Mortgage Foreclosure & Refinance Resource

Suddenly, there is a frenzy over foreclosures. Every attorney general in the country is participating in an investigation into the flawed paperwork and questionable methods behind many of them. A Senate hearing is scheduled, and federal inquiries have begun. The housing market, which runs on foreclosure sales, is in turmoil. Bank stocks fell on Thursday as analysts tried to gauge the impact on lenders’ bottom lines.

All of this is largely because one attorney realized almost immediately that one foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was “limited signing officer,” an indication to the lawyer that his knowledge of the case was effectively nonexistent. [Read more →]

The Financial institutions; S.A.F.E. Mortgage Licensing Act of 2008 bill has just passed the Georgia State House that is aimed at protecting your house by reducing mortgage fraud.

The plan requires that all mortgage lenders undergo a criminal background check. It also calls for more training for loan officers, and allows state lawmakers to investigate them. Including:

At least 20 hours of prelicensing education courses reviewed and approved by the Nationwide Mortgage Licensing System and Registry, Every mortgage broker will be required to obtain background checks on all employees.

It passed unanimously in the house, and is now on its way to the senate.

Georgia is known for being one of the nation’s leaders in mortgage fraud, so lawmakers say hopefully, this can turn that around a bit.  More information at the Georgia State Site

JPMorgan Chase and Citigroup are halting home foreclosures while the Obama administration develops its plans to help the battered American housing market.

JPMorgan’s chief executive, Jamie Dimon, said the bank planned plans to halt new foreclosures for owner-occupied home loans through March 6. Mr. Dimon made the pledge in a letter to Representative Barney Frank, the Massachusetts Democrat and chairman of the House Financial Services Committee, who released it on Friday. [Read more →]