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A daily look at legal news and the business of law: Bank of America Took Possession of a House It Didn't Own Foreclosures have been at record highs in the past couple of years, and some warn that ...
Sweet justice. That's how foreclosure defense attorney Todd Allen described the feeling of going to a Bank of America branch in Naples, Fla., to seize their assets. Faced with a pair of sheriff's ...
A home becomes a bank-owned property after the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned or REO homes, REO ...
The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including Bank of America, JP Morgan, Wells Fargo, and Citigroup—responded by halting their foreclosure proceedings temporarily in some or all states.
A $93 million loan was issued by Bank of America National Trust and Savings to 203 North LaSalle Street Partnership. The Partnership's Chicago office building was used as the principal asset in a mortgage set up to secure the loan. The Partnership filed for bankruptcy and bank began the foreclosure process on the piece of property. [1]
A lack of staff in the face of overwhelming volume: That's the common excuse given for banks' turning to robo-signing to speed foreclosures, and for their inability to manage the the mortgage ...
On June 21, 2012, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System released a financial remediation framework Agencies release financial remediation guidance, extend deadline for requesting a free independent foreclosure review to September 30, 2012 that provided examples of errors in foreclosures covered by the regulators' consent orders ...
Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...