If you haven’t heard the news already, Bank of America has put a freeze on their foreclosures. GMAC has as well and I’m sure others will follow. Fraudulent foreclosures is now upon
us.
What makes a foreclosure fraudulent? After you purchase a home, (with a mortgage), your mortgage gets sold (to Wall Street). This may happen over and over again without you even knowing it! BOA continues to service the loan, so you keep sending them payments…but who really owns your mortgage? If the proper documents weren’t filed during the transfer of each sale (of your mortgage), then there is a break in the chain of title. So the entity who foreclosed on you may not have the legal right to do so.
Watch this 5 minute video and it will explain things further: Think You Own That REO You Bought?
