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Bank of America puts a stop to foreclosures

By: 11 October 2010 8 Comments

Well, here’s some news — Bank of America has put a stop to foreclosures until it can review the adequacy of documents it has filed in court.

In a vague statement Bank of America released Friday, the company said it was going to review foreclosure documents it has filed in every state in the U.S. That’s quite a statement when one considers that Bank of America holds about one in every five mortgages in the nation.

It’s an even more significant statement when one considers that RealtyTrac reported that one out of every 676 homes in Arkansas received a foreclosure filing in August. While it’s true that RealtyTrac considers everything from a delinquency notice to a scheduled sale on the courthouse steps as a foreclosure notice, that’s a pretty big number.

The question, of course, is just what the heck is going on here? According to this article from NewsInferno, Bank of America isn’t the only bank wondering whether sufficient foreclosure documents have been filed in the nation’s courts.

FirstArkansasNews.net isn’t a bit surprised by Bank of America’s announcement. Why? We posted an interview with foreclosure fighter April Charney way on back in April in which the attorney said there were a lot of problems in the foreclosure process and a lot of ways for people to fight attempts to put them out of their homes. Click here for that April interview with Charney and go here for my wrap-up of Legal Aid of Arkansas’ foreclosure seminar that was posted at The City Wire.

Want more? I wrote an article about the aforementioned foreclosure seminar for The Daily Record in Little Rock, and you’ll find that here.

It goes without saying that First Arkansas News has been on top of this story for a few months now and will continue to follow it. Stay tuned…

About: Ethan C. Nobles:
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.

8 Comments »

  • Donna said:

    Letter to Wells Fargo spokesman Chris Hammond,

    Dear Mr. Chris Hammond,

    In recent Wells Fargo’s press release, it declared that “We are working hard to do all that is possible to keep homeowners in their homes,”

    That’s a lie. I can say for a fact that Wells Fargo made mortgage loan and foreclosed my home based on hugely inflated and fraudulent appraisal.

    Wells Fargo and its army of attorneys knew it is Category C felony to make mortgage loan and foreclose home based on fraudulent appraisal. However they chose to defraud us by foreclosing our home.

    For almost a year, we pleaded with Wells Fargo to carry out its promises to us to rescind the loan contract and help us to recovery our finanical losses. Wells Fargo bluntly refused and challenged us to sue it for justice.

    Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture.

    1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.

    Fact: – Wells Fargo’s fraudulent appraisal valued our home at $718,000

    – Wells Fargo’s own review appraisal valued our home at $475,000

    – Nevada Attorney General’s office suspended the appraiser’s license for committing appraisal fraud on our home.

    – Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.

    – Nevada Revised Statue NRS 205.372 states that it’s category C felony to make mortgage loans based on fraudulent appraisal.

    – Cases of Attorney General’s indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.

    2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.

    You can find all the facts on our website. http://www.wellsfargomortgagefraud.com.

  • Michael said:

    Bank of America reported my home as forclosed in May 2010 while we were still actively trying to sell it, or at least qualify for a deed-in-leiu. No one at BA would speak to the realitor when offers were received and submitted in the month prior to the “foreclosure”.

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