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Foreclosure Lawsuits

Homeowners across the US were affected by foreclosure fraud in recent years. This foreclosure fraud may have involved faulty documents and/or procedures, which resulted in homeowners wrongfully losing their homes. Officials in numerous states are now investigating allegations of improper foreclosures against banks and, in some cases, other third parties. Meanwhile, homeowners have also filed foreclosure lawsuits, alleging banks used an unethical foreclosure process to force them out of their homes.

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Foreclosure Fraud

mortgageforeclosure During difficult economic times, some homeowners have difficulty making payments on their mortgage. The majority of these people are hard-working, honest people, who expect that if they are subject to foreclosure on their property, the company doing the foreclosing will also be honest and ethical and ensure the homeowners' rights are protected. Allegations have been raised against various banks and trustees that foreclosure laws have been broken and illegal procedures used to hasten the foreclosure process and push more people into foreclosure than should have been.

Foreclosure Laws

Some states require a judicial review of foreclosures, which means that a court filing must be completed before the foreclosure goes through. Some states, however, do not require a judicial review. Instead, foreclosure is done via public auction, which is overseen by a trustee. That trustee is supposed to act as a neutral third party in handling foreclosures. In both situations, allegations have been raised that companies (including banks and trustees) have used illegal means to foreclose on properties, forcing people out of their homes.

Foreclosure Process

Among allegations about illegal bank foreclosures are that many companies involved in foreclosure are guilty of:
  • Providing inaccurate foreclosure documents
  • Providing faulty chains of title
  • Confusing information about how the borrower has defaulted
  • Confusing information about how to fix the default
  • Foreclosing in private rather than in public
  • Failing to get proper signatures on foreclosure documents
  • Failing to have foreclosure documents properly notarized
  • Conflict of interest
  • Failure to inform consumers of their legal rights
In states that do not require a judicial review of foreclosures, some trustees are accused of posing as corporate bank officers and illegally signing documents.

Veteran Foreclosure

veteransday According to the Servicemembers' Civil Relief Act (SCRA), even in states that do not require judicial review of a foreclosure, a judge is required to authorize foreclosures on homes of military members. That authorization can only be given after a hearing at which military members are properly represented. The SCRA is in place to protect active military members, some of who might be on lock down and unable to communicate with outsiders or make mortgage payments. In some cases, service members have allegedly returned from active duty with no knowledge or warning that their home was foreclosed on.

Lawsuits have been filed against a variety of banks including JPMorgan Chase, Deutsche Bank and CitiMortgage, alleging the financial firms illegally foreclosed on the homes of active service members by not obtaining a court approval of the foreclosure. In 2011, JPMorgan Chase was ordered to pay $56 million to troops and told to change its procedures regarding its treatment of military personnel.

Illegal Foreclosure Lawsuit

Foreclosure lawsuits have been filed in multiple states, alleging banks and third parties acted illegally when foreclosing on homes. In 2010, Bank of America suspended foreclosures across the US after officials alleged many foreclosures were based on faulty documents and potentially illegal procedures. yazmindocumentsgavelart

In response to complaints about illegal foreclosures, Nevada has become the first state to make illegal foreclosure a felony. Bankers involved in illegal foreclosure may be sent to jail and face fines if they are found guilty of fraud.

In 2010, a California woman became the first person in that state to win her home back from a lender after it was foreclosed. The 73-year-old filed a lawsuit against Washington Mutual alleging wrongful foreclosure. The homeowner alleged that after she asked her lender to lower her monthly payments, she was told she would be sent a loan modification package. Instead, a real estate broker was sent to tell her the home had been foreclosed. A judge ruled in favor of the homeowner, finding that Washington Mutual acted improperly in foreclosing on the home.

Foreclosure Legal Help

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Last updated on Nov-16-11

FORECLOSURE LEGAL ARTICLES AND INTERVIEWS

Did JPMorgan Chase Have Anything to Do with Your Foreclosure Case?
Did JPMorgan Chase Have Anything to Do with Your Foreclosure Case? Newport Beach, CA: The US home foreclosure crisis and the practice of bundling mortgage debt into securitized bonds seems to be a never-ending source of problems. Now, a consumer fraud class-action suit, filed in US District Court, claims that JPMorgan Chase routinely uses fake documents to misrepresent itself as having standing in bankruptcy cases. Rather than bare the cost of proving the chain of ownership, Chase simply manufactures documents. "We've been able to track the JPMorgan cases from Santa Barbara, down to Orange County, Riverside and Los Angeles," says attorney Joe Roberts, "and you see the same nonsense documents being filed, and you see the judges biting on it, and you see the attorneys lying down and letting JPMorgan assert itself. [READ MORE]

Major Banks Hit by New Round of Foreclosure Lawsuits
Major Banks Hit by New Round of Foreclosure Lawsuits Boston, MA: State officials from Massachusetts have targeted the nation's five largest mortgage servicers with foreclosure lawsuits for allegedly pursuing illegal practices and misleading troubled borrowers, according to the Los Angeles Times [READ MORE]

Attorney Chases Justice in Foreclosure Crisis
Attorney Chases Justice in Foreclosure Crisis Philadelphia, PA: Got to hand it to attorney John Narkin. He's got this foreclosure crisis thing figured out—well, near as anyone can figure it out. The 113-page class-action suit on behalf of distressed homeowners filed by Narkin's firm, BHN Law in Philly, lays out the whole sorry story in amazing detail, complete with links to video clips [READ MORE]



READER COMMENTS

Posted by
Michigan
on
I am disabled. I have multiple sclerosis since 1984. My home is in foreclosure. I have been trying to work with PNC Bank with their making home affordable program. I filled out the packet, then they needed more documents so I sent them. I was told they had everything they needed. Then I was told they didn't. Then I was told to resubmit the packet by 12/31/2014 and did so on 12/29/2014, so that there was time for them to review it before the foreclosure sell date. Now they tell me that there is not enough time to review it. It got to the point where I started recording the calls and have proof of this. I am roughly $5,000 behind with the legal fees they added.

Posted by
Anonymous
on
My loan was originated in 2002, the Lender was Long Beach Mortgage Company-Washington Mutual Bank F.A. was the servicer. I defaulted on my loan in 2004, took a chapter 13 Bankruptcy, while in Bankruptcy, a motion for relief from stay was presented twice, once in July 2004 by Long Beach c/o Washington Mutual Bank claiming to be a secured creditor; And the other in September 2004 stated Washington Mutual F.A, as the secured creditor. I completed the bankruptcy in September 2006. In January of 2007, I received a statement from Washington Mutual Home Loan that a past due amount was due and owning in the amount of $9,864.80, when I called them concerning this, I was told that they had not received any payments from the Bankruptcy Court Trustee.(They had, and I have a copy of the payments remitted)....fast forward, In October of 2008, I received a statement which showed an
overage in the escrow account (on a 528.00 dollar loan I had been paying , 600.00 and 700.00 ) when I contacted them about the overage, and I wanted it returned to me since it was not applied to the loan, I was told that this could not be done, as I was in foreclosure. And a foreclosure complaint was filed December 2, 2008, not by JPMorgan Chase as successor but by U.S. Bank, N.A. as Trustee..HE3 series 2002. the holder and owner of the promissory note, (where did they come from- no mention of U.S. Bank, N.A. as Trustee while in Bankruptcy- and I believe the if the documents had included a blank endorsement, My Attorny at the time or the Trustee in Bankruptcy case would have questioned it) the alleged default date February 1,2007 ( I have proof of payment and IRS statements from them (Wamu and Chase) for the years 2007 and 2008 which shows amount of interest paid for those years), there was no assignment or endorsement in blank attached to this claim. The claim was dismissed twice. Then In April 2012, U.S. bank as trustee files another claim, this time it says "entitled to enforce the note" not holder and owner, and to this claim is attached an assignment from JPMORGAN CHASE to U.S Bank. N.A. as Trustee, dated December 4, 2008 and an endorsement in blank, which is not dated. No change in the default date or the default amount

I am still fighting this foreclosure and it is November, 2014

Posted by
Arkansas
on
Home foreclosed on while loan modification being reviewed.

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