GMAC Mortgages was the first mortgage institution to stop all foreclosure procedures in 23 states due to making sure that all the legalities with paperwork where being done correctly. There were other mortgages companies that were concerned that the foreclosure process was not being conducted appropriately. The reason for the halt with GMAC Mortgage was due to a servicing executive stating under oath that he was "signing off on thousands of foreclosures a month, without checking the paperwork for accuracy or signing the documents in the presence of a notary". However, after 2 months of evaluating all the proper paperwork it has been decided that GMAC mortgage will start its foreclosure procedures. James Olecki, a representative for GMAC Mortgage's parent company Ally Financial stated that his company has "found no evidence of inappropriate foreclosures to date". Borrower's who have stopped making their mortgage payments will begin the foreclosure process.
Bank of America will also be moving forward with their foreclosure proceedings in 23 states. BOA was unable to identify any instances of wrong doing in regards to borrower's being foreclosed upon. However, Bank of America will still be delaying the foreclosure process in 27 states until it is determined that all the proper paperwork is conducted correctly.
If you are in jeopardy of being foreclosed upon and need help with a loan modification please contact 866-437-9061 or fill out a form on this website.
