Foreclosures being questioned.
Five banks including Bank of America are being sued by Massachusetts for allegedly conducting unlawful foreclosures and deceiving homeowners.
The goal is to reach an agreement that would provide mortgage relief to homeowners and set requirements for the ways mortgage servicers foreclose and communicate with borrowers. Banks seized homes with no legal authority because they didn’t hold the mortgage on the properties. The failure to obtain valid mortgage assignments before foreclosing has affected the title of many properties.
More and more homeowners have tried loan modifications before doing short sales, however after months of frustration, the majority give up or are denied the modification.
The banks deceive and mislead homeowners about loan modifications. This is a practice that the state is trying to change.
For foreclosure listings and information, go to www.BostonPropertiesNow.com
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