home loan lender, recently admitted that it had filed dubious foreclosure documents is likely to fuel a furor against hasty foreclosures. These hasty foreclosures have prompted complaints nationwide since housing prices collapsed.

Lawyers for distressed homeowners and law enforcement officials in several states on Friday seized on revelations by GMAC Mortgage, that it had violated legal rules in its rush to file many foreclosures as quickly as possible, saying they had foreclosed on homes without proper documents.

Attorneys general in Iowa and North Carolina said they were beginning separate investigations of the lender, and the attorney general in California directed the company to suspend all foreclosures in that state until it “proves that it’s following the letter of the law.”

The federal government, which became the majority owner of GMAC after supplying $17 billion to prevent the lender’s failure, said Friday that it had told the company to clean up its act.

Florida lawyers representing borrowers in default said they would start filing motions as early as next week to have hundreds of foreclosure actions dismissed.

While GMAC is the first big lender to publicly acknowledge that its practices might have been improper, defense lawyers and consumer advocates have long argued that numerous lenders have used inaccurate or incomplete documents to remove delinquent owners from their houses. The issue has broad consequences for the millions of buyers of foreclosed homes, some of whom might not have clear title to their bargain property. And it may offer unforeseen opportunities for those who were evicted.

Legal Help For Victims Affected By GMAC Wrongful Foreclosures

Our law firm is aggressively investigating cases in which GMAC has wrongfully foreclosed on homewowners. If you have been foreclosed on, or are in the process of being foreclosed by GMAC, please fill out the form at the right for a free case evaluation by a qualified attorney or call us at 1-800-YOURLAWYER (1-800-968-7529).



 

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JP Morgan Chase, Other Banks Face Legal Woes Over Wrongful Foreclosures

Nov 10, 2010 | Parker Waichman LLP
JP Morgan Chase has been hit with two lawsuits over the way it has handled home foreclosures. The wrongful foreclosure lawsuits, filed against Washington Mutual Bank and JPMorgan Chase & Co in the United States District Court for the Northern District of Illinois, and against Chase Home Finance in California state court, seek class action status. provision improper notice  of court documents. In many instances, the banks outsourced foreclosure processing to “foreclosure...

Florida Wrongful Foreclosure Lawsuit Seeks Return of Seized Homes

Nov 2, 2010 | Parker Waichman LLP
A Florida class action lawsuit is seeking restitution for homeowners who claim their homes were wrongfully foreclosed. The wrongful foreclosure lawsuit, which was filed in US District Court in Miami, names BAC Home Loans Servicing, a subsidiary of Bank of America; Deutsche Bank National Trust Company, and US Bank National Association as defendants. The plaintiffs in the suit say they want their homes back. The Florida lawsuit is just one of several wrongful foreclosure lawsuits...

Bank of America Foreclosure Review Uncovers Errors

Oct 26, 2010 | Parker Waichman LLP
Bank of America’s recent review of foreclosure paperwork did reveal some mistakes, according to The Wall Street Journal. However, the lender maintains that it has not yet seen any proof of wrongful foreclosures as a result of those mistakes. Earlier this month, Bank of America, along with other lenders including GMAC Mortgage and JP Morgan Chase, suspended some foreclosure proceedings in 23 states because of irregularities in the way court documents were processed. The banks’...

FBI Taking A Look At Wrongful Foreclosures

Oct 20, 2010 | Parker Waichman LLP
The FBI wants to know if big lenders broke any laws when they processed foreclosures. The news of the FBI investigation into possible wrongful foreclosures follows the suspension of some foreclosure proceedings by GMAC Mortgage, JP Morgan Chase, Bank of America and other lenders because of irregularities in the way court documents were processed. The banks’ actions came after it was learned that some mortgage servicers employed people who could sign foreclosure affidavits so quickly they...

GMAC Mortgage Commissions Nationwide Foreclosure Review

Oct 13, 2010 | Parker Waichman LLP
GMAC Mortgage is going to review its home foreclosures in all 50 states. GMAC had announced several weeks prior that it would suspend foreclosures in 23 states where home seizures require a court order because of documentation issues. GMAC’s initial announcement was quickly followed by similar decrees on the part of JP Mortgage Chase, Bank of America and other mortgage servicers. The banks’ actions came after it was learned that some mortgage servicers employed people who could...

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