Despite the fact that mortgage servicers have begun processing foreclosures after suspension and reviews, there are still questions that remain over whether these foreclosures were processed fairly or if there were cases which homeowners may have been unfairly evicted from their home. Some of the nation’s top mortgage servicers like Bank of America, J.P. Morgan Chase, and GMAC Mortgage/Ally Financial suspended, or are continuing suspensions, in certain states concerning questions over foreclosure processes.
There were accusations that many homeowners had lost their home as a result of fraud on the part of foreclosure processors, but banks have remained adamant that homeowners were not falsely foreclosed upon, but there may have been some questionable practices during the foreclosure process. Recently, Bank of America stated that they have found mistakes while reviewing certain foreclosures, but none of these errors relate to homeowners being wrongly evicted from their home.
Federal regulators are also reportedly conducting reviews on the processes used by many of these banks concerning their foreclosure documents. Homeowners are arguing that they were kicked out of their home without being given the opportunity to find mortgage assistance options, like modifications, and accuse financial institutions of simply signing foreclosure documents without reviewing their validity.
There have been some extreme cases where homeowners have accused banks of being unable to present documents showing that they own the property being foreclosed, but for the most part, it seems that many of these foreclosures which are being questioned have simply seen improper processing on the part of officials who were supposed to review these documents.
While, again, the consensus seems to be that many of the homes which have been lost to these foreclosure practices were just, as homeowners had defaulted or not made payments for quite some time, but federal reviews are ongoing and will hopefully bring to light any practices which may have unfairly cost homeowners their property.
Yet, despite any revelations which may come to light as a result of these reviews or foreclosure suspensions, it’s believed that the foreclosure process used by many of the nation’s top mortgage servicers may change and homeowners hope these financial institutions will offer more alternatives for foreclosure prevention programs before processing a foreclosure.