Foreclosure Errors Virtually Guarantee a Double-Dip in Housing True?

(Last Updated On: October 6, 2010)

Foreclosure Errors Virtually Guarantee a Double-Dip in Housing True?

By: Todd M. Schoenberger

If you or somebody you know is about to have their home repossessed by the bank, I would advise hiring a lawyer. The mess that is about to hit the housing sector will be a monster life-changing event for all Americans.

You may not even know very much about what has recently happened with the homeowner/mortgage lender partnership. Many news channels, for some reason, have chosen to almost ignore the story as if those in foreclosure are also carriers of the bubonic plague.

Here’s the two-minute drill: Three major banks—JP Morgan, GMAC/Ally, Bank of America—have halted foreclosures in 23 states due to errors in processing paperwork through the court system. The 23 states in question are “judicial foreclosure” states, meaning the bank needs to literally sue the defaulting homeowner and have a judge sign-off on the decision before evicting the tenants.

The other 27 states require simple notification, followed-up with an eviction notice; therefore, the burden of proof falls on the shoulders of the foreclosed homeowner if they wish to state their case in court.

Obviously, if there’s smoke, there must be fire. So, if the banks had errors in 23 states, there is probably a good chance the other 27 have problems of their own.

The reason why this even came up is because a homeowner in …

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