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Foreclosed Homeowners Fight Back

Many of those homeowners who have already been foreclosed on during the real estate bust had purchased in the mid 2000’s when about 70% of the mortgages were executed and then bundled with others and sold as investments on Wall Street. As it turns out, many of the original documents needed by the lenders to enforce their rights in foreclosure have been lost in this process. According to this article by Bloomberg News, this didn’t stop the big banks like Chase and GMAC Mortgage from continuing along with the foreclosure process. Attorneys General in six states are now investigating claims of homeowners claiming that their foreclosure should be overturned due to defective documentation. In fact, Chase has asked judges to postpone foreclosure rulings while GMAC has asked judges to halt evictions. Both banks have now admitted that their employees may have completed affidavits without confirming their accuracy. This could be a nightmare  for lenders and title companies and a dream come true for many  homeowners.

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