Wrongful Bank Foreclosures
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 LAW INFO (1-800-529-4363) today.