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Wrongful Bank Foreclosures


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Wrongful Bank Foreclosure Investor Lawsuits

Wrongful Bank Foreclosures | Lawsuits, Lawyers | GMAC Mortgage, JP Morgan Chase, Bank of America, PNC Financial Services Group and Wells Fargo

Have you been the victim of a wrongful foreclosure? In 2010, several large lenders including GMAC Mortgage, JP Morgan Chase, Bank of America, PNC Financial Services Group and Wells Fargo admitted to irregularities in the way foreclosure documents were processed. In their rush to process foreclosures, many mortgage servicer employees were not even reading or verifying the court documents that they used to justify home seizures!

Our wrongful foreclosure lawyers believe that it is highly likely that a certain percentage of home seizures conducted by these lenders in recent years may have been illegal. If your home was foreclosed recently, especially if your mortgage was being serviced by GMAC Mortgage, JP Morgan Chase, Bank of America, PNC or Wells Fargo, you may be able to challenge the seizure.

No one should lose their home because a bank fails to take the time to properly process a foreclosure. It is impossible to know how many families might be victims of wrongful foreclosures. If your home was foreclosed, or you are in the process of foreclosure, it is important that you seek legal advice immediately to see if you have legal grounds to challenge the proceeding. We urge you to contact one of our wrongful foreclosure lawyers today to make sure your legal rights are protected.

Irregularities in Foreclosure Processing

Mortgage servicing is a high-volume industry, and many of the people hired by lenders to process foreclosures have relatively little training, weak supervision and are under pressure to cut costs and boost profits. Couple this with the record high numbers of home loan defaults that have occurred in the last several years, and you have a recipe for disaster.

In the fall of 2010, GMAC Mortgage, JP Morgan Chase, Bank of America and PNC suspended various aspects of the foreclosure process after discovering irregularities in the preparation of court documents. In October 2010, Wells Fargo admitted to finding mistakes in thousands of foreclosure documents, but did not move to suspend home seizures.

The banks’ actions came after it was learned that some mortgage servicers employed people who could sign foreclosure affidavits so quickly they popularized a new term for them: “robo-signer.” In depositions taken by lawyers for embattled homeowners, some robo-signers said they or their team had signed 10,000 or more foreclosure affidavits a month. Those affidavits say the preparer personally reviewed the files, but in their depositions, the workers acknowledge they had no time to actually do that. In some cases, the affidavits weren’t properly notarized.

The disclosures prompted attorneys general in all 50 states to launch an investigation of the banks’ practices. The FBI was also reportedly taking a look at the foreclosure mess.

The mortgage service industry asserts that these problems are largely procedural and can be corrected fairly quickly. But many others have their doubts. Investigations currently underway could uncover criminal misconduct or large-scale errors that force foreclosures to be put on hold for an extended period of time.

Legal Help for Victims of Wrongful Foreclosures

Seizing a home through foreclosure is a serious undertaking that should be conduced with the utmost care. Obviously, lenders like GMAC Mortgage, JP Morgan Chase, Bank of America, PNC Financial Services Group and Wells Fargo did not take this responsibility seriously, and now, thousands of homeowners may be paying a steep price for their negligence. If you are facing foreclosure, or if your home has been seized, you may have grounds for a legal challenge. To find out how our wrongful foreclosure lawyers can help you, please fill out our online form or call 1-800-YOURLAWYER (1-800-529-4363) today.

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Ally Financial CEO to Cop to "Unacceptable" Foreclosure Processing

Nov 18, 2010 | Parker Waichman LLP
The head of Ally Financial Inc. will tell a House Financial Services Committee hearing today that the way foreclosure paperwork was handled by his company was “unacceptable.” According to a Bloomberg report, Thomas Marano, the CEO of Ally Financial, will also admit today that foreclosure affidavits were signed “outside the immediate physical presence of a notary and without direct personal knowledge of the information in the affidavits.” Officials from the U.S....

Lender Seeks Quick Settlement of Wrongful Foreclosure Probe

Nov 17, 2010 | Parker Waichman LLP
An anxious Bank of America is seeking a speedy settlement to end a 50-state probe into mortgage foreclosure irregularities, according to an article in The New York Post. Yesterday, CNBC reported that the Attorney General of Iowa, who is heading the investigation, was close to a deal with Bank of America, JP Morgan Chase and Wells Fargo. Last month, several home loan lenders, including JP Morgan Chase, Bank of America and GMAC Mortgage, suspended various aspects of the foreclosure...

State Mortgage Foreclosure Probe on Fast Track, Lead Attorney General Promises

Nov 12, 2010 | Parker Waichman LLP
The head of the state attorneys general task force investigating the mortgage foreclosure fiasco says the probe is on a “fast track” and could result in multiple settlements. According to Bloomberg News, Iowa Attorney General Tom Miller also said a blanket settlement with all banks and mortgage services was not likely. Last month, several home loan lenders, including JP Morgan Chase, Bank of America and GMAC Mortgage suspended various aspects of the foreclosure process after...

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. Last month, several home loan lenders, including JP Morgan Chase suspended various aspects of the foreclosure process after discovering ...

Firms that Processed Foreclosures for Big Banks Under Scrutiny

Nov 3, 2010 | Parker Waichman LLP
The mortgage foreclosure mess could result in criminal charges being levied against the companies and law firms tapped by Bank of America, GMAC Mortgage, JP Mortgage Chase and other big lenders to process home foreclosures. One of the companies coming under scrutiny is Jacksonville, Florida-based Lender Processing Services, or LPS. According to a report in the Fort Wayne Journal-Gazette, LPS handles more than half of all foreclosures in the country. Last month, several home loan...

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