Wrongful Military Foreclosure Cases

By
Real Estate Agent with Sabinske & Associates, Inc. (Albertville, St. Michael)

Unfortunately, only subsidiaries of Bank of America Corp. and Morgan Stanley will pay more than $22 million to settle allegations that the banks wrongully foreclosed on almost 200 active-duty military service personnel, the Department of Justice (DOJ) said last Thursday.

Countrywide, now part of Bank of America (!) and Saxon Mortgage Services, a subsidiary of Morgan Stanley will have to repair any negative credit-report entries on those same foreclosures or near-foreclosures. 

According to the DOJ, those banks and their subsidiaries ordered foreclosure on these military personnel without first obtaining court orders. 

Don't you think they would have learned their lessons from the robo-signing?  Apparently not.  Some of the victims were deployed in Iraq and Afghanistan.  Isn't that enough sacrifice without have to worry that the home and homeland you are fighting for might be gone when you return?  Think about that.

Countrywide did not, according to the DOJ, "consistently check the military status" on borrowers on whom it foreclosed throught at least May 31, 2009. 

Thus, the Bank of America subsidiary, formerly known as Countrywide Home Loan Servicing , agreed to pay $20 million to resolve a lawuit alleging that it foreclosed on approximatlely 160 service members between January 2006 and May 2009 without court orders.

Check that link as well because it doles out more allegations, i.e.,

Countrywide Will Pay $108 Million for Overcharging Struggling Homeowners; Loan Servicer Inflated Fees, Mishandled Loans of Borrowers in Bankruptcy

If you check out the first link about Bank of America, you will also find some great information about how badly, as most of us who worked with Countrywide found out, Countrywide loved to sell and hated to keep its homeowners in homes. 

Posted by

 

 

 

The information contained in this blog is believed to be true and correct and while every effort is made to ensure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about its accuracy for any particular purpose. All information is copy written and the property of Suzanne McLaughlin.. 

For more information about real estate values in your area, give me a call or email me at 763-497-1870 or mclaughlinhomes@gmail.com  

Suzanne McLaughlin

Sabinske & Associates, Inc.    

When you need to buy or sell in St. Michael or Albertville Minnesota, or anywhere in Wright County, Sherburne County or Anoka County or Hennepin County, give me a call! 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Active Rain Block Party
BananaTude
Realtors®
The Lounge at Active Rain
Women And Their Business Hear The Roar
Tags:
bank of america
countrywide
morgan stanley
saxon
saxon mortgage services

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,345,674
Vickie Nagy
Vickie Nagy, Broker Associate Realty ONE Group BMC Associates | BRE#01363932 - San Ramon, CA
Broker for San Ramon, Danville, Dublin, Pleasanton

I purchased a Countrywide REO and then re-sold it, holding the paper 14 months later. I can't believe that the lender would be so negligent.

Jun 01, 2011 11:31 PM #1
Rainmaker
610,888
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Why no one, but Vickie, commented on this post is unimaginable.  Doesn't anyone care?

Jun 07, 2011 10:15 PM #2
Rainmaker
408,455
Gary Coles
Venture Realty International - Las Vegas, NV
Latin America Real Estate

Suzanne, I really had to go back a long way to find one of your posts with only two comments.  And it is an important post that I missed before.  And although this was months ago, sadly the banks still continue their wicked ways.

Oct 29, 2011 09:12 PM #3
Ambassador
850,794
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Gary and Don,  thanks to both of you.  I didn't understand it either.  And, Gary, thanks for the bonus!

Vickie "gets it".  And, I thank her for that!

Oct 30, 2011 07:46 AM #4
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
850,794

Suzanne McLaughlin

Sabinske & Associates, Realtor
Need Information for Wright or Sherburne Counties, call me!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information