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Foreclosure Crisis Threatens to Halt More Default Cases

By Alec Foege | Posted Oct 4th 2010 11:35AM

Updated Oct 4th 2010 3:08PM

The dominoes are still falling in the latest foreclosure crisis. As more mortgage lenders admit to widespread mishandling of foreclosure documents, the consensus is growing that many more lenders and loan servers will need to stop their foreclosure machines. Among the problems cropping up: documents signed without verification; improperly notarized documents (including some notarized before the documents' preparation); and forged signatures. HousingWatch first reported some so-called "foreclosure mill" issues back in March. Stay tuned for continued foreclosure-crisis updates.

For more on mortgages and homeownership see these AOL Real Estate guides:

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Filed under: News, Economy

Tags: ally financial, Bank of America, foreclosure crisis, foreclosure millls, GMAC mortgage foreclosures, JPMorgan Chase

Reader Comments (2)

by rebecatoby05 - October 5th 2010 @ 5:12AM

Get information on how to reduce your debt by filing for bankruptcy http://bit.ly/avB0jI

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by pfangel01 - October 13th 2010 @ 10:09PM

We had to file bankruptcy this year because my husband lost his job and was unable to find work. We left our house out of the bankruptcy so we could at least keep some good credit going and hope that he found a job soon. Well he has not found a job yet.... So we filed for a remodification in early July and did not hear one word from our mortgage company. Until this past Friday when we received documents sayingn we were being taken to court and that they wanted to foreclose on our home. We have a 6 yr old little girl who is starting to blossom at school and make friends with the neighborhood kids. We love our neighborhood, our neighbors, and still hold out hope that our home will not be stripped from us due to our current hardships. We still hope that he will find work that will allow us to keep our home, but this process has to be wrong somehow. How can we ask for help and they give none? What happen to the legislature "helping families keep their homes"? Some remodification.

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