BofA plans to refile papers on 102K foreclosures

[Akoto]

Source: Associated Press

WASHINGTON (AP) -- Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states next week, saying Monday it has a legal right to seize them.

Bank of America Corp., the country's largest bank, began halting foreclosures on Oct. 2 amid questions of faulty paperwork.

The company on Monday said it plans to resubmit documents with new signatures in states that require a judge's approval to restart the foreclosure process.

It will continue delaying foreclosures in 27 states that do not require a judge's approval.

Read more: http://hosted.ap.org/dynamic/stories/U/US_BANK_OF_AMERICA_FORECLOSURES?SITE=MSJAD&SECTION=HOME&TEMPLATE=DEFAULT

[aquart]

1. How did they get the new signatures so fast?

[Dr.Phool]

2. Read the article I just posted above in LBN.

They probably paid someone to forge them.

[FirstLight]

3. why don;t all the people who have been foreclosed on

get together and go after the banks? I'd like to see them tied up in litigation for this fraud and watch the people TAKE IT BACK!
my sister lost her home last year, and i am suggesting she pull out all paperwork and cancelled checks and get a lawyer, or contact the aclu...

any other ideas on fighting back?

[foxfeet]

4. Suggest that she contact her state Attorney General.

Since all 50 states have launched investigations into this mess, they'd probably be glad to hear her story. Should a class-action suit be brought, she could get herself named as a plaintiff.

[hayu_lol]

5. New signatures huh? LOL!

They gonna make up new trust deeds to replace all the missing ones?

Time to go after the banks...at this point they need to fail bigtime...no matter the cost to the country.

[customerserviceguy]

6. A certified copy of a recorded instrument

is just as valid as the original in a court of law. And even if the mortgage lenders were stupid in the granting of loans, and the foreclosure process, the title companies would make damned good and sure that the mortgages and trust deeds were validly recorded.

[customerserviceguy]

7. This is what I've said all along

The lenders are going to go back for a do-over, they're not going to just walk away like the police do when they trip up against the exclusionary rule.

[seafan]

8. Bank of America to restart foreclosures in 23 states

Source: Washington Post

Just 10 days after announcing a nationwide halt to foreclosure sales, Bank of America, the nation's largest bank, said Monday that it would begin resubmitting paperwork on Oct. 25 to restart foreclosures on borrowers who missed their payments in 23 states.

If judges approve the new filings, the bank expects that the sales of foreclosed properties will start up once again in the states where a court order is needed to foreclose on a home. ..... But it is unclear whether the courts will accept the new paperwork. Some judges have said in interviews that they are considering throwing out entire cases and making the banks file new ones, which would be costly and time-consuming.

.....

Amid reports of forged documents, faulty notarizations and "robo-signers" - who signed off on thousands of evictions every month without reading the files as required by law- Bank of America announced its nationwide freeze Oct. 8 to review its procedures. Lawmakers cheered the move and called on other lenders to follow suit. A few days later, the Obama administration argued that a national moratorium would be harmful to the fragile real estate market.

.....

It is also not clear how Bank of America and other banks will resolve the other flaws with the foreclosure process that have surfaced in recent weeks, including questions about whether banks in some cases lost the paperwork proving that they have the legal right to foreclosure as they sold the mortgage loans to Wall Street investors.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/10/18/AR2010101805992.html?hpid=topnews

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Buckle your seat belts.

[rhett o rick]

9. Time to nationalize Bank of America. nm

[seafan]

10. Yep. n/t

[naaman fletcher]

11. B of A is going to go under unless it gets another bailout

The fraudulently underwritten mortgages went into pools that give the owners the right to force B of A to buy them back if it turns out the underwriting standards were bad. Something like 75% of all the countrywide (now B of A) mortgages that went into these pools violated the underwriting standards.

The liability here is at least 30 billion. B of A can't survive it.

Although I am sure they will get a bailout, which is as things work in this country.

Everyone must pay their bills - except the banks.
Everyone must follow the rules - except the banks.

[EFerrari]

12. Obama signalled he wouldn't move against them

and that's why they are resuming their thieving, imo.

[cstanleytech]

13. Perhaps you are correct however he did not signal that

he would agree to another bailout for them if they screw it up and they get their butts handed to them in a lawsuit for fraudulent foreclosures either.

[EFerrari]

14. My guess is that they are going ask for another bail out

because they will be losing money hand over fist on these underwater mortgages that aren't worth anything any more.

It won't be the little people suing them that will be the problem. Who has the money to sue Chase or Bank of America? I don't think a class action suit will get anywhere, even if we will probably join one.

Maybe Obama hoped to avoid a bailout by tipping off that he won't call for a moratorium. But this industry is so greedy, I won't be surprised if they try to push for one anyway. And get it.

[cstanleytech]

17. Well the other side of not calling for a moratorium

is also that the banks will almost be forced to address this problem quickly where as if the government had told them to hold off for awhile by putting a moratorium in place they could and probably would have dragged their feet.
Now though the CEOs and everyone who works for those banks ass is on the line as of now if they dont fix the problem and fix it soon

[hugo_from_TN]

15. You don't think a fed-owned BoA would foreclose on mortgages it holds?

:shrug:

[rhett o rick]

16. I think BoA is too big to exist. nm