Just three weeks after they announced a moratorium on their foreclosures in the 23 judicial states, GMAC and Bank of America are going to restart foreclosure proceedings.
James Olecki, spokesman for Ally (GMAC's parent company) said, “Our review and remediation activities related to cases involving judicial affidavits in the 23 states continues. As each of those files is reviewed, and remediated when needed, the foreclosure process resumes.”
DSNews reports that BoA says it has found no instances in which a homeowner was wrongly foreclosed upon and has begun the process of preparing 102,000 foreclosure affidavits that have been on hold for re-submission to the courts beginning next Monday.
To read more about this issue, click HERE.
Showing posts with label GMAC. Show all posts
Showing posts with label GMAC. Show all posts
Thursday, October 21, 2010
Wednesday, October 13, 2010
GMAC Findings on Foreclosure Practices
GMAC released a statement yesterday that it has not yet uncovered any evidence of faulty foreclosures during its investigation of its foreclosure practices.
Though self-analysis often overlooks one's own faults, the good news is that GMAC has enlisted outside legal and accounting firms to review its practices and documentation.
“As each of those files is reviewed, and remediated when needed, the foreclosure process resumes,” GMAC said.
To read the whole story, click HERE.
Though self-analysis often overlooks one's own faults, the good news is that GMAC has enlisted outside legal and accounting firms to review its practices and documentation.
“As each of those files is reviewed, and remediated when needed, the foreclosure process resumes,” GMAC said.
To read the whole story, click HERE.
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