After a number of lawsuits have been filed, Ally Financial (formerly GMAC), one of the US’s largest banks, is halting foreclosures in 23 states.
Maryland is NOT one of the states.
JP Morgan Chase has also been wracked with issues,with an employee coming forward, stating that she signed off on thousands of foreclosures without verifying the accuracy of the information in the file.
Another employee of a document services company admitted to signing foreclosure affidavits, claiming to be executives and other people when signing. Her signature also has supposedly been forged. These are on thousands of foreclosure documents. There has been a lawsuit filed against the company owned by Lender Processing Services, which is supposed to help speed up the foreclosure process for banks.
The Washington Post reported on this mess in an article last week. This week, title companies are battening down the hatches, attempting to prepare for future transactions, ensuring that substitute trustees and appointees match completely.
Right now, none of the current cases are in Maryland. Hopefully it will remain that way.
Leave A Comment