Bank of America resumed foreclosures in the 23 states that require judicial action to foreclose. No word on when they will proceed in the 27 states that allow non-judicial foreclosure.
According to the Wall Street Journal , BoA admits that they did find errors in “10 to 25 out of the first several hundred foreclosure cases it examined starting last Monday.”
Let’s break down the Bank’s admission a little further:
10-25 of the foreclosures had errors in them. What does this mean???? They don’t know if 15 of the foreclosures had errors? They are guessing at a percentage? They cannot count to 25 and just estimated?
The fact is, it is significant that BoA admits any errors at all. Even though the Bank is claiming the errors were “minor”, this is a relatively major admission by the bank. Frankly, BoA is simply playing the odds. They know most homes they foreclose on will simply be procedural and not questioned by any party. However, the mission of this blog, and our site at Lone Star Foreclosure Defense is to give you the information necessary for you to come to the conclusion that yes, you should question their foreclosure procedures. And every other national bank’s foreclosure procedures. These banks are getting away with murder. They made bad loans to bad borrowers, packaged them up and sold them off to investors and pretended to have all their paperwork in order. Paperwork they are legally required to have in order before proceeding with any foreclosure action. And good borrowers on hard times are getting caught in the crossfire.