Mortgage Foreclosure Resolution

The Wall Street Journal reports that Bank of America will be restarting over 16,000 foreclosure cases across the United States. However, it could take many weeks before it is known whether or not the new documents the bank has submitted will be approved by local judges. This announcement does not conflict with the bank’s previous declaration to observe its regular holiday foreclosure freezing policy. The freeze does not affect the loans the bank services that are held by investors who have chosen not to participate in the voluntary freeze, or for homes that have already been vacated.
The bank instructed its foreclosure lawyers to ready new affidavits for approximately 7,800 cases where it is required to obtain court approval before foreclosing on a home. Currently the bank has over 102,000 homes that are essentially frozen by the bank because of recent documentation and “robo-signing” concerns. Bank of America lawyers were also asked to lift the hold on over 8,000 foreclosure sales out of 30,000 that have been delayed in states where court approval is not required.
Previously, Bank of America had stated they would resubmit affidavits for foreclosures that were pending starting on October 25 for foreclosure sales to resume in early November. However, their efforts struck several roadblocks, including hiring new law offices to handle foreclosure paperwork. Only a handful of cases were re-filed. A spokesperson for the bank stated they were taking a deliberate approach to the situation.
Other U.S. banks are reviving their foreclosure processes following internal reviews. J.P. Morgan Chase & Co. announced that it has begun re-filing affidavits for foreclosures on a state-by-state basis. A spokesperson for Wells Fargo & Co. stated the bank has readied over 46,000 supplemental affidavits in foreclosure cases where it is required to obtain court approval and 94 percent have been given to outside counsel to be submitted to the courts. Thus far, the bank alleges it hasn’t discovered any cases where a foreclosure should not have occurred.
The 16,000 foreclosure cases that Bank of America is reopening involve properties that are vacant or homes that were rented to other occupants. Both present less of a risk for a legal challenge. The majority of these cases are in California, Florida, Georgia, Michigan, and Texas. A spokesperson for the bank says it will take them approximately six days to review and then approve each newly readied affidavit. However, it may take some courts many weeks for a hearing to be scheduled. Regarding the remaining affidavits that need to be replaced, Bank of America expects to file them early in 2011.
The unethical behavior by banks and mortgage companies have affected all Americans who are struggling financially or who are currently going through foreclosure. If you have questions about the foreclosure process or bankruptcy in New Jersey, contact the Law Offices of Robert Manchel. Our New Jersey foreclosure lawyers can help you determine the best course of legal action for your specific situation. Call us today at 866-503-5655.

CNN.com recently reported that several big mortgage companies and banks have stated they won’t evict borrowers who have defaulted on their payments during the weeks that surround Christmas, essentially initiating a freeze on foreclosures during the holiday season. Both Freddie Mac and Fannie Mae announced they will freeze all foreclosure evictions on mortgage loans they currently back or own from December 20 through January 3. The two companies are controlled by the government.
One of the executive vice presidents at Freddie Mac, Anthony Renzi, stated, “If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays.”
In foreclosure, eviction marks the completion of the process. After a house is sold at a foreclosure auction, or if the bank takes possession of the house, the owners are required to vacate the property or they will face eviction notices.
Many large banks are also in a unique position this holiday season as investigations regarding robo-signers are underway. Typically banks also observe a freeze during the holidays, but this year there is already a freeze in place because of the scandal. The freeze was instigated to allow the banks time to scrutinize whether any legal procedures were violated in their foreclosure processing, as well as to allow time to re-file any questionable documents that were discovered.
Bank of America said it will still observe its regular holiday policy, which is to hold off on foreclosure evictions or sales from late December through New Years’. However, it will continue the process of foreclosure for loans it services that are held by investors who have opted not to participate in the freeze, and for houses that are already vacant.
Wells Fargo’s holiday freeze will run the same time period as Freddie Mac’s and Fannie Mae’s. Like Bank of America, their freeze will not affect other loans it services that they do not hold in its portfolio, and will follow investors’ guidelines from the states where the properties are located.
Chase Mortgage, a division of J.P. Morgan Chase has stated that suspension connected with the robo-signing scandal essentially makes a holiday freeze a moot point. The company will not be able to evict borrowers for several weeks regardless of whether they instated a freeze.
There are about 100,000 bank repossessions in the United States each month. The temporary amnesty the mortgage companies and banks will initiate will affect tens of thousands of defaulted borrowers, allowing them to have a peaceful holiday season.
If you have questions about filing for bankruptcy or mortgage foreclosures in New Jersey, please don’t hesitate to contact experienced and highly skilled New Jersey mortgage foreclosure lawyer Robert Manchel. He can examine the circumstances surrounding your situation and can help you make the best possible decision for your financial future. Call Mr. Manchel today at 866-503-5655.

A recent article on CNN.com discussed guidelines that many states in the U.S. issued shortly before this past election, regarding the complex subject of voting while someone’s home is in the foreclosure process. Normally, people register to vote in whatever county they reside, but residency can be difficult in the midst of foreclosure. Often, individuals going through foreclosure drift from rental house to rental house or often live with friends or family.
While each state in the U.S. has its own laws regarding this topic, typically, if an individual owns a home that is in foreclosure, it doesn’t affect their right to vote, but it could affect where they vote. In a recent report, over 3 million homes in the U.S. are going through the process of foreclosure, and that’s a lot of potential votes that could sway an election.
The U.S. Election Assistance Commission issued guidelines on how to register to vote for individuals who are going through foreclosure:

• If you have recently moved, you will have to re-register, if you’ve moved out of county or state. If you have moved within your county, you will need to update your address.
• In most states in the U.S., you can change your address until Election Day, or you can vote with a provisional ballot, if your name isn’t on the voter rolls.
• If the foreclosure process commenced against your home, but you haven’t moved, you are still registered to vote within that precinct.
• If the foreclosure process is finished, you will need to update your voter registration with your new address.
• If you don’t have a permanent address, most states permit you to use the address of the foreclosed property.

Going through foreclosure can affect a person’s life in many ways, besides just dictating where someone votes. It can impact an individual’s health, as the complex process brings added stress into their lives. Foreclosure can also affect a person’s personal life and strain their relationships with family and friends. With the holidays approaching, foreclosure can also determine whether a family is able to travel due to tightened finances.
Foreclosure is a decision that must be made carefully. It could be a wise decision to talk with a New Jersey attorney to learn how filing for bankruptcy can affect all aspects of your life. For more information, contact the Law Offices of Robert Manchel, and our lawyers can help you decide the best course of action during these hard times. Call us today at 866-503-5655.

According to a recent article in USA Today, the foreclosure rate across the country has dropped roughly 6 percent, as state and federal investigations are conducted on foreclosure cases in 23 states that require court approval. There has also been heavy coverage by the media regarding foreclosure errors, where many mortgage companies failed to follow proper legal procedures in thousands of foreclosures. There is an estimated 1 million homes in the midst of foreclosure in the U.S., and with news of faulty methods by mortgage servicers being reported, many homeowners are hiring attorneys to help challenge foreclosure actions.
In Florida, circuit courts have reported more than two out of three cancelations in foreclosures, while the normal ratio is less than one out of three. The delay has been attributed to banks, which are slowing processes down as reports of “robo-signers” have recently come to light. Many U.S. states require verification that documents in a foreclosure process are accurate, and in some cases must be signed by a notary.
Bank of America has reported that it will refile affidavits in over 100,000 foreclosure actions within the 23 states requiring judicial approval. It will then complete a state-by-state review of their foreclosure documents in the remaining 27 states. JPMorgan Chase has stated it will need to refile approximately 115,000 affidavits in 41 states. They have temporarily suspended foreclosure completely within those states. Other mortgage companies and banks have found themselves in the same situation.
Once the affidavits are refilled, foreclosures in those states will begin again, pending a judge’s ruling in each case. Many judges are now demanding more information from mortgage servicers with the recent revelation regarding faulty paperwork and robo-signers. Some companies have failed to produce proof of ownership of the actual mortgage note when attempting foreclosure on a house. This typically occurs when mortgages are transferred from lenders to investors, and sometimes even to other investors.
In New York, courts are requiring that mortgage company’s attorneys to do their part, not just judges, to ensure that foreclosures are properly handled. A new rule that effects an estimated 80,000 pending foreclosure cases, requires attorneys to sign an affirmation stating that they reviewed all foreclosure documents and asked the lenders and banks to verify the accuracy of the documents. Any attorney who files a fraudulent affirmation would face court sanctions. Other states are considering instating similar rules.
Unethical action on the part of mortgage companies and banks affects all Americans. For information about New Jersey foreclosure and bankruptcy, please contact the Law Offices of Robert Manchel. Our New Jersey foreclosure and bankruptcy attorneys will assist you during this difficult time. Call today at 866-503-5655.

Defendants of a foreclosure action has become an unfortunate reality for thousands of Americans across the country. Under expected conditions, the New Jersey foreclosure process is challenging to deal with. However, at the heels of investigations into the unethical business practices of lenders, many people facing foreclosure may be asking themselves what they did to deserve such a corrupt and expedited customer service practices.
According to The Miami Herald, a Palm Beach County judge has put a stop to a state subpoena asking permission to further investigate a law firm in Boca Raton that has been accused of unethical foreclosure practices. Reportedly, the law firm has been accused of filing fraudulent documentation during speedy foreclosures, which unfairly forces families and individuals out of their homes sooner than they should have been. The article explains that the judge rejected the subpoena due to the lack of evidence supporting the allegations presented for pursuing the subpoena. It is likely that additional evidence will undoubtedly be sought to bring to light the true reality of the situation. Unfortunately, many lenders and law firms have been accused of unscrupulous behavior, particularly the firms that handle high volumes of foreclosure cases. The problems are associated with the lenders and law firms’ representatives’ failure to properly review and confirm the accuracy of the information presented in each case. Also, there are allegations that the lenders are signing certain documents without reviewing any information, whatsoever. In short, people all across the country have lost their homes because foreclosure representatives have failed to do their jobs properly.
Going through the foreclosure process can be one of the most stressful situations that any person must confront. Fortunately, there are attorneys who are prepared to help homeowners protect their homes and discuss all options in this regard. At the Law Offices of Robert Manchel, our experienced New Jersey foreclosure resolution attorneys assist individuals with legal matters pertaining to the foreclosure process and filing for Chapter 7 and Chapter 13 bankruptcy. For more information about how to save your house from foreclosure in Bankruptcy, please contact a skilled New Jersey foreclosure attorney today at 866-503-5655.

After luring potential and current homeowners in with the promise of low payments, many mortgage companies have now jumped quickly at the chance to foreclose on homes in which payments have faltered. According to a Reuters.com article, Connecticut’s attorney general has recently asked state courts to freeze home foreclosure proceedings for 60 days while the business practices of mortgage companies, namely JPMorgan Chase & Co, are investigated. This is on the heels of borrower complaints that they were misdirected by their lenders.
According to the article, deceptive lenders first acquired business from unsuspecting homeowners by offering adjustable mortgage rates, which began with low payments but soon escalated to larger payments. Now, investigations are being conducted into how foreclosure proceedings are being handled. This is primarily because foreclosure documentation is being submitted incorrectly by mortgage companies, possibly because they either don’t fully understand the provisions of the documentation or are simply attempting to unfairly expedite the foreclosure process. Either way, it appears as though some individuals are having foreclosure thrust upon them without a completely valid reason.
Economic uncertainty has led to foreclosures and bankruptcies all across the country. For residents in New Jersey, the risk of losing their homes is at an all time high, particularly if an unethical mortgage company is involved. For more information about foreclosure in New Jersey, please contact the experienced New Jersey foreclosure resolution attorneys at the Law Offices of Robert Manchel. Our foreclosure attorneys will help you make the best possible decisions in regard to your financial future. Call us today at 866-503-5655.