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Foreclosure Mess: How Bad Can It Get? |
October 05, 2010
In recent days major lenders--including JPMorgan Chase, Ally Financial's GMAC Mortgage unit and Bank of America--have conceded that paperwork supporting an unknown number of foreclosures contain errors ranging from wrong dates to forged or inconsistent signatures. In many cases mortgage company employees signed foreclosure documents without first verifying the information in them. Whether sloppiness or deceit is the greater culprit remains to be determined. In response, the banks have suspended tens of thousands of pending foreclosures. Bank of America, for example, has suspended all its foreclosures in 23 states.
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